December 2021 Investor Update (2021 Wrap Up)
This is the investor update we send to summarise our journey for 2021. We hope you enjoy! Any questions, comments feedback please reach out!
Hello Friends of Steppen!
December has come and gone and it’s now 2022… wow. We saw a bunch of companies posting on LinkedIn flexing what they had achieved for the year. We felt inspired and thought what a good opportunity to reflect back on the years that’s been.
It has been a monster year, our first year (and first of manyyyy 🚀🚀). We would like to thank everyone who have been involved in the Steppen journey.
Specifically we would like to thank:
- Kareena Mitosis our insane marketing consultant
- Amy To our legendary product lead.
- Simon Raik-Allen, advisor to the team,
- These three in particular have been a big part of the success of Steppen to date 💖
- A shoutout to Tapiwa and James for being involved in Steppen in the early days.
- A thank you to Lauren Capelin Startmate Principal and Justin Joffee from Flux for talking us through SM.
- A big thank you to our investor Amanda Coombs for helping arrange backing from the Alice Anderson Fund! A thank you to LaunchVic and Rebecca Rozencwajg
Now let’s see what we did this year and then look to 2022 (which will be even more awesome, trust us 👀).
Our Year In Timeline 📖
- Cara found a dev agency in Brisbane to build the Steppen MVP. She wanted to build an app to help young people feel less lost when working out — that is what Steppen is all about.
- Jake sees a post about Steppen on Cara’s IG. After a few walking meetings the school friends decide Jake is perfect to get involved. Jake joins Steppen as a co-founder
- Steppen offically becomes a company
- Steppen raises an initial 430k as a pre-seed round
- Cara & Jake meet Dave who they instantly like with his wisdom, sprinkle of grey hair and tech skills. Dave joins Steppen as the 3rd co-founder
- Steppen launches !! (the MVP is extremely shitty — the team realises this quickly…)
- Cara and Jake wrap up uni exams and are excited to be working on Steppen full time!! (both have taken intermission, cya never uni)
- Steppen acquires 1000 users !
- We begin consistently acquiring over 200 users a day
- We also have over 1000 users returning a week
- Team finds out they have received just under 100k in funding from the Alice Anderson Fund
- We make a grand debut in the AFR followed by News.com.au
- We acquire 10k users
- We break through over 1000 workouts completed in a week
- We acquire over 55,000 🚀
- We make it into the SM Summer 22 cohort
- Already shaping up to be a huge month (big influx of new and returning users keen to jump into their new year’s resolutions!
Our Year In Numbers 📈
(Recall we have only been in market for just over half a year)
- Over 55k users acquired
- CAC below $1.50 AUD
- Over 90k downloads
- Peaked in the app charts at 3rd (NZ), 6th (AUS), 13th (UK) and 28th (USA) Strava watch out… 👀
- We have users in 96 countries ! 49% of the world
- Over 10k workouts completed
- Over 3.2 million videos viewed, 51,000 searches, 33,200 saves
- Over 2480 exercises posted, 1690 workouts created and 1185 progress pictures added
- Week 1 retention averaging at 21%, week 4 averaging at 7.1%
Our Year In an Awesome & Ugly 💫
(Usually we do good, bad and ugly and have 3 points for each — but we are spicing it up for the end of the year)
(We had to chuck in 4… it’s been an awesome year what can we say)
Awesome user acquisition
- Our ability to acquire users is proof that we are addressing a real problem for Gen Z — people just have no idea how to workout
- Jake- “We have found idea market fit, there is obviously something there it’s just about getting product fit”
- Also very promising to see overseas (UK and USA) acquisition is cheaper and now amounts for majority of our users acquired (CAC as low as 1 cent… sorry what…)
- We know things are going well with acquisition when we hear this from Dave … “we have had more success then we possibly could have imagined!” (You don’t get much real excitement from Dave so this means a lottt)
Great understanding of users (and now breakthrough in getting user information through using app)
- We know — what content users like, how often the like to workout, age, gender, location, how to acquire, problems they face when working out (motivation and education) and so much moreee
Proven great team dynamics and strength as a co-founding team
- Dave, Jake and Cara are all great. They also work really well together (they may or may not also write this update… 👀)
Raised over 650k! of pre-seed funding
- This was our first funding round! What an awesome experience shoutout to our amazing investors for backing us really early (pre-product and pre-experience). We are pumped to have you all be part of the journey and look forward to your ongoing support!
We need more developers!!
- We are hiring 3 developers (we have someone starting early Jan! We have budget for 4 devs plus Dave). If you know someone who would be lit please hit us up
- Our current constraint to growth is dev capacity
There is still so much shit to clean up in the app
- We know there is still lots of work to be done with the app (we suspect we will feel like this forever…)
Not at PMF
- Seeing progress but not there yet. More dev capacity, faster iterations and better product processes should mean we get there soon.
Plans for 2022 🚀
Looking towards this year there is a lot we will achieve:
- Acquire over 400k users
- By the end of 22 well and truly achieved PMF
- We will raise our Seed Round ! We will look to raise our Seed Round mid 2022. We will begin discussions early 2022.
- Start exploring organic growth channels and virality within the product
- Expand the team — by EOY we will have our co-founding team (3), 2 lit product people, UI/UX designer, a head of growth, social media manager (+ 7 elite tiktokers) & 5 incredible developers.
- Set up an advisory board
- Build and launch an android app
Yeah, it’s going to be epiccc. We are currently taking a little break until Jan 10th to refresh and prepare for what will be an even better year than 2021. We are excited to to kickstart the year with Startmate starting Jan 17th.
We don’t do this often but we are really proud of what we have achieved so far. We know we are only getting started. We still have so much to learn and grow. As both Jake and Cara say — ‘the exciting part is the exciting stuff is still ahead of us 🚀”
Until next month!
💖 Steppen Team