- Krepling Investor Updates
- Posts
- June 2024 Update
Introduction
In June, we shifted our sales focus toward ramping up the acquisition of the new logo. This move comes as we anticipate a slowdown in merchant onboarding as we approach the September and October seasons. Historically, as Black Friday and Cyber Monday (BFCM) draw near, merchants are less willing to migrate to new platforms, making this an important time to build our merchant base. A significant portion of this month’s revenue was attributable to new logo acquisition, marking a departure from the usual pattern where most of our net new MRR is driven by expansion within existing accounts. This shift underscores our proactive approach to building our pipeline ahead of the slower months.
Additionally, we have begun to formalize what our go-to-market (GTM) strategy will look like, incorporating both a free trial option and a more self-serve onboarding process. Development sprints for these initiatives are already underway, following the completion of intensive work for Krepling Pay (more on that next month). This new approach is expected to create a smoother and more scalable customer acquisition funnel moving forward.
We also began organizational restructuring in preparation for onboarding a new VP of Ops. Previously, Krepling was led by a C-level executive suite, which included a CMO CSO, and CEO. Moving forward, we are transitioning these roles into department heads: a Head of Sales, Head of Marketing, and Head of Engineering, who will all report directly to the VP of Operations. As Krepling scales, we foresee adding VP-level roles under each of these new departments to support growth and leadership. This new structure is designed to enhance the agility of the team, streamline operations, and provide clearer insights into departmental performance. It will also allow us to better allocate resources and make more informed decisions, driving greater efficiency across the organization.
Revenue 🚀
Krepling is now at $310.6k in MRR, pacing 5-15% MoM revenue growth.
Other KPIs 📊
Average monthly gross churn (%) is at 2.5%, Average MRR net retention is at 104%, Average gross margins are at 95%, ARPU is at $4.2k
Burn 🔥
Krepling burnt $60,055 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 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 V0.1.0 of the product (titled 'Core Release') is at 94%.
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