Giloff: ShipIt GMV peaked at nearly $13M before dropping to $6M
Alan Giloff · eCommerce SaaS hits $13m 2021 GMV, How He's Hedged Chile Interest Rates, Macroeconomic Headwinds · Aug 24, 2023 · at 5:31
Alan Giloff, co-founder of Chilean logistics platform ShipIt, discusses how political and macroeconomic turbulence in Chile impacted the company's historical GMV trajectory.
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“Twenty-nineteen, we're selling 2.5 million. Twenty-twenty, we sold ten million. Twenty-twenty-one, we sold like, almost thirteen million. And twenty-twenty-two, we sold- One, three? Yeah, 13. And then 20, 22, we sold six million.”
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More from Alan Giloff
Giloff: ShipIt's existing investors refused $600k bridge and advised bankruptcy
“I went to my investors and I was like, Hey guys, we have a problem. We don't have a term sheet anymore. But I made out a plan. I need 600 K to do all the changes I need. I need to close Mexico operation. I need to fire people, pay their money. So I need that a…”
Giloff: South American Employee Laws Make Payroll Logistics Workers Too Expensive
“Chilean laws and actually like South American laws are very like employer, sorry, employee focused. So it's actually very, very hard to have them in your payroll. Like it's going to be expensive.”
Giloff: ShipIt attempted to raise $10M at a $13M valuation
“We were raising ten million at the 13 pre-money valuation, and out of those 10,000,005 were for, like working capital and five were for to purchase a Mexican company.”
Giloff: ShipIt downsized staff from 110 to 25 employees
“And I had to decrease the team from one 10 to 25 guys.”