Agrawal: Rocket holds $1.6M in cash from $2.9M raised
Abhinav Agrawal · GetRocket Has $1.6m In Bank, $5m 2019 Revenues, 100 Customers They Recruit For · Jul 20, 2020 · at 15:04
Abhinav Agrawal, CEO of Rocket, shares the company's remaining cash reserves with Nathan Latka.
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“Out of a 2.9 we raised, we have about 1.6 in the bank.”
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More from Abhinav Agrawal
Agrawal believes pure software recruiting fails without a human element
“We don't think that's going to work. What we think is going to work is sort of a humans combined with good technology, kind of like what compass is doing, what Atrium is doing.”
True recruiting churn requires clients to have active open roles
“If they have an open role, they're hiring actively, they're just not using you. That's the real definition of churn in this space.”
Platforms like Hired stalled because VCs forced the wrong operating models
“We've seen too many companies in this space fall flat, you know, whether you look at Hired or others, Where things stall because they don't have the right partner and the right partner pushes that into an operating model that doesn't work for this industry.”
Agrawal: Rocket maintains a 2% to 3% annual revenue churn rate
“You know, typically over the last couple of years, our churn has been anywhere from two to three percent.”