- Krepling Investor Updates
- Posts
- May 2023 Update
Introduction
During the month of May, we began allocating additional resources and dedicating an increased amount of time and effort toward the expansion and enhancement of our outbound and direct sales channels. This deliberate move was aimed at facilitating the accelerated growth of our organic sales, which are primarily generated through the self-onboarding processes. Last month, we experimented heavily with raising floor prices and validating the velocity of our enterprise offering. Continuing with our progressive approach, we have carried forward the same strategic focus into the current month. We are actively investing our efforts into evaluating and refining our self-onboarding offering, utilizing similar experimentation methodologies as employed previously with Krepling’s enterprise offering. This ensures that our self-onboarding processes align with our overarching sales objectives, thereby maximizing the potential for self-sustained growth and customer acquisition not just rooted in enterprise sales, which currently lean heavily on agency referrals.
In addition to the ongoing success within our enterprise sales channels, we maintain an exceptionally positive outlook with regard to our organic reach. Krepling persists as a pure SaaS offering, possessing the inherent potential to effectively address the unmet needs of the mid-market enablement space, particularly by facilitating seamless onboarding experiences.
We’ve gone with a multifaceted approach to expand our organic channels, strategically dividing our efforts into two key areas: the establishment and reinforcement of our current and future direct/organic sales channels (content and outbound), and the recruitment of new personnel to support our burgeoning operations (vp of partnerships, ops, and content). We’re still actively hiring for several roles.
In May, we began to lay the groundwork for our organic growth strategy, marked by the identification and recruitment of two highly promising candidates to assume VP roles within the organization.
Furthermore, we have also implemented a fully-fledged video content strategy, which has now been launched and made available to our target mid-market audience. This strategic initiative encompasses the creation, production, and distribution of captivating video content that captivates and engages our audience, while effectively conveying the unique value proposition of our offerings. By leveraging the power of visual storytelling, we aim to establish a deeper connection with our existing and prospective customers, fostering brand loyalty and increasing overall market penetration. (see here)
Simultaneously, we have remained steadfast in our commitment to business expansion, achieving notable milestones during the month. Specifically, we have experienced significant success in onboarding larger enterprise merchants, underscoring our ability to effectively cater to the needs of prominent mid-market merchants.
Revenue 🚀
Krepling is now at $104.8k in MRR, pacing 10-20% MoM revenue growth.
Other KPIs 📊
Average monthly gross churn (%) is at 0.97%, Average MRR net retention is at 128%
Burn 🔥
Krepling burnt $43,525 during the month of May.
Runway 🛫
We estimate we have 24-36 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%
We currently did not undergo any development sprints during the month of May due to resource and time constraints. Despite planning on resuming development in May, we have decided to resume product development in the second week of June.
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