High Level Summary:
- We raised over $325k ($300 was our goal) and we’re just going through paperwork to close the fundraising round. Although we dropped in market share of homes this last month, it was our highest revenue month to date clocking in above $8k. We also had a customer prepay $10k and committing all of their listings to us next year. What we could use most – someone who has developed kickass training programs. Know someone? Send them over!
Where we are:
We successfully raised our angel round of our $300k goal. We’re currently sitting pretty at $325k. Christmas came a day early. Literally had a note the night before Christmas mentioning our last investor was in to round us out at our $300k goal. We’re still taking meetings and taking on investors until the end of January or until we’ve hit our upper limit of $750k. If we’ve talked about investing & you’re still interested, shoot me a reply!
- Had a customer prepay $10,000 worth of business for next year (I guess people really like us!) That makes December a great month! 🙂
And overall a great year!
We had our highest revenue month (even without the $10k check we made over $8k) but our marketshare took a hit.
I think it definitely has to do with:
- 1) being tight on cash (which means we couldn’t do as many free trials)
- 2) being on the fundraising trail (which means I was more focused on bringing on investment instead of new business) and
- 3) almost everyone and their mother took off 3 weeks in December for the holidays (which means doing any kind of customer outreach is met with low response rates).
Our engineering team took the month to automate a lot of what our operations team did manually in terms of payroll sheets, assigning photographers by hand to each home we do, and making our photo processing faster and more reliable. For the most part on the tech side we’re ready to scale to our next city!
Where we’re going:
- Our engineering duo (Jeremy & Dave) has done all the research and will be upgrading our camera equipment over the next month so that we can produce higher quality photos. If you’re a camera geek that means we’re switching from 3 exposures to 7 or 9 as well as other things like improving our lens glass quality. Right now our quality is good enough for most realtors but a few top producing teams that amount to at least $6k in monthly revenue are waiting to switch over until we’ve taken our product to the next level.
- Heather, currently heading our operations, still has been in the field quite a bit picking up loose ends with homes that our other photographers couldn’t tackle. This month will be the first month where she’ll hire & train enough photographers to get to the point where she’ll get to stay at HQ with the rest of us.
- P$ (That’s me) is now back in Sales mode (i.e. developing a sales machine). Over the next month we’ll flush out our processes and take the first step into outsourcing and automating them.
To help with that, a colleague in the office and I made a bet for the best sales performance in January. Loser has to wear an embarrassing Onesieat the office for a week. Get excited for photos in the next update.
Where we need help:
- Looking to connect with people who’ve put together training programs. We want to step our training program a notch right before we begin launching into other cities across the US. I’d love to connect if you’ve had any experience here.
- Thank you Jess for the shoutout on BuiltInColorado back in November! Here is the link to the article that Walkthrough was featured in!
- Thank you Paul Sutter for the articles (worth the read – growth & funding) and the in depth late night emails back and forth.
- Thank you Greg Thiesen for pushing us over the hump and getting our angel round funded. You were definitely instrumental in this fundraising process.
- And a monthly update wouldn’t be complete without a team photo. Here is the team plus one at our company holiday party. Love these people.
A few notes in case you forgot:
- You are receiving this email because you are a mentor, investor, or close friend of the team. The intention of this email is to get help growing our business and keep you updated on our highs and lows and gives us a simple & easy way for us to stay in touch.
- Our mission is 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. (view investor slide deck here)
Thank you for reading through this. Please let me know what else you would find valuable in these updates.
PS – Here are the last several updates if you’d like to take a look: