February 2023 Update

What's happening at Krepling

March 10, 2023

Introduction

During the month of February, our focus has been on optimizing our sales strategies to increase the company's mid-market ACV. We have conducted vigorous price testing on some of Krepling's core plans to further expand growth from expansion MRR. We believe that these measures will have a significant impact on our revenue growth heading into Q2 of this year.

We have also scaled our mid-market sales function and agency pipeline, resulting in $480k in ARR of pipeline deals and successfully closing $180k of net new ARR in February. We are pleased to report that this sales channel has yielded a 4x return, and we intend to scale this channel further and provide further data in the next investor update.

In order to provide investors with greater visibility into the company's core customers and current acquisition channels, future investor newsletters will include more detailed KPIs on Expansion MRR, Mid-Market ACV, and Average ACV.

We have successfully wrapped up the majority of the Seed fundraise in February and are currently in the final stages of progress towards an official closing date. We will announce the date as soon as possible.

On a side note: Krepling is among one of the 60 companies selected as part of Mercury's Seed Raise Cohort of 2023. Mercury is known for selecting some of the world's top companies currently raising a seed round and with this year's pool being "especially competitive" with over 3,000+ applicants, we're proud to be one of the 60 featured. More on that here:

Meet the Winter 2023 startups of Mercury Raise: Seed

Get to know the latest 60 startups to join Mercury Raise Seed.

https://mercury.com/blog/company-news/mercury-raise-seed-winter-2023

Revenue 🚀

Krepling is now at $70.2k in MRR, pacing 15-25% MoM revenue growth.

Other KPIs 📊

Average monthly gross churn (%) is at 0.99%, Average MRR net retention is at 128%

Burn 🔥

Krepling spent $82,955 during the month of February. We are expecting expenditure to rise as we begin to make key hires in Q1 and Q2, and as we conclude our Seed Raise.

Runway 🛫

We estimate we have 8-9 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 currently hiring for the following roles:

  • Senior Software Engineer (Remote)

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 85%

Sprint 22: From 02/01 to 02/028

  • Built out updated integration framework for Stripe and PayPal

  • Integrated with Shippo APIs

  • Improved performance for workflow editor and integration builders

  • Identified new bugs in workflow builder

  • Identified new integration opportunities with Stripe

  • Analyzed PayPal APIs for deeper integration in next sprint

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