Good morning everyone! We're in the final 2 weeks of our fundraising campaign, and as we wind down our time on Republic, we want to provide as many updates as possible about our milestones to date, as well as our plans for the business going forward. Today, we're excited to announce that we've officially signed on our first paying enterprise customer and are now generating recurring revenue.
While our financial projections plan for us to begin generating revenue in September following the completion of our platform and launch out of beta, this particular client has a time-sensitive product release with which they needed Parlay's immediate help. As part of our agreement, we'll be iteratively rolling out remaining functionality over the coming months, progressively scaling the contract value accordingly. By September, we expect to be generating roughly $10k in revenue each month from this partner, an amount we weren't previously expecting to generate until December. All in all, this is a great signal for the team going into the final weeks of our public fundraising campaign.
In addition to the above, there are a few additional updates we'd like to quickly share:
- This week, we are rounding down due diligence with a renowned investment group in Boston which invests in early stage, technology-based B2B and B2C companies. The members of this angel group includes founders of more than 20 companies who, together, have invested in over 200 Boston-based startups. We expect to receive at least one notable investment from this group, and we will share the details of that here as we close out the process over the coming few days.
- We are scheduled to launch on Product Hunt during the final week of our Republic campaign; in particular, we're eyeing Monday, July 30 as the launch date. We expect this to be a significant catalyst for lead generation, both of individual and team subscriptions. Our team is largely head's down over the next 12 days refining as much of our onboarding and first day product experience in order to ensure the most successful launch possible.
- We are in the final runnings to earn a $50k small business grant from a great organization called Arch Grants. We will hear final confirmation of this in August, but we strongly expect to earn one of those given our ongoing conversations with that organization and the percentage of finalists who will ultimately receive grants.
That's all for now. Again - thank you for joining us on this adventure. We look forward to keeping you up to date over these last two weeks. Until then, have a great day!