November 2022 Update

Introduction

During the month of November, most of our core focus was put towards having our merchants, infrastructure, and platform 'battle-ready' for BFCM. We're proud to announce a record-breaking Black Friday for Krepling merchants, with a 423% increase in new merchant GMV since last year, and a 275% increase in existing merchants' GMV since last year. The average cart price reached $205.03 on a constant currency basis across all Krepling merchants, with the majority of purchases happening from the United States, the United Kingdom, and parts of Europe.

Here is some of the feedback from some of Krepling's largest merchants directly:

With a record-breaking BFCM, our merchants are expecting more of the same heading into the Holiday season, despite macroeconomic trends pointing towards the latter. This is being felt across the space, with companies like Shopify also reporting a record-breaking number of sales for SMBs. Going forward, it is our belief that if merchants are able to connect with their customers through personalized channels, and workflows, they are going to win big. Krepling is quickly becoming the best method to do that. Here is a deck further outlining our take on the space and its evolution:

Revenue 🚀

Krepling is now at $38.2k in MRR, pacing 25-35% MoM revenue growth.

Burn 🔥

Krepling spent $50,921 during the month of November. We're expecting burn to increase during the months heading into the end of the quarter/year as we continue to make hires to keep up with revenue growth.

Runway 🛫

We estimate we have 7-9 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 still currently hiring for the following roles:

• Content Lead (Remote)

• VP of Partnerships (Remote)

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 79%

Sprint 17: From 13/10 to 27/10 - Completed

• GOALS:

• Improve cart management functionality

• Ability to edit/delete custom fields

• Show custom fields on buyer profile

• Create the ability to deploy and create new stores using just a few clicks

Sprint 18: From 27/10 to 09/11 - Completed

• GOALS:

• Improved cart management functionality in Storefront with a guest user

• Improved cart management functionality in Storefront with a logged-in user with (username and password not OTP for this sprint)

• Improving performance issues for product list - It may need more effort in the next sprints

• Improving the performance for creating a store - It needs more effort on the next sprints

• General R&D for Log activity to Store, Automation and email integrations

Sprint 19: From 09/11 to 23/11 - Completed

• GOALS:

• Investigations regarding performance issues and general improvements around a better-performing dashboard builder

• Improving the functionality around store creation for a more smoother process

• Improving the ability to checkout as a logged-in user

• Adding the ability to add a delivery address (will be split into the next 4 sprints)

• Adding rule functionality for store names and cart management

Asks and Discussions 🗣

We are quickly making steps to close our seed round before the end of the year and will be keeping our terms open for the majority of Q1 in 2023. Despite general consensus around venture capital conditions, we have seen a great response to what we're building. Here is some of the feedback we received from a tier 1 VC currently doing diligence on Krepling:

A huge thank you to current investors who have made introductions so far, your assistance and support have not gone unnoticed!

Reach out 👋

My email: [email protected]

If you would like to quickly catch up let's schedule 15 mins here:

https://calendly.com/liam-je-gerada/krepling

Best, Liam