Fibery is really one interesting startup that strives to be the only source of truth and work for product companies. The Cyprus based company recently raised a $5.2 million Series A and I wanted to take a closer look at what makes the startup tick.
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Slides into this deck
Fibery lifted his round with a 15-slide deck and shared the whole thing raw with TechCrunch. That gives us a good sense of how the company secured its $5.2 million investment.
These are the slides:
- Cover slide
- Problem slide
- Solution slide
- Market size slide
- Competitor slide
- Competitive Analysis Slide
- Product slide
- Slide “Building Blocks”.
- Feedback/customer validation slide
- Go-to-market strategy slide
- Business model slide
- Traction slide
- Moving milestones to date
- Team slide
- The Ask slide
Four things to love
Click through the full deck and you’ll be treated to plenty of white space, simplicity, and clarity. The company made some unusual design choices, which really work for me, and the story ties together nicely. But there are a few things I particularly liked.
A solid competitive analysis
The company has two competition slides:
Contest slides are often an afterthought, either because startups underestimate their competitors or claim they don’t have any. Fibery does very well on both fronts.
On slide 5, the company breaks down both existing players in this space very elegantly and shows that there is a large market worth pursuing. It even manages to identify some of its competitors’ strengths, which is always a nice touch, especially if the solution does something different or can offer an additional set of features or an approach to the problem that offers a broader or different solution. unlocks. customer base. Investors who might be interested in this space are familiar with Jira, Trello, Asana, and Zendesk; Fibery is cleverly positioning itself against a few billion dollar companies. Soft.
On Slide 6, there’s a slightly deeper dive into the other no-code tools that Fibery considers competitors. Again, the company chooses to praise its competitors for their strengths (“Best Tables” for Airtable and “Best Wiki” for Notion).
This helps gain a better understanding of what the company perceives as its positioning in the market.
Great clarity of the business model.
I like a good, straightforward business model, and Fibery’s is a pretty good example here; it shows the high-level pricing model (multi-account SaaS), the target market, and how it prices itself. It shows an expected LTV that’s pretty conservative (the $7,000 LTV using these numbers assumes an average account size of about 20).
Inbound marketing and customer success are both great when the customers come to you, and “affiliate network” is a bit vague. But it lacks the customer acquisition cost. I’ll talk a bit more about this below when I talk about things that could be improved, but overall it’s a solid slide.
A good traction slide forgives all sins, and this is a great snapshot of where the company is today. The fact that logo churn (ie customer churn) is higher than revenue churn indicates that the company is able to retain its more valuable customers. Fine. The rest of the metrics also look good for a company at this stage. Clear, simple, concise.
Still, I wish Fibery had graphed some of these stats. An annual recurring revenue of $350,000 is impressive, but if it stagnated over the past six months, that would set off some alarm bells. Investors don’t invest in snapshots, but in trends, so you might as well show them.
The other quirk is that the numbers are not consistent. Slide 11 says the expected average account size is 20-30, but on this snapshot slide it shows that Fibery currently has 15 paid users per account. Not saying anything about how it expects to grow that number makes me suspicious.
Bonus Win: Great question slide
The slide is labeled “plans,” but this is what I usually refer to as the “question” slide. Many founders get this wrong, so it’s a joy to see it done so well. Fibery doesn’t explain what a “strong marketing team” is, and “create and improve channels” doesn’t say much. Having clear MRR and ARR targets for EOY 2023 and 2024 is great, and having a clear launch target for a new version of the platform is even better.
In the rest of this teardown, I’ll be looking at three things that Fibery could have improved or done differently, along with his full pitch deck!