March 2024
Hi! You signed up for Play Money because you love startups. As a thank you for helping us build ours, here’s a sooped-up version of our monthly build-in-public update. More metrics. More ‘what’s next’. Let’s go!
MONTH 1 METRICS
Signups grew by 40% m/m for the 2nd month in a row.
50% of folks viewed a deal. 20% of those invested.
33% invested in 2+ deals.
Avg. investment: $1900.
Our first SPVs are 2x what we expected.
Angel experience at signup:
20% have written 6+ checks - 45% have written 1-5 checks - 35% are excited to write their first checks.
(we had a cool graphic in the original update. it didn’t copy over easily, so we used the text version.)
TURNING WIFFS INTO WINS
I was slow to hire in Q1 and it bit us hard. Fast forward 4-weeks, and we have the team we need. This crew will help move our Play Money investing community forward while I recruit our next community customers and raise our pre-seed.
Tina Hashemnia is our first full-time non-engineering hire! 🎉 Tina is heading up all things deal flow along with supercharging my capacity. Lindsey Rohde is driving our community-led growth strategy. Job #1 is user on-boarding. And Kirstine W. (one of our angels!) is pinch hitting on biz ops and back office. 🙏🏽
They say “If you are not embarrassed by the first version of your product, you’ve launched too late.". So clearly, we are crushing. 🤣
Even though our product feels MVP in lots of places, we kicked off with two groups piloting Play Money as their angel platform. The results were strong. In the week since launching, 100 angels from these communities visited Play Money; 10% made investments.
ROADMAP
This month we are building the foundational product features to support angel groups and influencer networks. And natch, we’ll continue to evolve the social-commerce vibes in our investing experience. Instagram for Angel, anyone?
April: Support for private co-branded Angel communities. • Adding investing entities (LLCs, Trusts, etc). • Steady flow of UX glow-up.
May: Using social to make “yes to invest” easier. • See who’s investing alongside you. • Get inspired by what others invested in and why.
THREE WAYS TO HELP
If you invested, or almost invested, on the platform, we’d love feedback.
Book a slot here.Join a new member welcome session. Sign up.
Reply to say hi so I know I’m not emailing the spam filter. 🤣
Big props to everyone who helped us get our team hired, especially Shirya, Amy, Steve & Andrew. Jess, Lily, Carol and Melissa - your intros have set us up for an amazing April of deal flow! Thank you. Keep ‘em coming.
Feels like progress.
— C2K
💎 Cheryl, Jill, and the Team
