The Ledger
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Smith: Cladwell spiked marketing spend specifically to raise venture funding
“Definitely jacked up marketing. Cause we were about to raise a round of funding.”
Cladwell issued capped convertible notes with 10% interest and zero discount
“10% interest rate, and no discount. They're capped notes.”
Cladwell raised an additional $1.2 million in venture funding
“We raised another 1.2 on top of that.”
Cladwell sells an app to help consumers buy fewer clothes
“What we sell is we actually sell a tool that helps you, one, get dressed every single day from the items that you already have in your wardrobe, and two, is make sure that that wardrobe is comprised of the smallest number possible of high quality items. So we'…”
Cladwell spends $30,000 per month on marketing
“We're spending 30 K a month right now in marketing.”
Cladwell experiences a 5% monthly user churn rate
“Monthly churn is five percent of our users are leaving monthly.”
Cladwell targets a $10M valuation for its first priced round
“Yeah, as we've modeled it, it's probably, it's around ten million.”
Cladwell plans to raise pricing to $7.99 per month
“By the time this thing comes out, I think it'll be higher than that. I think it'll be seven 99. And then we'll also do an annual subscription for massive discount.”
Cladwell raised $1.8M over two and a half years
“We've raised 1.8 million over the course of two and a half years.”
Cladwell found early growth saturating men's fashion YouTube influencers
“We killed it on YouTube last summer, where we just, we found all the men's thought leaders on YouTube around fashion, and we just did rev shares with those guys, or paid them, and it was incredible, but we saturated the market”