Investor Update from Prefab
2023 Q1 Prefab Investor Update
I couldn’t be happier to announce that we’ve raised a seed round with [Investor] and [VC Firm]. [Investor] is the perfect investor for us, with a deep focus on developer tooling. He has been an early believer in some of the most iconic companies in the space, such as [other investments] and (soon) Prefab.
The essential round details are [round pricing and structure redacted].
After our first payroll we have X in the bank. Burn is X which puts us at X months of runway. This is 90% salaries and the non-salary expenses will decrease 30% as we get over some 1-time expenses and migrate to better cloud contracts.
We expect burn to remain stable for the next quarter. We’re opportunistically open to another engineer, but being insanely picky. If we can find a world class engineer interested in comp skewed to equity we’ll consider it.
We simply didn't start growth exploration this quarter. This was an intentional pivot at the beginning of March when we realized that our logging offering had the potential to be “holy shit” and not just “neat”. That said, delaying growth exploration is the classic mistake and we now need to pay back the debt.