MyPanda
Tamara Lucas
Tamara Lucas is a Rockstar CEO! Her drive and passion for her venture is impressive. We admire her ability to run such complex operations, ensuring the delivery of a unique service and while being a busy mom!
Background
We learned about MyPandaApp.com during the 2020 Lunchpad2X Cohort. My Panda is like the Uber of personal assistants, so they had difficulties keeping up with the cash flow dynamics and the amout of transactions coming through daily. Keeping accurate record of all this data could be a full-time job.
The Financial Model
Tamara is also raising capital so a financial model was required. The financial model we helped her put together laid out the hiring plans and the revenue growth. We are proud to say that My Panda is hitting its monthly revenue goals. She has the clarity she needs to raise capitaland take the steps needed to scale.
With the founder, we determined the goals and milestones for the venture and determined the fundraising plans. We reviewed the pitch deck with Tamara as well to make sure the financial projections were alligned.
The Result
By the end of 2021, My Panda had an incredible growth of 150%. In 2022, My Panda got admitted to Techstars and is on its way to the 🚀! We look forward to more sucess for My Panda!
Total MR
14,824
Growth %
148.31%
% of repeat customers
85%
The Process
01 We spoke with Tamara and her team to understand their pain points and their struggle with numbers. The technology and platforms used were overwhelming due to very heavy and complex data.
02 We took a deep dive into the My Panda business model and processes. We understood My Panda had multiple revenue streams and multiple payment flows, which were not reflected in their current financials. The process was then a lot smoother.
03 We then recreated a chart with all of the customized accounts outlining the revenue streams and cost accounts. We determined their revenue recognition, COGS categorization and potential accruals.
Of course, we didn’t have answers to these points right away. After our discussions, we stepped away and as a team, we ran market research to confirm the TAM, benchmark KPIs and we developed an organized plan.
04 We then proceeded to clean up the data. It required a lot of financial analysis from our end to understand the different flows and cash dynamics. But we got it done.
Because of the amount of data available, My Panda needed customized financial reporting but also KPIs. We designed KPI from their payment gateway (stripe) metadata. A thorough data analysis was required to get the information we needed.
The financial reports were great but these KPIs – some of them but not all are listed below – were a game changer.
- KPIs per New Customers
- KPIs per Repeat Customers
- CAC
- ATV
- Expected LTV
- MR Margins
- Number of App Downloads
With these KPIs, the founder is able to see which customers are likely to buy more, which ones are one-time buyers, what type of service works the best etc… All of this information helped Tamara refine the marketing strateegies and improve the quality of the service to increase revenue.
