March 2023 Update

What's happening at Krepling

April 10, 2023

Introduction

During the month of March, our core focus has been on price sensitivity testing and building out our sales strategies as we continue to enhance Krepling's mid-market functionality, both from a product and strategy perspective.

This month we raised the floor price to $45/month, and we are now conducting further testing to determine sensitivity around the $99/month price point. This will help us to understand our merchant's price expectations better and ensure that we are offering a competitive pricing structure for our mid-market customers.

In addition, we have been working hard to build out our sales strategies, including developing a more robust sales process and enhancing our marketing efforts to reach more potential enterprise customers. We recognize that our subscription pricing and mid-market sales strategies are going to become critical components of the business as we move past the $1m ARR mark, and we will continue to invest more time and resources to prove out a previously untested part of the business. We are also mindful of the team and size of our current engineering operations and will ensure we keep the same level of logo growth velocity as we scale our enterprise function.

We are also close to making 2 key sales hires this month as we continue to build our GTM function around mid-market merchants. We have continued to realize growth within our mid-market category, closing an average of 5 deals in the last 2 months.

On a side note: As a result of the SVB events that unfolded last month, we'd like to update shareholders that we made the decision to spread the company's funds across multiple accounts for added security and stability.

We have opened bank accounts with both Mercury Bank and Chase. By diversifying company funds across multiple accounts, we are taking a proactive approach to safeguarding company finances and ensuring that we have access to the resources we need to continue to grow and thrive as a company.

Revenue 🚀

Krepling is now at $84.1k in MRR, pacing 15-25% MoM revenue growth.

Other KPIs 📊

Average monthly gross churn (%) is at 0.99%, Average MRR net retention is at 131%

Burn 🔥

Krepling spent $87,955 during the month of March. 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 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 87%

Sprint 23: From 03/01 to 03/31

  • Mapped out framework for self-onboarding functionality

  • Built new API mapping for Mailchimp

  • Built new API mapping for SendGrid

  • Improved integration for PayPal

  • Identified new bugs in SendGrid integration portal

We will be undergoing alpha development for Krepling Pay during the month of April (currently in beta)

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