180 - The MOST EXCITING Progress, Problems, Plans Post Yet! - F40
Launching our Community SPV to raise from our network with a minimum investment of £1,000
This is by a distance the most exciting progress, problems, plans (PPP) post I’ve written! We’ve embraced building in public in growing Mayday. From this blog, to our public product vision and roadmap. We’ve seen so many benefits from doing so. We are lucky to have an amazing community around us. Last week we took the natural next step, launching our Community Special Purpose Vehicle (SPV). We’ve had a number of customers, finance leaders and industry operators from our global network ask if there would be the opportunity to invest in us. Now they can with a minimum investment of £1,000. We soft launched the SPV last week and had an amazing initial response. More details and a progress update below!
Progress
We've got our 3 multi-entity products live: Recharger, BRAG, Balancer. We're confident all deliver great value and have achieved a core level of product-market fit. This completely unprompted LinkedIn post from Graham, the reigning Xero MVP (no.1 power user) in South Africa, is representative of the feedback we're getting;
We've got a fantastic base of satisfied customers to build from, great reviews on the Xero app store. And we recently won Xero's Emerging App Partner of the Year;
We closed an investment round in April from amazing A* angels and VC scout funds, including Phil Chambers (Peakon) & Christian Owens (Paddle), two great accounting tech entrepreneurs: Duane Jackson (Kashflow exited to IRIS) & Hannah Dawson (Futrli exited to Sage) along with Notion Capital's Pioneers Fund, Harrison Rose as a Sequoia scout and Pranav Sood as an Accel one. This has put us in great shape to accelerate our team and growth, with Bailey starting as our seventh team member as Head of Growth on 19 June;
We have so many opportunities in our mission to mend month end. There's so much more we're excited to do to enhance our multi-entity product suite. We’ve got a clear and exciting roadmap. We're building our next product RevRec, to automate the revenue recognition accounting adjustments. We've been chosen by Paddle as the preferred partner to build the revenue recognition integration for their customers. We've recently identified a similar opportunity with Stripe. And we have an amazing hiring pipeline of game-changing hires eager to join.
We've decided we want to move faster and so are topping up the above investment round with an additional £400k, on the same terms. There are customers, finance leaders and industry operators that we'd love to have with us as investors. A number have proactively asked whether there would be opportunities for them to invest in Mayday. That's why we're creating the Community SPV.
What is the Community SPV?
The key details are:
Minimum investment of £1,000;
EIS eligible for UK tax payers, but we’re not limiting it to just UK investors;
The exact same economic rights as all direct investors;
The only difference is that there are no voting rights as investment is through a single nominee vehicle powered by Odin, to prevent us getting bogged down with a huge shareholder base to co-ordinate.
Anyone in our network who is interested can get in touch with me (or another Mayday team member) either via LinkedIn or email. I then share our investment deck and answer any questions they have.
Plans
Goals for the next two weeks:
Onboard Bailey from Monday;
Set OKRs for Q3;
Accelerate!
Look forward to updating in two weeks!