The last old website update
September 2022 investor update
September was an improvement from August. Despite having a flat-low number of openings, we were able to convert a healthy 13 offers (above the monthly average for the year). Compared with prior years, we are happy with the results and stay tuned for how the end of the year will perform.
We've continued to make significant progress on our new website and inched closer to the finish line of delivering the platform. We've onboarded more team members in the demand team (going from 2 to 5), and have continued to set up the infrastructure to generate demand in a more scalable way. We expect these efforts to continue throughout the next months, and results to show up in Q4 2022.
Cash Balance adj: $0.80M (previously $0.80M)
Last 30-days cash consumption: $0k
Months of run-rate: all the months.
GMV managed: $12.9M (prev $12.5M)
MRR: $214k (prev $202k)
Great Talent working at Great Startups: 170 (prev 161)
Open roles currently hiring for: 30 (prev 31)
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 our website live.
✅✅ Hire more on two existing teams. Get 3 startups to hire their first developers.
Customer Demand: As we ultimate the QA of our new website and registration flows, we welcome to the team Indira, Guilherme and Lucas that willl help us with lead generation and lead conversion efforts. We confirmed outbound email marketing is a strong source of leads, and we have been building technology to have a unique edge going forward. Due to various technology requirements, we still won’t see the results pan out until 2 months from now. We've been successful in getting three new customers to hire their first developer.
Talent Supply: Our top of the funnel was very strong, but more remarkably, we were able able to deliver strong numbers in introduced developers to the few challenging openings we have. As a result we were able to deliver good numbers of offers. As we focus a bit more on demand generation, we will shift a bit our channel mix in talent supply. We've kicked-off a high-touch sourcing experiment for hard-to-find positions or very picky customers. We are able to do these experiments now as we have a bit more extra capacity given the low number of openings we have.
Our new website is in the final stages of testing before going live. We've also significantly improved our developer vetting flow (which is also ready to go live with the new website).
We're finalizing the matching stages of the platform, and look forward to having it live in October!
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 engineers, or companies looking to rationalize their R&D spending, please point them in our direction. If you want to help we would like to share the love: join our Ambassador program and get 10% of the first-year fees we generate.
If you know people working at Software PE firms (think Vista or Thoma Bravo) or Software conglomerates (think IAC) we would love to connect with them!
We look forward to updating you again next month; in the interim let us know if you have any questions.