The "uncertainty ahead" update
July 2022 investor update
July was a strong month again despite the market softening, we placed 12 people, but we also started to see companies do terminations. As more startups continue to wake up to the new realities of the market, we're seeing a continued general softening in the amount of hiring. We exit Q2 hitting our goals of net additions of developers, but uncertainty is building ahead (and thus very hard to predict what Q3 will look like).
However, we have other things going for us: we've continued to made substantial progress with the matching platform (which we hope to release towards the end of the month) and our landing page (which has not really changed since the beginning of remotely). We hope to have a strong second half of Q3 and end the year with a bang.
Cash Balance: $1.64M in cash and short-term AR (previously $1.52M)
Last 30-days cash consumption: -$120k
Months of run-rate: all the months.
GMV managed: $12.2M (prev $11.1M)
MRR: $202k (prev $201k)
Startups Partnering with Remotely: 39 (prev 41)
Great Talent working at Great Startups: 157 (prev 151)
Open roles currently hiring for: 29 (prev 33)
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: Due to market conditions and us fulfilling a good number of openings, the number of openings has stayed close to the 30ish range. Terminations have started to pop up as startups struggle with the realities of cash availability. We are continuing to generate new leads and some of our marketing demand generation efforts have started to bear fruits.
Talent Supply: The top of the funnel was as strong as last month, and we tightened the acceptance rate into the network to just above 4%. We are still going to be recruiting more members to increase our bandwidth, but our network has crossed the 1,000 developers mark.
Product: As promised we have a platform that is coming together:
We have made substantial progress in matching phase of the platform, we will start to test soon.
We have worked on the content for the first website redesign since the launch of remotely. We are excited to have it live!
If all goes well, we will end Q3 with our platform live and our newly launched site!
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 designs for our website.
🔝 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 are organizing CTO drinks tomorrow (Tuesday 2nd), in NYC. If you can think of a startup CTO that that could be interested to meet peers from other VC backed startups from the city, please let us know.
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