Observing the today’s realities of economic challenges and downturn prospects ( a red lot of calls for possible worldwide recession and depression) as a result of the conflict in Ukraine, the pandemic, surely that might stall the after pandemic recovery and economic growth.
Have you thought of any measures of protecting your business as a result of all that, like cutting down the burnrate (not that you have to becouse I recall that was a very low number anyway at the time you mentioned it 9000 a month), work from home etc. Basically things that will help for the startup to get through any difficult times ahead in case is needed and yet still stay attractive investment despite the harsh realities.
Low burnout and higher productivity are atractive for any investor as it shows resilience to economic downfalls.
By the way, look what tweet i got on to ,and some of my investments and Crowdcube themselves are following this lady.
Do you think you need to, or can get her company to invest in Vendoir, you are looking for US exposure eventually aren’t you?
Hi @StrikeLog, thanks for your message and very good questions. We totally agree with you that low burn rate and higher productivity attract investors and this has always been our direction from the day. Our burn rate is reasonable at this point in time and we are constantly cutting costs to ensure we have a longer runway. Also, we have received incentives from Amazon, AWS, Stripe, and Microsoft which are already helping us reduce our burn rate. In addition, now that we are fully operational, the plan is to boost our growth which will result in conversion and revenue generation that will help extend our runway. Another key focus is on MRR, and we are already in conversation with event organizing companies to partner with and ensure all their event vendors used for their events are through vendoir. This will give us good cash flow and reoccurring revenue that will help support us throughout this difficult times.
Also, we are working towards a venture round before the end of Q2 2023 and if you know of any Angel investors or VCs that you can help with an introduction, that would be great.
Thanks for your support always.
Thanks for your valuable support as always. Vendoir doesn’t exist without valuable shareholders like yourself. Thank you once again for your continued support. Overall, it’s a tough time to raise funding. The good news from the data we are seeing is that pre-seed rounds and seed rounds are still getting done, so you are absolutely right that marketing is key, we are aiming to scale marketing over the next several months to demonstrate week-on-week growth in terms of revenue, user growth, and engagement. Once we achieve this we feel that conversations with VC’s will be right.
We are now fully operational in the UK, Vendors, and Organisers can join from any part of the UK.
Hope this answers your questions.