The transition to multi-product can be a significant revenue generator when done successfully.
During my first few years, the company saw rapid growth as customers continued to use our software in new and inventive ways.
Drawing on my experience of graduating monday.com from the one-product mold, here are three steps to ensure your multi-product journey is successful.
If the (product-market) shoe fitsWe all know that finding a product-market fit can be challenging, especially when you have limited resources and must move quickly to find and serve your target market.
But there are a few signals that your initial offering has a wide product-market fit, and it would be easy for you to identify your second product:
Vestwell, which provides the infrastructure for employers to power workplace savings programs, has raised $125 million in what the company describes as a “preempted” round of funding.
Vestwell CEO Aaron Schumm started the company in 2016 and launched the cloud-native platform in 2017.
Over 1 million people working across 300,000 businesses use the Vestwell platform, which the company said has helped power the savings of nearly $30 billion in assets over time.
As an extension of its partners, Vestwell says it enables a suite of programs, including retirement, health and education, such as 401(k), 403(b), IRA, 529 Education, ABLE disability and Emergency Savings programs.
“We’re now the leading partner in this field, and currently power 80% of the live state auto-IRA savings programs in this country,” he said.
ShareChat is in final stages of deliberations to secure about $50 million in new funding that trims the startup’s valuation to below $1.5 billion, according to two sources familiar with the matter.
The terms of the talks, which are still ongoing so they may slightly change, currently value ShareChat below $1.5 billion, the sources said, a steep drop from the $4.9 billion valuation at which ShareChat raised funding early last year.
(In late 2020 and early 2021, X explored buying ShareChat in a $2 billion deal, TechCrunch exclusively reported earlier.)
Prosus recently marked down the valuation of Byju’s to below $3 billion, down from $22 billion in early 2022.
Byju’s has raised more than $5 billion in equity and via debt over the years.
Credit Karma co-founder and Chief Revenue Officer Nichole Mustard is leaving the company after 16-and-a-half years, TechCrunch has exclusively learned today.
Chief people officer Colleen McCreary left her role in January before joining Ribbit Capital as an investor in June.
Intuit closed on its $8.1 billion cash and stock purchase of Credit Karma in 2020 and things have been a bit bumpy since.
Last November, Credit Karma confirmed to TechCrunch that it had “decided to pause almost all hiring,” citing “revenue challenges due to the uncertain environment.” At that time, the company shared that all Credit Karma verticals had been “negatively impacted by macro uncertainty.
Credit Karma experienced further deterioration in these verticals during the last few weeks of the first quarter [of 2022].”In August, Intuit reported that Credit Karma had seen its revenue decline by 9% to $1.6 billion for the fiscal year ended July 31, 2023.
Peer-to-peer carsharing company Getaround has filed its first earnings report since going public a year ago via a SPAC combination.
The company’s third-quarter earnings report details a company seeing quick revenue growth, but not enough top line yet to cover its expenses.
In the third quarter, the company lost $27.3 million on a net GAAP basis, 16% better than what it reported in Q3 2022.
The company didn’t share its revenue goals for the year, but its Q3 revenues reflect an annualized run-rate of over $95 million.
The company did not file its 2022 annual report, and has only just filed its third-quarter earnings report.
What X needs most now is for Snap to post a solid Q4Not a day goes by without some drama involving Twitter X.
According to a recent report by Bloomberg, X’s ad revenue is expected to fall to $2.5 billion in 2023, and X is disputing the news, calling it incomplete.
Still, the report’s numbers line up neatly with what X’s owner said earlier this summer.
We’ll also revisit our previous look at Snap, another social network that is close-ish to X in scale and worth, to compare the two companies.
The question today is whether or not X’s revenues and valuation square up, so let’s dive in!
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