- Krepling Investor Updates
- Posts
- May 2024 Update
Introduction
In April, we devoted significant time to ramping up our newly structured sales cycles, now divided between direct sales to the Krepling platform and early testers for Krepling Pay. As we near the completion of development for Krepling Pay v1, our development team is actively engaged in compliance processes to ensure all requirements are met before announcing a launch date.
Our sales strategy is now structurally split between assessing both payment and platform opportunities. We have begun leveraging our centralized data pools to enhance our outbound strategy as a whole. In March, we collectively decided to bolster and strengthen our internal outbound sales channels, which are now gaining momentum. While sales cycles for these channels are slightly longer than those through our agency networks, this is a natural progression.
As a founding team, we have also focused on organizational building, an area that had taken a back seat as Krepling experienced significant revenue growth over the past year. Our current lean structure, consisting of outsourced candidates, part-time remote employees, and full-time employees, has served us well in achieving growth. However, we recognize that a well-structured organization is crucial to sustaining this growth. With guidance from our shareholders at Brickyard, we have collectively decided to begin the process of hiring a VP of Operations (a lower-level COO role). This role will help us scale and manage our internal teams as we prepare for the next phase of growth, with the goal of having 70-80% of our team working in person by this time next year. Although we remain strong believers in having a team of talent that is not confounded by geographical restrictions, we are realizing the need for some cadency when it comes to in-person work.
Revenue 🚀
Krepling is now at $303.1k 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 $54,047 during the month of May.
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 🗣
As we begin assessing the company’s makeup for a potential Series A round sometime in the future, we have had the pleasure of welcoming Valor Equity Partners as shareholders in the seed with the hope of scaling their involvement in the near future. Their portfolio includes the likes of Tesla, SpaceX, Reddit, Anduril, and others. We are thrilled about the possibilities this partnership.
Reach out 👋
My email: [email protected]
If you would like to quickly catch up let's schedule 15 mins here:
Best, Liam