The Platform update
May 2022 investor update
May was a very special month. We scored record numbers 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 125 senior developers into our network (first time ever to cross this mark) and we also did a big push to open job openings, growing them by 50% in one month.
We are living in uncertain times. Half a dozen startups froze hiring, and we expect that number to grow. We remain laser-focused on improving the throughput of our platform, maximizing our profitability (and thus resilience of the platform), and diversifying the opportunities available to developers as the environment shifts.
Cash Balance: $1.36M in cash and short-term AR (previously $1.27M)
Last 30-days cash consumption: -$90k
Months of run-rate: all the months.
GMV managed: $9.8M (prev $9M)
MRR: $189k (prev $175k)
Startups Partnering with Remotely: 41 (prev 36)
Great Talent working at Great Startups: 135 (prev 125)
Open roles currently hiring for: 43 (prev 28)
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 developers currently working with us.
✅✅ Hire more on two existing teams. Get 2 startups to hire their first developers.
Customer Demand: Our big push to open new job opportunities on the platform has bear fruits. We went from 28 job openings to 43 (with a peak of 48). The influx of new opportunities (from new customers as well as existing customers) has allowed us to introduce up to 219 candidates to our startups. Of those, 118 engaged in the recruitment process.
As of this writing, we have 54 developers active in a recruitment process that is still in progress.
We extended offers and hired 15 people, 2 of which switched startups within the network.
Talent Supply: We suffered from Linkedin changing their limitations to how we access profile data and suffered from our top of the funnel until we were able to build and deploy a fix. That said, we were able to deliver record-breaking numbers:
We disqualified more than 1,900 candidates.
We conducted the highest number of vetting interviews ever: 260.
We accepted to our network: 127 (6% 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 50%.
Product: After months of hard work, we have released the platform to our developers:
We are running all offer letter generation and developer management via the platform.
We have automated the invoicing process for them: no more invoicing creation out of a word doc. We create beautiful invoices for them automatically with their data already filled up - they only need to click an approve button and done!
Developers can request PTOs, submit expenses for approval, modify their banking details, and review all their past invoices and legal documents.
We have invoiced our customers from our platform! Bye-bye QuickBooks manual invoicing creation! This will be the first step toward releasing the platform for startups who have hired developers through us (looking at releasing it next month).
In total, 144 invoices for talent and 28 invoices for startups were generated and managed by the platform.
We're very proud of Maximo, Miguel, Javier, and Carlos for their amazing dedication to getting us to where we are today!
In the following months we will be releasing the following modules:
the Matching part of the workflow for Developers
The Matching part of the workflow for Startups
The vetting processes for both Startups and Developers.
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.
Sebas, Pau, Cabo and Pau