November 2021 investor newsletter
An update: We've decided that we will just publish our investor updates directly on substack, so no delay between when we send it to our investors and when everyone else receives them. Onward!
Dear all,
We hope that you enjoyed a great Thanksgiving! November was the proverbial calm before the storm. As we anticipated from our efforts in October to ramp up demand, we signed 8 new customers (50% month-to-month increase in our customer base). And our number of open positions jumped to 31 (the highest we've had to date). As we've focused on kicking off all these new customers, we did not give out many offers (5 for the month), but we did introduce 111 developers to customers (more than 100% increase from any previous month activity). We anticipate (this is the ultimate test) that by increasing both supply and demand, the number of matches should go up significantly in dec/jan. If this turns out to be true, we will have achieved the milestone we've been working for the last few months. Exciting times!
KPIs
Net Cash Balance: $863k in cash and short-term AR (previously $920k)
Last 30-days cash consumption: $57k
Months of run-rate: 15
GMV managed: $4.5M (prev $4.1M)
MRR: $88k (prev $85k)
Startups Partnering with Remotely:: 25 (prev 17)
Great Talent working at Great Startups: 75 (prev 71)
Open roles currently hiring for: 31 (prev 13)
What we've done in the last month
In our last newsletter we said we would:
✅We will continue to work on incrementing demand and get Open Roles back to >20, 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've learned that while demand is certainly easier than supply, we can't just turn it off or on and expect things to move quickly. As a result we've committed to continuously running our Ambassador program and with Nati fully onboarded, we are up and running on the demand side. We will continue to invest in productizing/automating the demand generation, but it is working - signing 8 new customers in November and increasing the number of job openings to 31 (above the 20 we had as a target).
Talent Supply: Our automated vetting process has continued to improve and has managed to discard more than 1300 candidates in November. We've broken several talent record numbers: we've conducted 230 zoom vetting interviews, we've introduced 111 candidates to customers (vs 48 in the last 6-month monthly average). We anticipate many new customers should make their first hire, and the number of hires to go up significantly in Dec/Jan!
Product: We are making good progress in getting our platform ready:
We've finished the design of the developer experience.
We've started the design of the startup experience.
We've continued to implement the designs into our backend tool to manage the marketplace. We hope to be able to share some screenshots in the next update.
What we'll be doing during the next month
🗺 We will continue to work on incrementing 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 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 tech recruiter in the US, please share the Gitsight chrome extension with them so they can vet developers faster and give us product feedback to continue improving the score
We look forward to updating you again next month, in the interim, let us know if you have any questions.
Many thanks,
Sebas, Pau, Cabo and Pau