The Ledger
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Series Code takes uncapped SAFEs to avoid limiting future fundraising rounds
“So we don't put a cap. We believe we'll take a smaller piece of a larger pie. We don't want to, and caps usually turn into limits for future rounds. We don't want to get into that game. We'll let people grow their company as large as they can.”
Steele: Series Code offers 50/50 cash-equity splits at $42 per hour
“Our publish rate is 84 dollars an hour, but we'll do a 50 50 split. So you can get the cash portion that you have to pay down to 42 dollars an hour, which is usually at or under what you're going to have to pay anybody else. And for that, you get a team leader…”
Steele: SaaS web MVPs typically cost $50,000 and launch in 90 days
“SaaS web ops, I, I've seen them out in three months. You know, oftentimes you can have an MVP to that first dollar in, in, you know, in three months, 90 days. That's typically in the range of 50,000.”
Steele: Series Code served 10 customers since launch with only one churn
“We've had 10 customers since we started three years ago. Only one has left.”
Steele: All Series Code contracts are ongoing recurring retainers
“We don't have any actually one times right now. Everything is on a recurring ongoing. So the contracts are, the statement of work is ongoing work until you tell us to stop. And that's how all of our contracts are arranged right now.”
Series Code offers 18% cash bridge pricing for cash-strapped founders
“We'll call it a bridge time where we'll go down to 18% in cash. And the rest on equity. Don't tell anybody this, but we'll usually do that to help people get through a tough time.”
Series Code SAFEs wait to convert until startups raise $1M
“We're usually waiting until there's a round of, with evaluation of a million dollars. Raising a million dollars. Valuation much higher.”
Steele: Series Code aims for $5M revenue in 3 years
“Our five million goal is in three years from now. We, we've been growing at a hundred percent a year, but that's because we've been small. We expect to grow about 75% for the next three years.”
Steele: Series Code filters 40 applicants to one hire using paid tests
“We have a process that takes 40 applicants and funnels it down to one person who joins the team. Including, you know, a programming test that is actually paid.”
Steele: Series Code Guarantees Contractor Developers Desired Weekly Hours
“We guarantee they're going to get whatever, however many hours a week that they want to get. And they don't have to look for other work or be worried that they're not going to have work.”