We had a solid month for new bookings, primarily customers that upgraded from the freemium funnel. [Customer X] was the largest at 50 seats @ $XXX MRR. Our first AE is still ramping but managed to close $XXX in new MRR.
Product
We released one new feature: [Feature Description]. We believe this will accelerate [Customer Goal].
Cash
$XX in cash, burn was $X in [Month].
Issues
Hiring: Unfortunately, we are still having difficulty hiring engineers. Resolution: We are now using Hired.com to help fill the pipeline.
Low Morale: The team was feeling low after we lost a big contract to a competitor. Resolution: Installed cold brew coffee on tap.
How You Can Help
VP Sales: We are narrowing in on final candidates for our VP Sales search. Please send me comps for total compensation (base, bonus, and equity) for VP Sales roles at similar stage startups?
Office Space: We are bursting at the seams in our current office and we can’t fit another desk unless we move [CEO] to the basement. @Investor: I saw you are connected with real estate broker X. Please email an introduction: “Hi X, I’d like to connect you with CEO of [Company]. CEO is looking for a 3,000-3,500 sqft office in Cambridge near Kendall Sq targeting November move-in. Please connect directly.”
Thank you for your continued support. I specifically want to thank:
Lily Lyman of Underscore VC for helping us hire our first content writer last month. Content marketing is a key driver of our funnel and our new hire is already making an impact. Thanks, Lily!
Best,
CEO
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