July 2020 investor update
Time flies when you are having fun! During July we made good progress with Remotely. August is likely to be a bit slower due to classic seasonality, so we are primarily focusing on setting ourselves up for a strong September.
Cash Balance: $1.35M
Last 30-days cash consumption: $35k
Months of run-rate: 38
MRR: $3,056 ($56 in substack subscriptions)
Developers Employed: 2
How can you help?
Introduce us to software companies hiring tech talent that either just raised a seed round, or are scaling up.
Intro to VC’s or accelerators that have access to top-quality NYC or SF startups mentioned above.
What we've done in the last month
In our last newsletter we said we would:
[Done] Push to close our first deal.
[Done] Create 15 more qualified leads.
[Done] Finalize Carta setup -you will receive an invite soon.
Finalize v1 of our legal infrastructure.
[Done] Iterate on our end-to-end customer journey for developers and companies.
Recruit and vet 40 Tech Leads/Teams
Automate the following processes:
[Done] Intake form for prospecting customers on the website, linked to airtable
[Done] Intake form for developer candidates on the website, linked to airtable.
[Done] Automate NDA signature process with developers and customers.
[Done] Launch landing page for gitsight. Link here.
[Done] Finalize the analysis of 130M open source repositories (all of them).
[Done] Build and run the People aggregator.
[Done] Alpha launched our slack integration client.
To add some color:
We signed our first customers and placed our first team! We will be working together with our new partner to help them grow it. We got 17 new leads which we are in the process of qualifying into real opportunities. So far, all leads have been referrals (and 2 of them came from our 1st customer).
We've launched our public newsletter at remotely.substack.com. Our goal is to provide content that can be relevant and helpful to others (or at least mildly entertaining) to stay top of mind with our network. We hope to get more referrals because of it. We are also experimenting with gating our sensitive content behind a paywall (so far, we've gotten 6 paying subscribers, 2 of them on an annual $100 subscription).
Our legal infrastructure is taking a bit more time than expected, but we've made very good progress. This further validates our intuition that making things compliant yet smooth is a very real part of our value proposition for startups.
We did not get 40 new tech leads, but we identified 20 new developers we've added to our database.
For Gitsight.com, we finished the analysis of 130M open source repositories and created a master database with all the developers (22M of them). We also created a slack bot that does profile augmentation on any given email address in the database.
What we'll be doing during the next month
Finalize v1 of our legal infrastructure
Test video profile packages for candidates
Explore partnership with joppy.me
Close a second customer (in August! #aggressive)
Add 1 developer to the existing customer
Gitsight: Improve the ranking of the developers using the page rank algorithm, improve the code base by removing duplicate code
We look forward to updating you again next month, in the interim, let us know if you have any questions.
Sebas, Pau, Cabo and Pau