Walkthrough Update #22 (April 2018): ~3x YoY Growth

Hello team!

It feels like we’re hitting our stride after coming out of Techstars. In April, we hit another record revenue month ($43k which is over 3x growth YoY) and we’ve started fundraising to add fuel to the fire. As of today we have $650k committed towards our $1m round and are looking for introductions to these investors – do you think you’re able to help here?

April was also the last month of the Techstars accelerator which ended May 8th with Demo Day.Here is a recording of Walkthrough’s presentation.

And lastly, we’ve transitioned from focusing on VR as a product to focus 100% of our effort in growing our real estate tech photography tool – more on that in the learnings section below.

// Asks //

  1. I’m looking for an introduction into these VC firms. Could you mark down within this list anyone you could forward our investor deck to? I’ll follow up with a clean email you can forward to make it easy for you.
  2. We’re looking to hire a Python Full Stack engineer on to our team! You can send this page to any engineers you know or send me their linkedin and I can take a look to see if it’s an initial fit for an intro (they might like to have a more senior role on a small cohesive team) – http://angel.co/walkthroughvr/jobs
  3. Please refer anyone with a passion for photography to work with us! They can check out our job post here: http://bit.ly/walkthroughphotographycareer

// Key Performance Indicators //


// Highlights //

  1. We’ve reached $43k in revenue last month (almost 3x YoY growth).
  2. We’ve developed v1 of our photographer app which will replace the $600/photographer equipment cost for a professional camera. We’re now in the midst of testing it with clients, working out the bugs and then rolling it out across our entire team.
  3. We’ve hired 14 people in the last month to become photographers bringing our contractor headcount to 25!

// Lowlights //

  1. We’re not moving as quickly as we’d like on resolving issues with technology (automating the last step of photo editing, reducing equipment expenses, and making a few product improvements for our customers) so we’re currently in the process of hiring additional engineers.
  2. We’re generally cashflow positive although this last month we made equipment purchases for 15 photographers which put a dent in our bank account. Right now we’re in the process of eliminating our equipment needs and then ideally selling the assets to get cash back in the bank. An example of this is by switching from professional cameras to the iPhone with our software.
  3. Last month, instead of paying per hour to our outsourced team to finish the last mile of photo edits (picking the top photos, and adjusting crookedness, etc.), we switched to paying per house. Since then we’ve noticed a reduction in care and we’re looking to automate more of this process with our new engineering hire.

// Learnings //

  • Today, we still believe that VR will be the future in touring homes but we’re still early. Until everyone can access fully-immersive VR on their phones and the quality improves, we’re still ahead of the curve.Throughout Techstars, we’ve realized that we’ve been building an amazing business that has grown without us really focusing on it. We really should be putting all of our focus on our current photography product.We’ve also realized VR is also only a piece of what will make a difference in our customers lives and there are many use cases for the data that we collect on each home; helping home owners provide information on their home for insurance, giving models of homes to renovation companies for measurements and quotes, and helping appraisers tour more homes in a day.
  • With all of those learnings, we’ve decided our focus for the next year will be to build the most amazing smartphone photography software to grab as much marketshare in Denver & Austin as possible and be in the best position to scale nationwide.

// Shoutouts & Thank You’s //

  • John Funk, Barry Gaffner, & Blake Yeager for providing feedback on our Demo Day pitch.
  • Natty Zola, Eric Marcoullier, Barry Gafner & Julie Penner for helping go through our pitch for Demo Day.
  • Kate Shillo & Tom Wyman for doing mock investor meetings with me.
  • Zach Nies for helping me figure out where my focus should go over the next few weeks.
  • Robb Kunz for making several intros to investors.
  • Mindy Nies for going through the entire customer journey with our designer to get a better idea of a product roadmap.

// Confidential Details //

  • Bank Cash Balance: $55k
  • Current Runway: 12 months

// Misc Resources //

Best,
Pascal Wagner

Here are a few photos from Techstars Demo Day!