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Pocket Universe (Refract) Investor Update Feb 2023
- Justin Phu
Happy new year!
Wow what a month it's been. When I said start 2023 with a bang I didn't expect anything like this. 76.4% monthly growth, +12,353 new users. Wild!
Let's jump into the update.
What we'd love help with:
- Ask: Last call for intros to value add Angels
- We're quickly raising 500k to help get angels with connections/growth and going back to building. We have 125k committed with a few more angels coming early next week.
- We'll be doing our full seed round Q1/Q2 but with the growth going out of control we don't quite have the time to do a full round right now. We don't want to lose momentum.
- Weekly Active Users (not wallets): 16,151 -> 28,504 (+76.4% month on month)
- 4 week weekly moving average: +14.42%
- weekly growth numbers: +17.12%, +12.8%, +8.6%, +19.17%
- Burn: ~$7 132, ~4 months cash left (not including current raise)
The Good News
- Continued Consistent Growth
- This growth blows my mind. We have a marketing spend of zero and yet continue to grow at an insane rate. It speaks to the value of the product.
- Confident in the long term vision
- Before this month there were many open questions such as "are we just a feature", "how are we going to monetize", "how are you going to build a defensible position", etc. We've squashed all of these questions and we have strong conviction about where we're going. Let's just say I'm excited about what's to come!
The Not So Good News
- Not Shipping As Much
- Our investment in the longer term bet of mobile and fundraising distractions has meant we didn't ship many product improvements this month. This is killing momentum. We need to have a better balance between our long term goals and short term improvements.
- We hire until we were certain we had PMF and there's too much to do we're getting overwhelmed. Well, January was the first month I think we felt that. It's time to start the pipeline and get serious about growing the team to accomplish our roadmap.
Goals for February
- Close out this 500k angel round.
- Launch a significant product initiative that will differentiate us from competitors.
- Visa officially being processed so we can move to California.
- The unique insight we've taken from users is it doesn't matter how technically savvy you are - you still need tools to help you. I've seen OpenSea employees, crypto OGs and more still sign malicious transactions. It's not their fault, it's the lack of tooling in the space.
- I finally went to see the Australian Open. Last year I had my tickets booked but had to fly out to Miami for an accelerator interview. This year I was just taking angel calls so the timing worked out :)