July was another good month in terms of getting hires at the level we want to sustain on a monthly basis. July also was a record month in getting new customers to hire their first developer through Remotely (4 in total). We've started a process to design the end-to-end experience of a developer on our digital platform which we hope to release closer to the end of the year.
Net Cash Balance: $963k in cash and short-term AR in cash and short-term AR (previously $1.007M)
Last 30-days cash consumption: $44k
Months of run-rate: 22 months
GMV managed: $3.56M (prev $3M)
MRR: $80k (up from $69k)
Customers: 17 (prev 15)
Talent placed: 58 (prev 51)
Open positions currently hiring for: 21
What we've done in the last month
In our last newsletter we said we would:
✅We will continue to work on incrementing demand, supply and improving our ability to match demand with supply.
✅ We will working towards creating a top-notch experience for our platform based on the past year managing both customers and developers.
✅✅ Hire more on two existing teams. Get 2 customers to hire their first developers.
Customer Demand: We placed 9 new people (5 in existing staffed customers, 4 in 4 new customers). As a result, our MRR grew to aprox $80k. While we've been almost exclusively focused on supply, we also dedicated some time to closing a few MSAs with 2 new customers.
We're really happy we managed to close on 4 hires in 4 different customers. The success in getting 9 new hires, increased substantially our MRR (as it also increased our open reqs we charge for).
We also lost two developers (one moving to europe, another one was recruited away by Google) and one is going on paternity leave for three months (and our fee is waved for the period).
As we cross $1M in ARR, we have our eyes set on profitability. We should be able to hit it by end of next quarter.
Talent Supply: We have been targeting 5 placements per month. On average we've been hit that target for the entire second quarter, but it's been choppy. Over time, we hope that choppinness will go away, but need to increase demand a bit more to ensure we get developers infront of several good opportunities.
The developer experience is coming together on the vetting stage (first stage): we've managed to setup a pretty efficient process. We disqualified more than 1800 applicants, and scheduled 344 zoom interviews.
We expect to automate even more the disqualification process (currently manually done by yours truly). In a few weeks, it will be 100% automated.
We're starting to provide interview preparation training to our developers. As part of the "culture gap" we've identified between US and LATAM, we have found that LATAM developers are not well prepared for the American interview process (which is quite different from the local process). We've created a "curriculum" to help prepare them to increase their chances of getting hired.
Product: As we already have a tool to manage their invoices once they've been hired, we are close to having an end-to-end experience for developers. Vetting, Matching/Interviewing, and Hired.
Launch of our chrome extension has been delayed by Chrome App store, as we need to make some changes to it.
We started to onboard z1.digital to design together that end to end experience for developers.
We've automated the qualification of developers, but the process is being tested and it's not live yet. We hope it will allow us to increase our top of the talent funnel volume.
What we'll be doing during the next month
🗺We will continue to work on incrementing demand, supply and improving our ability to match demand with supply.
🧪 We will working towards creating a top-notch experience for our platform based on the past year managing both customers and developers.
🔝 Hire more on two existing teams. Get 2 customers to hire their first developers.
How can you help?
If you know of any outstanding talent acquisition specialists in LATAM (preferably in Brazil), please refer them our way.
If you know of any tech recruiter in the US, please stay tuned for the launch of the gitsight chrome extension so you can share it with them.
We look forward to updating you again next month, in the interim, let us know if you have any questions.