The First Offsite update
April 2022 investor update
April was a very unique month for us. We held our first offsite in Tulum, Mexico, and got our team together under one roof for the first time since the inception of the company. People traveled from UK, Spain, Argentina, Brasil, and US. We also onboarded 7 new people to our team as we continue to execute our plan for the year. There are 20 of us now. We also have Carlos (Software Engineer) and Olivia (Talent Specialist) starting in May. Despite having grown from 13 to 22 in a couple of months, we are still currently hiring for more positions. You can forward our Company page to anyone you think could be interested.
Whilst we had a rather unique internal growth month, we still signed two new startups and hired 9 new people on behalf of our startups.
Cash Balance: $1.27M in cash and short-term AR (previously $1.337M)
Last 30-days cash consumption: $67k - mostly due to one-off expenses.
Months of run-rate: 18 months.
GMV managed: $9M (prev $8.2M)
MRR: $175k (prev $156k)
Startups Partnering with Remotely: 36 (prev 42) – we did a bit of CRM spring cleaning.
Great Talent working at Great Startups: 125 (prev 114)
Open roles currently hiring for: 31 (prev 34)
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.
Customer Demand: We've added 2 more startups, 2 startups hired their first developer, and have onboarded 2 new startup partners. We have also started testing demand generation campaigns outside our Ambassador program. This is on track as one of the main initiatives in our yearly plan to scale demand.
One of the areas we are going to be focusing on is understanding why our customers only open a few positions (of all the ones they have available).
Talent Supply: As we indicated in our last newsletter, we worked on solving the largest bottleneck in our process: vetting talent knocking on our door. By hiring and onboarding new talent specialist, we expanded our vetting capacity, and we reduced our vetting wait times from 3 weeks to a few days. We will continue to expand our vetting team to improve the developer experience.
As part of our yearly plan for scaling supply, we are going to launch a test to start hiring globally. Expanding beyond Latam is something we want to officially launch by the time we are live with our platform, but we will do the necessary homework ahead of that moment.
Product: we have continued to make progress on the product front:
We are looking to launch our platform in May for our working developers in our platform.
We have started to develop the mobile experience of certain parts of the platform.
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 the Matt CTO of Pinata a Web3 startup backed by Greylock and Lisa the CTO of Velma and feel 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.