The end of summer update
August 2022 investor update
August was a soft month in terms of placements: had 6 people accept an offer, but we continued to see more terminations. The market continues to soften and hiring freezes are becoming more generalized. Last year's August was also a very soft month activity-wise, so there may be some seasonality baked in to make the perfect storm. We are continuing to double down on increasing activity in demand from startups and working on launching our platform in the next couple of months.
Cash Balance: $1.78M in cash and short-term AR (previously $1.64M)
Cash Balance adj: $0.89M (previously $0.79M) *
Last 30-days cash consumption: -$100k
Months of run-rate: all the months.
GMV managed: $12.5M (prev $12.2M)
MRR: $202k (prev $202k)
Startups Partnering with Remotely: 39 (prev 39)
Great Talent working at Great Startups: 161 (prev 157)
Open roles currently hiring for: 31 (prev 29)
*Adjustment subtracts the payroll we will run on the first business day of the following month. We will start reporting this number from now on.
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 the matching and will have designs for our website.
✅❌ Hire more on two existing teams. Get 3 startups to hire their first developers.
Customer Demand: Very similar performance to last year's. We continue to make good progress in increasing the throughput of our demand team. We've hired more startup partners, we've finalized the redesign of our website (though we haven't launched it), and we're aligning a big end-of-year push to broaden demand.
Talent Supply: The top of the funnel was as strong as last month, and we kept a tight acceptance rate into the network to just below 4%. We will still be recruiting more talent specialists to increase our bandwidth, but our network is now about 1,300 developers.
Product: As promised we have a platform that is coming together:
We are very close to starting internal testing of the matching phase of the platform.
We have rethought/redesigned the vetting process of our platform, just ahead of buildout.
We have finished the design/content of our new website and started to build it out. We are excited to have it live this month!
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 the matching and will have our website live.
🔝 Hire more on two existing teams. Get 3 customers to hire their first developers.
How can you help?
If you know of companies hiring, or companies looking to rationalize their R&D spending, please point them in our direction. If you want to help even more: join our Ambassador program!
We look forward to updating you again next month; in the interim let us know if you have any questions.