In Q3, we surpassed 3k active users growing at 305% QoQ and 870% YoY. We activated talent agency partnerships with their roster of talent and launched the first version of the Mav Farm geo-drop marketplace on web.
We hired a key leader in Scott Frankel as Principal Product Lead and promoted an outstanding performer in Myles O'Connor to Product Lead, Web.
We launched v0.0.1 of Mav Farm web marketplace, which has increased MAU by ~1600%. We also shipped new Shipping Settings for MFE and Search, Editing, and Profile features for .show.
We brought in an additional $1.25M in financing bringing our total capital raised to $6.1M and our runway to +16mo.
Technical debt and key features falling behind hindered our product development significantly in Q3. Our velocity is way to shy of all of our expectations. There's too much untested code. The development process is unenjoyable. Our changes to our product development processes in Q4 will be a major help, but everyone's proactive participation and buy in to the roadmap and plan are critical.
While user growth ticked upwards in Q3, product development lag prevented us from reaching our brand activation goals.
Decreasing viral loop time
Brand & talent activations
Marketplace architecture refactor
Q4 Product Development
One area needs significant effort immediately - the backend of our marketplace. There aren't nearly as many features as established e-commerce platforms (I.e., discounts and promos, gift cards, wishlists, storefront APIs for customized storefronts, third-party fulfillment integrations, etc.) and the limitations to who can develop upon this backend have prevented us from achieving a scalable velocity to provide our customers with these enhancements. Most often, our time and development efforts are focused on minor improvements and bug fixes to the current systems. Many of our systems, business models, applications and features have become increasingly tied to this backend.
As Big Tech companies squeeze emerging social commerce companies' opportunities to capitalize on mass-market by offering similar solutions, our safeguard is providing unique and distinct solutions and consistent messaging catered to a small subset of this mass-market - our target - youth, urban and art fashion focused marketers, creators, and consumers looking to collaborate directly. In essence, we need to surface that value prop as quickly as possible (note: each product has its difference yet together, their collective synergy, makes us more potent), artificially constrain and manage the marketplace, and provide the network effects to retain those users and their degrees of network connections.
As an investor, you are placing a potentially risky long term bet on the team, especially the Co-Founders. The two of us, along with the broader Mav Farm team recognize that our individual and collective interests are deeply aligned with those of the current and new investors who choose to support Mav Farm. The broader Mav Farm team has also demonstrated an extraordinary commitment to our long term success.
We would be remiss without speaking with you directly. If you have suggestions, our doors are always open.
From the entire Mav Farm team, thank you so much for your ongoing support. Wishing you and your loved ones stay safe, happy and healthy!
Co-Founder & CEO