- Krepling Investor Updates
- Posts
- December 2023 Update
Introduction
In December, our primary focus was centered on setting the stage for a successful first quarter in 2024. While most of our dedicated engineering team took a well-deserved break to recharge, the leadership team, including myself, initiated the process of refining and expanding our sales department in anticipation of two significant new hires scheduled to join us on January 8th.
Krepling has traditionally thrived on a sales approach heavily influenced by our founder-led initiatives. However, we recognize the imperative to evolve and adapt as we enter the next phase of our growth journey. In January, we will witness the transition of our current Head of Sales, Matthew Dibben, into the role of Chief Sales Officer. This strategic move will unlock fresh opportunities for us to bring in entry-level BDRs tasked with managing our existing pipeline, generating new leads, and nurturing the growth of our current merchant base.
Furthermore, we are thrilled to unveil a significant shift in our marketing strategy. As we make strides in our plans to introduce a free trial tier of the Krepling product and launch our payment gateway, we acknowledge the pressing need to delineate our sales and marketing functions into distinct departments. Darcie Tanner, a seasoned marketer with over 20 years of experience, will step into the role of Chief Marketing Officer at Krepling. Her immediate focus will revolve around recruiting a Social Media specialist to spearhead Krepling's marketing endeavors.
Throughout our journey, Krepling has been steadfastly guided by data, serving as the compass that has empowered us to make well-informed decisions propelling our growth. While this data-driven approach has proven effective, we now recognize the indispensable role that mainstream marketing will play in our envisioned future, characterized by a highly self-sustaining model. This strategic realignment is a pivotal milestone in our pursuit of our long-term vision.
We transitioned from Gusto to Rippling for our HR and CRM tools, introduced managed EOR services to support our international workforce, and enhanced our benefits packages to attract top-tier talent. These meticulously crafted enhancements will empower us to maintain our commitment to building a thriving and dynamic workforce, which we feel will play a crucial role if we are to continue doubling ARR year after year.
Revenue 🚀
Krepling is now at $202.5k in MRR, pacing 10-15% MoM revenue growth.
Other KPIs 📊
Average monthly gross churn (%) is at 1.1%, Average MRR net retention is at 105%, Average gross margins are at 95%, ARPU is at $3.8k
Burn 🔥
Krepling burnt $49,005 during the month of December.
Runway 🛫
We estimate we have 24-36 months of runway given the current cash on hand.
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 91%
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