October 2021 investor update

Dear all,

October was a bad month in terms of net MRR growth. While we did hire a few more people, our open opportunities were at an all-time low awaiting closing our sales pipeline. We also believe most of our customers (60%) stopped recruiting as we close the year. We would expect them picking it back up at the end of the year and beginning of 2022. We also had a customer churn, and a total of 3 developers  churned. We are confident the efforts we put in the sales process will start to show results.

In terms of product development and upward talent pipeline, we made good progress in product automation and platform design, and are walking steadily towards a platform that can significantly provide autonomy to both customers and developers to match to each other. From a talent supply perspective (in our opinion, the harder side of the marketplace) we managed to add 84 new top-notch developers to our roster (and 248 for the quarter).

KPIs

  • Net Cash Balance: $920k in cash and short-term AR (previously $940k)

  • Last 30-days cash consumption: $20k

  • Months of run-rate: 46

  • GMV managed: $4.1M (prev $3.9M)

  • MRR: $85k (same from $85k)

  • Customers: 17 (prev 15)

  • Talent active: 71 (prev 66)

  • Open roles currently hiring for: 13 (prev 9)

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 added new customers, and expect to get more soon, it has taken longer than expected. What has also been exciting is that our new hire Natalia has closed her first 3 customers. As we continue to ramp up our Ambassador program, we hope to end the year strong with a high number of job openings. 

Talent Supply: Our talent vetting process has yielded 84 new acceptances, while at the same time fully migrating our onboarding process from being a typeform+manual data extraction, to our own fully automated extraction process. In our first week in october we processed 50ish candidates. In our last week, we processed more than 220 applicants.

Product: We are making good progress in getting our platform ready:

  • We are entering the last stages of design of the developer experience.

  • We've built the database and api models to be able to migrate off airtable and our stitched-together experience.

  • We've continued to invest in gitsight. On the one hand, we've started to analyze our data based on repositories, instead of profiles. We hope to get interesting trends and allow for different types of queries to exploit this valuable data. On the other hand gitsight extension continues to get used at an increasing rate (we currently have more than 100 installs).

What we'll be doing during the next month

  • 🗺 We will continue to work on incrementing demand and get Open Roles back to >20 (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?

We look forward to updating you again next month, in the interim, let us know if you have any questions. 

Many thanks,