The 150 strong update
Dear all,
June was a very strong month. We beat every record number from last month in almost every single metric we can think of, and we gave access to our online platform to every developer currently working with a startup in our network. We welcomed more than 160 senior developers into our network (a new record high) and our startups hired 20 new people. As a result, our marketplace GMV crossed the $10M annualized run-rate, and we currently have more than 150 people working full-time for US startups (50% growth since last february).
We are living in uncertain times. While a segment of our startups continue to hire, we did suffer some customer and contractor churn as a result of market conditions. Our value to the developer increases as we are already helping them get placed in startups that have not been impacted as much.
KPIs
Cash Balance: $1.52M in cash and short-term AR (previously $1.36M)
Last 30-days cash consumption: -$160k
Months of run-rate: all the months.
GMV managed: $11.1M (prev $9.8M)
MRR: $201k (prev $189k)
Startups Partnering with Remotely: 41 (prev 41)
Great Talent working at Great Startups: 151 (prev 135)
Open roles currently hiring for: 33 (prev 43)
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 release our platform for Startups currently working with us.
✅✅ Hire more on two existing teams. Get 3 startups to hire their first developers.
Customer Demand: As a result of market conditions and us fulfilling a good number of openings, the number of openings has dropped to the 30ish range. We have been more picky with the talent we present to our startups, and the acceptance rate (into a interview process) has increased 20% from last month.
As of this writing, we have 54 developers active in a recruitment process that is still in progress.
We extended offers and hired 20 people, 1 of which switched startups within the network. We also had 5 terminations/resignations.
Talent Supply: The top of the funnel was stronger than ever, as we expanded our search beyond Latin America.
We disqualified more than 3,000 candidates (vs 1,900 candidates last month).
We conducted the highest number of vetting interviews ever: 365 (vs 260 last month).
We accepted to our network: 163 (4.9% acceptance rate).
The entire team led by Loli, Lucia, and Horacio has done an amazing job at quickly onboarding the new talent and increasing our processing output by 120% from just three months ago.
Product: As promised we have a platform that is coming together:
We have run our second payroll cycle on the new platform and it has been much smoother than the first.
We are starting to roll out access for our startups!
We have started to build the matching portion of the workflow for both startups and talent.
Also, we've solved dozens of little bugs and kinks that have made the experience of using the platform a breeze!
Our engineering team continues to crush it!
If all goes well, in the next few months we will have a fully functioning digital marketplace where startups and developers can meet.
What we'll be doing during the next month
🗺 We will continue to work on increasing demand and not going below 40 Open Roles (this will include signing up new startups), supply, and improving our ability to match demand with supply.
🧪 We will release our platform for Startups currently working with us.
🔝 Hire more on two existing teams. Get 3 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 the Marylee CTO at meez a Struck Capital backed startup, Matt CTO of Pinata a Web3 startup backed by Greylock or Lisa the CTO of Velma and feel free to share it with other Founders and CTO’s that are looking for great engineers as prove of the value that we generate..
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