{"id":243,"date":"2014-03-24T16:35:56","date_gmt":"2014-03-24T16:35:56","guid":{"rendered":"https:\/\/marvel7077.wpengine.com\/?p=243"},"modified":"2018-06-16T11:33:51","modified_gmt":"2018-06-16T10:33:51","slug":"how-we-spent-our-60k-angel-funding-and-what-weve-achieved-so-far","status":"publish","type":"post","link":"https:\/\/marvelapp.com\/blog\/how-we-spent-our-60k-angel-funding-and-what-weve-achieved-so-far\/","title":{"rendered":"How We Spent Our \u00a360k Angel Investment (and What We&#8217;ve Achieved So Far)"},"content":{"rendered":"<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">It's been an eventful few months for Marvel and as we get closer to coming out of beta it feels like a good time to write about our stats and progress.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">We've been massively inspired by the transparent posts from Buffer and Groove about traction and financials. It's helped us in many ways so if we can return the favour to the community, it can only be a good thing.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">One thing I had struggled to find when we were starting out was what kind of costs would be involved during this initial 'building' phase. How much do we pay ourselves? What is the typical burn rate each month? How much do you really need to get going? Hopefully this will give you bit of insight into spending and also our progress.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">To give you a bit of background, <a class=\"link link--blue fontWeight-4\"href=\"https:\/\/marvel7077.wpengine.com\/from-side-project-to-full-time-job\/\">we raised \u00a360,000 investment<\/a> from <a class=\"link link--blue fontWeight-4\"href=\"https:\/\/www.haatch.com\/\">Haatch<\/a> back in November after getting some great traction with a very early version of Marvel built in our spare-time.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">The funding enabled us make the leap and work on Marvel full-time, get office space and hire freelancers to help us take our product from a rickety side-project, into a scalable revenue-generating service that people love.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">So <a class=\"link link--blue fontWeight-4\"href=\"https:\/\/marvelapp.com\/about\/\">who's building<\/a> Marvel and where are we at after 4 months?<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Team:<\/strong><\/p>\n<ul class=\"pageWrap pageWrap--s list list--unordered marginBottom-l lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">\n<li><a class=\"link link--blue fontWeight-4\"href=\"https:\/\/twitter.com\/oh_moore\">Brendan<\/a> (backend, security, sysadmin stuff), co-founder<\/li>\n<li><a class=\"link link--blue fontWeight-4\"href=\"https:\/\/twitter.com\/pakmee\">Jonathan<\/a> (iOS development), co-founder<\/li>\n<li><a class=\"link link--blue fontWeight-4\"href=\"https:\/\/twitter.com\/mutlu82\">Murat<\/a> (design, support, marketing, finances, fundraising), co-founder<\/li>\n<li><a class=\"link link--blue fontWeight-4\"href=\"https:\/\/twitter.com\/olegtsaplin\">Oleg<\/a> (front-end, feature development, interactions), freelance<\/li>\n<\/ul>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">We're pretty lean in our set-up, both Jon and Brendan are developers and I handle the design, which means we manage to save quite a bit on hires.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">We have used much of funding to bring in several freelancers at various points of the process, a day or two here, a week there. Our only regular freelance hire at this later stage is Oleg, who's been instrumental in putting together the front-end for Marvel.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">The story so far:<\/strong><\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">November 2013 to present:<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Built<\/strong>: Web and iPhone app, private API<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Funding and spending<\/strong><\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Angel funding from <a class=\"link link--blue fontWeight-4\"href=\"https:\/\/www.haatch.com\/\">Haatch<\/a> in November: \u00a360,000<\/p>\n<ul class=\"pageWrap pageWrap--s list list--unordered marginBottom-l lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">\n<li>Monthly founder salary \u00a32250 (before tax) x 3 = <strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">\u00a36750<\/strong><\/li>\n<li>Monthly desk space: \u00a3230 x 3 = <strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">\u00a3690<\/strong><\/li>\n<li>Monthly business insurance: <strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">\u00a330<\/strong><\/li>\n<li>Average per month spent on various freelancers <strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">\u00a33500<\/strong><\/li>\n<li>Legal fees: \u00a30 - Haatch gave us a <a class=\"link link--blue fontWeight-4\"href=\"https:\/\/blog.samaltman.com\/a-founder-friendly-term-sheet\">'Founder Friendly' term sheet<\/a> in plain English which meant that the process was very straightforward<\/li>\n<li>Hosting: \u00a30 (for now, see below)<\/li>\n<\/ul>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Approx monthly burn rate: <strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">\u00a311,000<\/strong>, with just under 2 months runway left.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">It's no surprise that at this stage pretty much all our money is going on salaries and freelancers. We keep things pretty tight and\u00a0try to haggle deals and grab a bargain for other stuff everywhere we can.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">One tip here is: If you don't ask, you don't get. Cheap office space, free hosting, free plans on software, you name it, everything can be bartered!\u00a0So many companies want to help little startups like us because obviously if we flower into something bigger, we'll send them more business. Plus loads of people are just really nice in this industry.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Resource is one of our biggest challenges at the moment, as we grow it's clear that we need help and that's something we'll be able to address with further funding, as it stands we just don't have the cash to hire another freelance backend dev for long periods of time.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><!--more-->Traction and usage<\/strong><\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">So here's the meat, as you can see from the graph,\u00a0our user base is growing steadily. While there's no 'hocky stick' we've ready seen a massive increase in engagement and activity since we switched to Django and the new front-end design. Users are spending much longer on the site and we're hitting 2000 design files added each day.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Because Marvel is synced with Dropbox, we re-process PSDs whenever they are updated so in a sense, it's like another upload. We're close to nearly <em>1 million updated files<\/em> which is insane.<\/p>\n<ul class=\"pageWrap pageWrap--s list list--unordered marginBottom-l lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">\n<li><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">16,400<\/strong> users to date (last month we added nearly 3500 new users)<\/li>\n<li><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">17,500<\/strong> prototypes created (i.e projects)<\/li>\n<li><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">100,000<\/strong> design files uploaded<\/li>\n<li><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">4000<\/strong> active each month (we class active as users who are creating projects\/uploading files\/previewing)<\/li>\n<li>We've process nearly 1 million updates to design files uploaded via Dropbox<\/li>\n<li><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">3-4%<\/strong> monthly churn (quite high and something we need to address)<\/li>\n<\/ul>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-253 size-full\" style=\"line-height: 1.5em;\" src=\"https:\/\/marvel7077.wpengine.com\/wp-content\/uploads\/2014\/03\/Screen-Shot-2014-03-20-at-01.40.31.png\" alt=\"Screen Shot 2014-03-20 at 01.40.31\" width=\"830\" height=\"571\" srcset=\"https:\/\/marvelapp.com\/wp-content\/uploads\/2014\/03\/Screen-Shot-2014-03-20-at-01.40.31.png 830w, https:\/\/marvelapp.com\/wp-content\/uploads\/2014\/03\/Screen-Shot-2014-03-20-at-01.40.31-600x413.png 600w, https:\/\/marvelapp.com\/wp-content\/uploads\/2014\/03\/Screen-Shot-2014-03-20-at-01.40.31-768x528.png 768w\" sizes=\"auto, (max-width: 830px) 100vw, 830px\" \/><\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Concerns<\/strong><\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">We still have much work to do on bug fixes and stability. Again this comes down to the tricky issue of resource and where to put our time, at the moment it's just Brendan doing all the backend powered by coffee.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">There are also a lot of users who joined in November and December and just never came back. The old version of Marvel was very basic and often broke so I'm in the process of reengaging those users and letting them know things have changed.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Missed targets<\/strong><\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">It's safe to say that things haven't quite gone according to plan, we had aimed to be a lot further along in development and revenue. However shortly after receiving funding, the cracks in our MVP began to show and it became clear that it was never going to scale.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">We had the choice - keep patching it up until we raised another round of funding at which point we could hire some devs, or stop everything we were doing (including new features and major bug fixes) and spend 8 weeks completely rewriting Marvel. We chose the rewrite.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">That put us back months and caused us to miss several milestones. The funding was supposed to give us a 6-month runway and allow us to finish our roadmap, resulting in revenue-generating features on Marvel.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">This put us in a bit of a dilemma, we needed to validate our business model and prove people would pay for Marvel, but the delay meant that by the time we'd launch, it's likely our funding would run dry.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">So we decided to launch some Pro features we had already built as an\u00a0'early adopter' plan along with a discount.<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">There was the risk that users just wouldn't see the value in a small portion of the overall Pro package, but there was only one way to find out..<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">On the 1st March we launched a stripped down version of Pro, here are the numbers:<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\" style=\"line-height: 1.5em;\">Revenue<\/strong><\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">3 weeks since Pro launch at \u00a0\"Early adopter price of $5pm\"<\/p>\n<ul class=\"pageWrap pageWrap--s list list--unordered marginBottom-l lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">\n<li><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">100<\/strong> upgraded to date, 20 paid yearly = <strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">$1300 revenue<\/strong>.<\/li>\n<\/ul>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Amazing! There was a collective sigh of relief when we got our first few paying customers. I can honestly say that for me, it was the most nerve racking part of our journey so far. It's an emotional rollercoaster I tell you :)<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">But now we're buzzing, Pro is growing and we've moved onto the next set of features to make it even better. Thanks to everyone who's upgraded, we love you!<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><strong class=\"c-slate lineHeight-l fontSize-l fontWeight-5 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">Wrapping up<\/strong><\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><span style=\"line-height: 1.5em;\">I'm incredibly proud of what we've managed to do in 4 months, everyone is working their socks off trying to make this all come together.<\/span><\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\">The next couple of months will see several projects integrate into the platform and reach the holy grail - version 1 of Marvel, when we can get out of beta and officially launch!<\/p>\n<p class=\"pageWrap pageWrap--s marginBottom-m paddingBottom-s c-slate lineHeight-l fontSize-l fontWeight-3 breakPointM-fontSize-xl breakPointM-lineHeight-xl\"><span style=\"line-height: 1.5em;\">This is the first time I've ever blogged about numbers\/finances so apologies if it's not concise or if I've missed anything.\u00a0<\/span><span style=\"line-height: 1.5em;\">Happy to answer any of your questions either here or on <a class=\"link link--blue fontWeight-4\"href=\"https:\/\/twitter.com\/mutlu82\">Twitter<\/a>.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s been an eventful few months for Marvel and as we get closer to coming out of beta it feels like a good time to write about our stats and progress. We&#8217;ve been massively inspired by the transparent posts from Buffer and Groove about traction and financials. It&#8217;s helped us in many ways so if we can return the favour&#8230; <a class=\"link link--blue fontWeight-4\" href=\"https:\/\/marvelapp.com\/blog\/how-we-spent-our-60k-angel-funding-and-what-weve-achieved-so-far\/\">Read More &#65515;<\/a><\/p>\n","protected":false},"author":1,"featured_media":740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v15.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/marvelapp.com\/blog\/how-we-spent-our-60k-angel-funding-and-what-weve-achieved-so-far\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How We Spent Our \u00a360k Angel Investment (and What We&#039;ve Achieved So Far) | Marvel Blog\" \/>\n<meta property=\"og:description\" content=\"It&#039;s been an eventful few months for Marvel and as we get closer to coming out of beta it feels like a good time to write about our stats and progress. We&#039;ve been massively inspired by the transparent posts from Buffer and Groove about traction and financials. It&#039;s helped us in many ways so if we can return the favour... 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