arjun from doola public investor update: week 1, 2023

Author

Arjun Mahadevan
January 07, 2023

What is up, arjun from doola here with the first public investor update of 2023.

2 years ago, I wrote my first investor update.

I haven't missed a single update since then.

Now, I want to try sharing a version of these updates with the world. Like anything else, I'll be testing the style, cadence, content, length, and format of these emails going forward.

If after reading this, you don't want to receive future emails, no sweat, you can unsubscribe at the bottom, and you can also read this update as a thread on Twitter:

Without further ado, lets doola it and dive in!

Key Ask 🙏

If there is a recruiting agency you have worked with before to recruit a Head of / Director of Finance (or there is a candidate you think highly of) please let me know / tell them to apply below! $5,000 referral bonus for a successful hire we make [Job Description]

WoW Growth Summary 📈

  • ARR (Annual Recurring Revenue): $XM -> +3.49%

  • Subscribers: XK -> +4.88%

Image Source: Startup = Growth, by @paulg

Team 👥

• Current Full-Time Team (33)

• Hiring (Top 3 Roles): Head of Finance, Core Platform PM, Marketing Manager

• Link to Careers Page: https://www.doola.com/careers

Mission 🔮

Talent is everywhere, but opportunity is not. Our mission is to unlock the potential of human entrepreneurship and democratize access to the US financial ecosystem by empowering 1M founders around the world to turn their dream idea into their dream US business.

Company Vitals 🩺 [Redacted]

• Cash: $X

• Net Burn Rate: $X

• Avg. Net Burn Rate (prior 3 months): $X

• Burn Multiple [Net Burn Rate / Net New ARR]: $XK/$XK = X

• Cash / Burn Rate: X months

• Cash / Avg. Net Burn Rate (prior 3 months): X months

Metrics 📊 [Redacted]

  • New Biz ARR

  • Total ARR

  • New Monthly Subs

  • Total Subs

  • RPU

  • New Net Cash Flow

  • New Gross Subscription Revenue

  • Gross Churn Rate

  • Ad Spend

@doolaHQ Highlights 😄

  • New all-time high in weekly business formations

  • 3 new 🐋 affiliate partners closed

@doolaHQ Lowlights 🫤

  • AWS email rate limit = customers couldn't sign in

  • Massive backlog in EINs + formations due to IRS/state end-of-year closure = unhappy customers (on us to manage timelines/expectations better)

  • SO much room for improvement in our onboarding flow

Personal Highlights

  • Amazing week of family time in Hyderabad

  • Caught up on reading (Essentialism - @GregoryMcKeown, Willpower - @JohnTierneyNYC and @RoyFBaumeister, The Redemption of Time by @liu_cixin)

  • Bucket List: visit the Taj Mahal ✅

Personal Lowlights

  • Caught virus for two days during my trip from Hyderabad to Bangalore

  • Lost my AirPods

  • Didn't carve out 2 hours of time each day for my Top Goal (h/t @mattmochary). I get way too bogged down in small immediate things and lose track of the long-term ones

Customer Story 🎥

Seeing customers "write our roadmap" for us is amazing:

"The initial worry for accounting and total compliance requirements is lifted in one package.

Future is promising to have more incredible services.

With all this; What else could LLCs ever need?"

Thanks & Kudos 🎉

  • @CliffSirlin and @janbromberger for the SPV thoughts/intros

  • @rohinip for candidate intro

  • @ericbahn for joining webinar

  • @MotwaniSuhas and @adityamohanty_ for planning BLG meetup

  • @shanesabine_ for founder connects

  • Arjun G from @NexusVP for BLG recs

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And that's a wrap!

Any feedback on this weekly update? Too long? Too short? Any questions or concerns? Please let me know and hit reply (I read every email I get) 🙏

See you next week 💪