A few months ago we shared news that we were raising an $8 million investment for Crew and Unsplash. Alongside our current investors, we opened part of the investment round to members of our community to become owners. Within a few days, we welcomed 33 new investors and closed a total investment of $8.5 million. We were overwhelmed by the support.
As soon as we closed the investment, we sent this update to all of our investors. As a member of our community, we wanted you to be able to see it too.
Thank you again for making this possible.
The latest investment round for Crew is officially closed at $8.5M. Thanks for participating. I wanted to share a recap of progress we’ve made so far in 2015.
Up until December 2014, we had not had a million dollar month in top line Approved Projects. Since December 2014 however, we’ve had 6 straight million dollar+ months.
Approved Projects (meet vetting requirements)
last 5 months 2014 (Aug-Dec): $3.8M
first 5 months 2015 (Jan-May): $7.3M (+48%)
avg. projects posted per week in 2015: $415k
last 5 months 2014 (Aug-Dec): $899k
first 5 months 2015 (Jan-May): $1.2M (+25%)
avg. transactions per month in 2015: $250k
Net revenue (15% Crew fee)
last 5 months 2014 (Aug-Dec): $135k
first 5 months 2015 (Jan-May): $187k (+28%)
Avg. project size
last 5 months 2014 (Aug-Dec): $10,649
first 5 months 2015 (Jan-May): $11,169 (+5%)
Avg. monthly burn rate
last 5 months 2014 (Aug-Dec): $81k
first 5 months 2015 (Jan-May): $150k
Aug. 2014: 8
Feb. 2015: 17
May 2015: 22
To date, members across 32 countries have earned $2.6M+ through Crew.
At the beginning of the year we laid out our three biggest focus points:
To get where we want to go, one of the most important things will be building the right team. To do this, we’ve invested more time toward creating a reliable hiring process. It’s been one of our biggest challenges but we’ve more than doubled the Crew team in the last 10 months, going from 8 to 22 full-time team members.
Crew team breakdown:
Product – 10
Community/Happiness – 5
Operations – 4
Marketing/Editorial – 3
Current open positions: https://crew.co/hiring
2. Crew Referrals
Crew Referrals is now our leading source of Approved Projects. We focus mainly on referral partnerships with select agencies and freelancers known for doing high-quality work. Any work they can’t take on, they can refer and earn 5% cash of the project budget.
So far, 994 projects have been referred to Crew from 211 referral partners.
156/211 referral partners have signed on in the last 5 months.
# of referred projects:
last 5 months 2014 (Aug-Dec): 191
first 5 months 2015 (Jan-May): 803
31% of these referred projects convert into projects posted on Crew of which 30% pay and complete. This is similar to the conversion rate of projects that come directly from Crew.
Crew + Apple Watch. With the release of Apple Watch, Crew became the first place to find a vetted Apple Watch specialist on demand. As we get more relevant data in the coming months and building apps for the Apple Watch become more prevalent, we’ll see if this a viable source of quality projects.
Our community is the heart of Crew. We’ve put a large focus on regularly interacting with current members and onboarding new members of Crew. More
We’ve also continued to invest in tools that create value for the creative community. The tool with the most reach is still Unsplash, which accounts for over 28% of direct referral traffic to Crew.
Unsplash 2015 Q2 (May-June):
unique users: 1.8 million (up +20% from 1.5 million in 2015 Q1)
photo downloads: 10.5 million (+18% from 8.6 million in 2015 Q1)
1. Intros to referral partners. Our ideal partner is a digital agency between 10-50 employees. If you know any potential partners that fit this bill, I’d love an intro.
2. Hiring. Current open positions
Any intros to people you think could be a fit for these roles would be awesome.
Call me on my cell 514.653.0228 if you’d like to talk about anything here.
Thanks again for investing. We’re happy to have you on board.