July 2023 Update

What's happening at Krepling

Author

Liam Gerada
August 27, 2023

We apologize for this month's newsletter arriving late. Our newsletter CRM encountered issues preventing our scheduled post going out on time. We're addressing this to prevent future delays.

Introduction

During the month of July we made some significant strides in expanding our Annual Contract Values (ACVs), achieving a significant milestone by successfully onboarding two new merchants at a $42k ACV. Our mid-market sales model is gaining substantial traction, filling us with confidence as we navigate this promising trajectory. Furthermore, our foray into a higher-priced self-serve model is proving equally promising. In July, four new merchants fully subscribed at a $12k ACV without necessitating any onboarding assistance. We feel this demonstrates the growing appeal and accessibility of our platform as both an enterprise and self-serve offering of mid-market merchants.

This strategic shift to higher ACVs is already making an impact, reflected in both our revenue growth and the increasing velocity of our sales. We believe that this upward momentum is a testament to our unique positioning and value proposition within the mid-market retail space.

Importantly, we are observing a promising trend in the mid-market retail landscape—one where price sensitivity is becoming less indicative of the range of features we offer. This insight is guiding our strategies as we further explore and expand ACVs and sales velocity.

Revenue 🚀

Krepling is now at $129.2k in MRR, pacing 10-20% MoM revenue growth.

Other KPIs 📊

Average monthly gross churn (%) is at 1.1%, Average MRR net retention is at 114%

Burn 🔥

Krepling burnt $56,392 during the month of June.

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 88%

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