- Krepling Investor Updates
- Posts
- August 2024 Update
Introduction
In August, we began some heavy work on the operations side of the business this month, starting with the pivotal hire of Megan McDonough as our new VP of Operations. Megan’s addition to the team is a huge move for the business, as voiced in my previous shareholder communications, this hire has been a critical focus for some time, and we view it as one of the most essential for the business at this point, given the operational demands we foresee in the near future. In her first week, Megan worked closely with me to establish key operational frameworks. This included building out our SOPs, updating the company handbook, and developing an internal asset management tracker. Additionally, she conducted a thorough company-wide assessment of both our employee base and financial position. Her wealth of experience, having built operational teams and infrastructures for numerous companies like Krepling, has already proven invaluable. We are excited to have her on board, and she is already transforming several HR and people practices within Krepling. I am confident that Megan will become one of the most outstanding and fundamental hires as we ramp up our team expansion, product development, and sales focus in the coming months.
August also saw continued progress across our development sprints, particularly as we prepare for the upcoming holiday season. We anticipate a significant increase in merchant usage on the platform, which is expected to drive expansion in merchant subscriptions as seen in previous years.
In addition to these operational advancements, we have also entered into early discussions regarding our Series A/growth round. These conversations have progressed faster than we initially anticipated. Several firms have already moved swiftly through their due diligence and into more serious discussions. We have always not believed in the idea of labeling or focusing on the round name or letter itself. Our core focus has always been on building a sustainable and executable business model rooted in a lean capital structure. At present, we believe that the company is well-positioned to raise a healthy round of funding for lean deployment across sales and marketing, but we remain selective in our approach. Our focus is on finding the right partner who aligns with our philosophy of efficient capital deployment and long-term value creation. It is worth noting that we still have 12 to 14 months of runway, with $50-80k of allocation remaining at our current seed valuation, putting us at an advantage with larger capital conversations.
Revenue 🚀
Krepling is now at $361.3k in MRR, pacing 5-15% MoM revenue growth.
Other KPIs 📊
Average monthly gross churn (%) is at 3.5%, Average MRR net retention is at 105%, Average gross margins are at 92%, ARPU is at $4.2k
Burn 🔥
Krepling burnt $68,305 during the month of August.
Runway 🛫
We estimate we have 12-18 months of runway given the current cash on hand.
Team Size 👥
Krepling currently has 12 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 V2.0.0 of the product (titled 'V2 Release') is at 5%.
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