The Ledger
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Whiplash counted subsidized carrier pass-through costs as top-line revenue
“And so we did want it to flow through our accounts and we did consider it revenue, even at times when we were subsidizing it.”
Whiplash abandoned profitability to increase burn rate after joining 500 Startups
“Right now, we've just gone to cashflow negative, so we just joined 500 startups, and we're beginning a process of, you know, higher, higher burn.
yeah, we were profitable before, but we just stopped that.”
Whiplash is navigating tax complexities to equalize co-founder equity
“Now we're trying to have that be the case legally because we are a C-Corp and you can't just give people stock anymore because there is value being assigned, so you get into some complex tax issues.”
Whiplash tested warehouse partners with two-month trials instead of annual commitments
“Because warehouses have the space already and it's not like we're saying, okay, commit this to us for a year
and maybe we'll do something down the road. It's, you know, two months and, you know, we get a small experiment companies are, you know, we find the ri…”
Whiplash charges fixed handling fees and spreads, not GMV percentages
“It's not a percent of GMV. So fulfillment works on usually you've got like a fixed handling fee that's, you know, we have like a retail rate that we charge our customers and the wholesale rate that we're going to pay to the warehouse partners. So it's, and it'…”
Whiplash bootstrapped for seven years before raising from 500 Startups
“We had done both, so we bootstrapped for about seven years, and then we went through 500 startups, and then we raised a small seed round from Tim Draper, and you know, there's a few folks involved in that point, and it felt like we had, we owed them a return, …”
Rebilled postage accounts for roughly half of Whiplash's gross revenue
“About half of that is the carrier fees. What, you know, we rebuild the postage, whether that's UPS or USPS.”
James Marks: Whiplash targets an $8M to $10M valuation cap
“You know, we think it'll be between eight and 10.”
Whiplash Has Never Had a Formal Sales Process or Outbound Funnel
“We've never had a formal sales process. Everything we've done, I mean, we've got, we're in, you know, in the Shopify app store, we get a lot of referrals from existing customers, but we've never gone out and, you know, hit the pavement and had a hit list and, …”