I’ve been working this week on the quarterly email to our prospective investors – it’s been quite the Q1! 🎉 A couple of Fun Factoids:
Our headcount grew by 2/3 in Q1
We now have just about half of the Related Management Co. NYC portfolio. Related is the 9th largest apartment owner in the country and the 9th largest property manager in NYC.
Our investors have been eager to be helpful. I think Catalyst in particular, as a strategic with a lot of real estate relationships, will punch above their check size.
As sent to investors:
Current subscription ACV: $425.3k
Ave. monthly net burn: $27k
Runway in months: 12+
New revenue this week: 0
Q1 ARR: $120K expected; $152K achieved
2024 New customers: 1
Outstanding invoices as of today: $266,822.68
Progress on Generic Project! Obviously, I don’t know the details like Chuck Lin Maksym Khrystunov and Luke Floden, but it seems like we’re off to the races with it!
Designer and PM candidates: We continue to get resumes for both positions (though the designer one isn’t even up anymore), and in general, the quality of the applicants seems high.
~Churn~ not churn: So, we didn’t churn Urban American. It turns out we just didn’t send the invoices!
Progress on Metrics: Erika Parkins and I decided to get out of our own way and stop worrying about monthly active users. We’re going to count buildings and scopes instead, which hopefully is easier (just a database query).
Dev pipeline: Still a lot to do for 321 Go!’s 300 buildings and a national product to demo in July.
Renewals: We don’t yet have a system for making sure these get timely follow-up
For the lack of a lawyer…we thought we had a lawyer for the IDIQ program, and then we didn’t. Getting legal review for the IDIQ program docs is now urgent!
I give us a C- on the logistics of collecting money, you guys. Hopefully some of the changes we’ve made to Quickbooks and such will help, but paying attention is also important. Here are some of the points at which we’ve drop the ball in the past:
Sending invoices, W-9, bank, or address info
Depositing checks that we’ve received
Matching money received to invoice
Attributing revenue to correct subscription period
Get a lawyer for IDIQ program
LOTS of interviews. 18 over the next 2 weeks.
Hiring committee meeting for designer position
Luke Floden and Jeremy Parker’s 360s!
Get Urban American’s invoices into their payment system
Starting to prepare (yes already) for Seed raise. Baby steps.
And here’s what’s on my radar screen - what am I forgetting?
Feel free to leave comments below (edit on a layer to add your notes), or leave a comment.
Did I miss a highlight?
Did I miss something that should be on my watchlist?
Something else you want to react to?
| Chuck Lin | I love our team, especially how much everyone is believing in horizontal. Also REVENUE! |
|---|---|
| Erika Parkins | |
| François Huet | |
| Henry Baum | |
| Jason Block | This is great! I love that we have so many new people on the team and that we’ve finally landed Related (years in the making)! |
| Jeffry Luna | I don’t know whose idea the “Runway in months” stat- is, but that’s such a champion of transparency and I love it!Congratulations on exceeding the Q1 ARR. Quick question, what does outstanding invoices mean? We’re waiting for them to get paid, and is sure that they will be paid or it’s what we’re hoping to come in? Outstanding invoices means we sent them the bill and we’re waiting to be paid. - BJ |
| Jeremy Parker | Good stuff! 💪🏻 |
| Kendall Adrian | |
| Luke Floden | |
| Maksym Khrystunov | |
| Marc Zuluaga | great start to the year! |
| Naina Shah | |
| Reuben Firmin | |
| Robin Neri |