Welp, it’s the last working day of 2023 and I don’t know how it crept up on me. I feel like there have been so many balls up in the air lately that I haven’t had a chance to really calmly look back on the year, but even a quick counting off on the fingers is pretty impressive:
Raised money in a horrible VC environment. We started out thinking VCs would write checks against a $10M valuation, learned that they were down to $4M, and ended up at $6M. The practical consideration here is that at “selling” 10% of the company, we would have raised $1M on $10M vs $600k on $6M, but all in all, few deals got done and we were one of them, and our investors really do have some conviction. We will likely end up at $800K total raised when the dust settles.
We went from 1 to 12 paying customers, and we have multiple customers in the owner, contractor, and capital provider buckets. Practically, the $300k recurring revenue helps us support the permanent team, and it’s a strong signal to investors that we are making lots of shots on goal at “repeatable sales motion.” ←- that’s soccer lingo, right Marc?
Ending the year with a team that’s growing and growing together, in contrast to last year, when we wrapped knowing that the team was shrinking in Q1 (though we had accomplishments to be proud of as a company last year, too). I think we’ve got the right butts in seats right now, and I’m looking forward to the new folks joining in Jan (Maksym and Jeremy).
Making progress toward a documentation culture: So important, and so hard to actually sit down and do! We’ve refined a number of process things this year, and I’m really optimistic about our progress towards “document first” habits.
Thank you for all of your efforts! Everyone has Brought It every day, and it shows!
New revenue this week: 0
2023 ARR: $301,130
2023 New customers: 11
Old revenue collected this week: $0
Outstanding invoices as of Dec 21: $97.4K of which $37k is more than 90 days overdue
I really appreciated the tech discussions this week, and the written pre- and post-games.
We are all but cleared for an additional $250k investment from the NY Venture Fund, an arm of New York State
We are VERY CLOSE on final legal docs for Related Co. Big logo, pretty big subscription check ($100k-ish)
Nearly all set up for SIMPLE IRA contributions to happen in January! Being an X-er, I always figured we’d never retire, but ya never know.
New dashboard page. It is coming.
Loan closing for $500k from Kresge
SAFE closing for $250k from NY Ventures
Related Co. subscription contract
Willdan 2024 subscription negotiation/contract
First milestones for HPD LL97!
And here’s what’s on my NEWLY REVAMPED 2024 radar screen - what am I forgetting?