The Ledger
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Wong: Doing a priced seed round was Kiip's smartest decision
“Yeah, very rare for its time, but I don't regret it at all. In fact, it was the smartest decision we ever made, because we didn't have to deal with all the pricing weirdness that happened in the years afterwards.”
Worrying about pre-exit cap table mechanics wastes founders' mental energy
“Getting your, yourself frustrated with cap table mechanics pre-exit and any particular liquidity event is a waste of your mental energy. At the end of the day, it's what your exit is. If it's IPO, if it's an acquisition, if it's the merger or whatever it is yo…”
Kiip is embedded in almost 5,000 mobile applications
“Keep is a platform that's embedded into now almost 5000 apps, and it takes triggers or actions that you do in those apps, like leveling up in a game, or finishing a run, or crossing off a to-do in your to-do list app, and then rewarding you with something that…”
Kiip operates on a 50-50 revenue share with publishers
“So we typically do a fifty-fifty rev share with our publishers”
Kiip sold 20% equity for its $300k seed round in 2010
“I think we did sell about 20% of it for 300 K.”
Kiip processed $11M in total transaction volume in 2015
“Well, last year, we did eleven million in revenue.”
Kiip projects $19M to $20M in transaction volume for 2016
“This year, we're projecting about 19, twenty million.”
Kiip had roughly 55% gross margins in 2015
“It's the total transaction volume, so our margins are around 55%.”
Kiip expects gross margins to expand to 63% in 2016
“And this year our margins are actually increasing substantially to about 63%.”
Kiip sees an average reward engagement rate of 10%
“Our engagement rate on average right now is about 10%.”