April 2023 Update

What's happening at Krepling

May 11, 2023

Introduction

During the month of April, our core focus has been on continuously validating the velocity of Krepling's enterprise offering, which is priced at a minimum of $1,000 per month. In March, we elevated our base pricing to $45/month and began capturing and analyzing data, particularly pertaining to self-service velocity, i.e., merchants being onboarded via Krepling's self-service model, as well as churn-related data.

In the current month, we focused our sales and closing strategy solely on enterprise and outbound, which was centered on securing deals with merchants operating at lower Gross Merchandise Value (GMV) ranges while continuing to charge our enterprise floor price of $1,000 per month. As a result, we have uncovered broader prospects for expanding Krepling's enterprise solution to emerging merchants, i.e., those who have not yet surpassed the $5-10 million GMV threshold, and closed on average 3 new merchants per week within this new category of 'enterprise'.

Due to our conviction regarding a comprehensive enterprise solution, in conjunction with the recent unearthing of new opportunities around lower GMV ranges, we are committing considerable resources to validating the effectiveness of this new sales approach over the upcoming three-month period, which is focused on velocity as opposed to being bespoke, while simultaneously conducting pricing experimentation on Krepling's base plans. We are working in conjunction with our development team to ensure Krepling's base pricing is structured effectively in terms of functionality and features.

To add some personal comments here, our strategic focus (especially early on) was on establishing a commerce enablement company with a diversified and sustainable revenue model that stems from a significant base of merchants, in contrast to the prevalent trend in industries such as headless enablement, which rely heavily on a limited number of merchants for revenue concentration. My personal conviction is rooted in the belief that a thriving commerce enablement company can only be established by harnessing the momentum generated from a broad mid-market customer base, with the potential to gradually expand ACV without impeding this crucial momentum. I believe with enough validation, Krepling could rapidly expand to this very exciting market opportunity.

Revenue 🚀

Krepling is now at $94.2k in MRR, pacing 10-20% MoM revenue growth.

Other KPIs 📊

Average monthly gross churn (%) is at 0.99%, Average MRR net retention is at 133%

Burn 🔥

Krepling burnt $40,967 during the month of April.

Runway 🛫

We estimate we have 12-14 months of runway given the current cash on hand. We are currently fundraising.

Team Size 👥

Krepling currently has 10 team members (including both co-founders).

Click here to explore openings at Krepling

We are hiring in almost every sector! Feel free to reach out with resumes you feel we should be taking a look at.

Product Update ⚙️

The current development status of V0.1.0 of the product (titled 'Core Release') is at 87%

We currently did not undergo any development sprints during the month of April due to resource constraints. We will resume product development in May.

Asks and Discussions 🗣

There are no asks or discussions this month.

Reach out 👋

My email: [email protected]

If you would like to quickly catch up let's schedule 15 mins here:

Best, Liam