Conquer Monthly Update
February 2024
Good morning everyone!
We spent February:
-Building out the member-only tech for iOS and Android
-Converting non-members to members
-Getting our data together for the fundraise (now live)
Our top line was better than expected in February, and we posted record revenue. We did this on a short month which included winter recess where many of our locations were shut down for 5-7 days.
We plan to be member-only by the end of March. We’ll be phasing it in neighborhood by neighborhood here in NYC. The member-only update is in final testing.
February Update Below:
Key Stats - 6th Month of Memberships
Number of Member Game Joins*: 1,151 (+10% M/M)
Ratio of member to non-member game joins: 62% members, 38% non-members
This would be closer to 70/30 with the release of Android memberships
Number of Members: 241 (+17% M/M)
Subscription Revenue: $23K (+17% M/M)
Total GMV: $50K (+2% M/M)
Includes a la carte game joins, memberships, credit purchases, and rentals
Take rate at 60%
Lowlights:
We are spread very thin right now. My top priority is getting this raise done to expand the team. We have significant potential to grow our pickleball community in NYC and improve the platform for our members.
Highlights:
Record paid joins and revenue
Revamped data infrastructure uncovering awesome metrics that should prove powerful for the fundraise:
$105 average spend per member
2.2 month member payback period
6.1 LTV/CAC
91% fill rate for games
Finalized partnerships with Joola & Selkirk (in our opinion the top two pickleball equipment brands) to offer free/discounted gear for our members
What Does March Look Like:
Release member only
Start games at 4 new venues
Onboard new hosts
Raise capital
Turn back on paid marketing to fuel membership growth
Test out new membership layouts in-app to increase conversion
Asks:
Introductions to angels or VCs for our round! If you know 1-3 investors who could be a good fit, I’d love an intro.
To date, we’ve been highly disciplined with paid marketing and market expansion due to player retention challenges. Regardless of how the top line may have looked, I was not willing to spend on acquiring low-LTV customers.
Today, we’re acquiring members at an average cost of $143, with a projected LTV of $873. To be clear, the $873 is not projected member spend, but it’s the amount we net. We have multiple levers to improve these numbers further, including onboarding enhancements, membership page conversion, lifecycle marketing, and incentivized referrals.
There has never been a better time to invest in Conquer. Over the past 12 months, I feel I’ve been transparent about the challenges we’ve faced. The feedback we’re receiving now—both from our players and the data—is overwhelmingly positive. I truly believe we’re on the verge of something great.
If you have any questions or are interested in investing in this round, please don’t hesitate to reach out.
Best,
Louis Long
Co-Founder/CEO at Conquer
201-421-6905