You are receiving this email because you are a mentor, investor, or close friend of the Walkthrough team. The intention of this email is to get help growing our business and to keep potential investors updated on our progress.
- To build the virtual reality database of properties that other companies contribute to which helps real estate agents and home buyers eliminate most of the time, money, and hassle associated with commuting to and touring properties.
Where we are:
- Our revenue has grown by 50% every month the last 3 months. There is a significant amount of demand for our service and we’ve continued to grow even during the winter slow down cycle of real estate.
- We launched our 100% automated drone videography service this month. We’re using this as our new acquisition strategy of offering free drone videos to realtors with new listings (check out a sample video here& here). It’s 6x cheaper than our previous acquisition strategy and we’ve already converted several free offers into paying customers.
- We’ve installed our first VR headset into Van Holland Residential in October and are working through the bugs and deciding when to begin putting VR headsets into other offices. We currently have a waiting list of 5 offices that want access to our VR database.
- Our free trial to paid customer conversion keeps climbing (currently at 35%) as realtors who used us several months ago are now getting new business and hiring us.
- Below is an overview of our traction so far.
Where we’re going:
- Our biggest competitors (like Virtuance) spend at least 1 hour per “listing” processing photos and hire photoshop experts at $43,000/yr to do the work. This month we’ll have our photography processing algorithm 50% automated. When we are in 9 different cities next year and we’re doing over 1,400 listings per month – we’ll save over $376,250 in 2017 just in photo processing labor. This is a big deal and will help with not only cost/labor/hiring but also consistency in our product.
- These next 2 months we are focused on making our product ready to scale across the 9 cities we plan to launch to in 2017 and closing our fundraising seed round.
Where we need help:
- We’ve decided to raise a smaller round of $500k to close our seed round earlier and keep moving. Take a look at our investor slide deck here and definitely forward it to those whom you may think it would be of interest to.
Thank you for reading through this and I’d love to hear any thoughts and feedback you have on our update!
PS – Here are the last several updates if you’d like to take a look: