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Refract Investor Update October
- Justin Phu
Just like that we're into Q4. Time flies when you're having fun. Let's dig into the update for this month.
- Weekly Active 7753 (+130% m/m)
- 7 day retention - 72%
- Burn: ~$6300 monthly, > 6 months cash left
What do we need help with
- Nothing this month. It is a month to build!
The Good News
- We'll be focusing on going direct to consumer and have a plan for monetization.
- We've spent the last month collecting data and evaluating whether the spend the next few months going to consumer or providing a SaaS model. The conclusion was clear that for now direct to consumer is the right way forward!
- We've got our first intern - welcome Alex!
- Normally I'd be against hiring an intern right now but I had to make an exception for Alex. He interned on my team 2 years ago at Facebook and did amazingly. He's currently his masters at Standford. I'm looking forward to doubling our engineering power 💪.
- We'll be spending the next 3 months in the bay area (Mountain View, California)
- The next few months will be an intense period of focus and we thought what better place to be than in the bay area where we can all be together to work in person!
The Not So Good News
- Lack of building
- We've been a little distracted recently. From things like flying from Bali -> Australia -> SF. We've also spent a lot of time figuring out our short-medium term business plans. Although these are important, we need to get back to providing value to our customers and improving the product. There's a lot to build!
Goals for October
- Revenue and Growth
- Payments infrastructure is ready - hope to ship this in the first half of Oct.
- We've validated this is a need - time to focus on expanding our reach.
- Ship a new major feature
- This may be mobile support, better scam detection, etc. There are a few items on the backlog.
I have been in love with capybaras recently :)
- Charging those who feel the pain is incredibly important. Trying to charge someone without showing exactly how it influences their bottom line is futile.
I can express how excited I am for the next few months. It's going to be an amazing Q4.
Kind regards, Justin Phu