The updated update
March 2022 investor update
March fell short of the hires we were expecting. We did everything right, had record highs in every leading indicator (we signed 8 new startups, added the highest number of developers to our network, had record number of candidates introduced to customers), and yet many candidates fell through in the final stages of the interview process. You win some, you lose some. As we continue to dig deeper into what makes a match, we hope to increase our predictability. On the other hand, we added 6 new members to our internal team for a total of 18. We are currently hiring for more positions. You can forward our Company page to anyone you think could be interested.
UPDATE: This was going to be our update, but in the last few hours of the 31st, 3 startups expressed interest in sending offer letters to 4 developers. 3 offer letters already went out, and 1 was accepted. Most of these will be accepted in April, so we will count those hires then.
Cash Balance: $1.337M in cash and short-term AR (previously $1.17M)
Last 30-days cash consumption: -$167k
Months of run-rate: all of the months.
GMV managed: $8.2M (prev $7.6M)
MRR: $156k (prev $151k)
Startups Partnering with Remotely: 42 (prev 35)
Great Talent working at Great Startups: 114 (prev 107)
Open roles currently hiring for: 34 (prev 31)
What we've done in the last month
In our last newsletter we said we would:
❌ We will continue to work on increasing demand and get Open Roles to 40 (this will include signing up new startups), supply, and improving our ability to match demand with supply.
✅ We will work 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 startups to hire their first developers.
Startup Demand: We've added 8 more startups (including our first publicly traded company), and three startups have hired their first developer. We have strengthened the team with Belen and Carol who will be joining in April and we expect to make a huge difference in our capacity to grow demand.
Talent Supply: We've realized our bottleneck is in the vetting process of our network. Currently we are understaffed, and have been scrambling to alleviate the pressure (thankfully we are more than doubling its size) and hope to be in a better position next month. We're blessed to welcome Stephanie, Fran and Bruna to our talent specialist team.
Like during last month, records have been set in virtually every metric in the talent funnel. That said, we didn't materialize as many offer letters as we were expecting. The disappointment is driving us to understand why better. We will dig deeper into the talent funnel metrics to better understand what we've been missing and are working to over-correct in April.
Finally, we also welcome Agus as our community leader, who will be responsible for fostering and growing the value our developers find in our network.
Product: we have made tremendous progress on the product front:
We are continuing to work on the platform, hoping to release it to our developers very soon.
We have finalized the design of our startup experience. As soon as the developer experience is built, we will build the startup experience.
What we'll be doing during the next month
🗺 We will continue to work on increasing demand and get Open Roles to 40 (this will include signing up new startups), supply, and improving our ability to match demand with supply.
🧪 We will release our platform for developers currently working with us.
🔝 Hire more on two existing teams. Get 2 customers to hire their first developers.
How can you help?
We are hiring! If you know outstanding talent acquisition talent in LATAM, we would love to meet them.
Similarly, who is the best email marketer you know? Who is the best demand generation specialist you've worked with? We would love to meet them!
Watch the video testimonials of Matt, CTO of Pinata, a Web3 startup backed by Greylock, and Lisa, CTO of Velma. eel free to share it with other Founders and CTO’s that are looking for great engineers.
We look forward to updating you again next month, in the interim, let us know if you have any questions.