{"data":{"type":"company_profile","id":60911,"entity_id":"wefunder:company:60911","attributes":{"canonical_url":"https://wefunder.com/contractor","generated_at":"2026-06-20T02:43:36Z","updated_at":"2026-06-19T05:00:19Z","entity_ids":{"company":"wefunder:company:60911","slug":"wefunder:company_slug:contractor"},"profile_visibility":{"owner_published":true,"public_search_results":true,"site_search_listed":true,"privacy_mode":"promote","invite_only":false},"provenance":{"source":"wefunder_public_company_profile","as_of":"2026-06-20T02:43:36Z","claims":{"total_amount_raised":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-06-19T05:00:19Z","as_of":"2026-06-20T02:43:36Z","confidence":"high"},"total_investors":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-06-19T05:00:19Z","as_of":"2026-06-20T02:43:36Z","confidence":"high"},"active_raise_states":{"source":"Fundraise.visible(nil, nil)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-20T02:43:36Z","confidence":"high"},"latest_fundraise_state":{"source":"Fundraise.visible(nil, nil).order(funding_started_at)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-20T02:43:36Z","confidence":"medium"}}},"company":{"id":60911,"entity_id":"wefunder:company:60911","slug":"contractor","name":"Contractor+","tagline":"Collaborative platform and AI for contractors","elevator_pitch":"We're building the definitive mobile-first operating system for contractors. We don't just address the problems within the organizational unit, we connect and facilitate the collaboration of contractors.","story":"We owe the growth of Contractor+ to the support of our 2021 Wefunder investors!Our team is lead by two Co-Founders who met in 2009 on Fiverr, when Justin needed help with an SEO pricing algorithm he was working on. Roshan helped complete the project, which was later acquired by WebDev.com. In 2013, Justin boarded a flight to Mumbai, and the duo have worked together ever since.In an industry poised for transformation, Contractor+ stands at the confluence of innovation and necessity. The global construction market, a colossal entity valued at approximately USD 13.57 trillion in 2023, is on a trajectory to reach around USD 23.92 trillion by 2032, reflecting a robust growth forecast that Contractor+ is uniquely positioned to capitalize on​​.Have questions before investing? Schedule a call, Imagine a world where every contractor, regardless of their tech-savviness or financial constraints, can access state-of-the-art tools to bring efficiency, accuracy, and excellence to their projects. This is the world Contractor+ is building. With over 75,000 home improvement projects successfully managed to date, more than 800 (paying) businesses onboard, and a fast-growing community of 5,500 monthly active users, our platform is a testament to the transformative power of technology in an industry ripe for disruption. Our year-over-year growth of 152% is not just a number; it's a narrative of resilience, innovation, and the relentless pursuit of excellence.At the heart of Contractor+'s mission is a commitment to serving the underserved. Our platform is more than a tool; it's a bridge connecting contractors to the digital era, empowering them with technology that was once out of reach. The construction industry, historically slow to adopt technology and sensitive to high prices, finds a haven in Contractor+, where next-level efficiency meets affordability.We've projected a baseline MRR growth putting us around $53K MRR by the end of 2024, $175K MRR by the end of 2025, and the projections continue through 2028 at $535k MRR. While our MRR growth projections are compelling, subscription revenue is only one pillar of our business model. With our various revenue sources combined, we've projected $22.2M revenue at 75% gross margin and 33% NET margin by 2028. The global spend on construction is a testament to the sector's mammoth potential, with the market expected to grow significantly from its current valuation. Within this vast expanse, Contractor+'s Total Addressable Market (TAM) stands at $60B, with a Serviceable Available Market (SAM) of $5B and a Serviceable Obtainable Market (SOM) of $307M. Our vision extends beyond market capture; it's about market expansion through a collaborative marketplace that not only addresses current needs but also anticipates future demands​​​​.Innovation: Our Secret SauceWhat truly sets Contractor+ apart is our blend of operational finesse and technological innovation. Our platform, powered by local cost data and a patent-pending AI, transforms hours of manual work into minutes of seamless automation. By solving the day-to-day operational nuances and providing highly flexible estimation tools, we not only make contractors more efficient but also foster a collaborative marketplace that amplifies the network effect, setting the stage for Contractor+ to become the de facto standard in construction and field service management.See Contractor+ In Action:Our product today is already helping thousands of contractors manage and grow their businesses...But then there's what we're BUILDING.... The world is rapidly changing for the better in the direction of the singularity. Soon, professionals will expect to be able to speak into their device and have everything done for them instantly. Tasks that once took hours to complete, now only take seconds. So we've filed a non-provisional utility patent in the US and India on our proprietary AI that will completely disrupt the estimation process for contractors (or the Tesla robot equivalent which we will 100% integrate with). Join UsYour investment in Contractor+ is an investment in a future where technology and collaboration reshape the construction industry, making it more efficient, inclusive, and sustainable. Together, we will build a legacy of innovation and impact. Have questions before investing? Schedule a call, * The $100k in 12 months assumes we complete our target raise. If we raise our base raise, we've forecasted $50K MRR in the same period. We've crunched the numbers and our financial model is crystal clear. With a base raise of $430K, we're solid. But to really knock it out of the park and fuel our ambitious growth, we're targeting $1.5M. This isn't just about keeping the lights on; it's about supercharging our platform, dominating the market, and delivering unmatched value to our contractors. We know exactly what we need, why we need it, and when to make it happen. Let's get to work and make this vision a reality.Assuming the base raise of $430K, this is what our cash flow should look like over the next two years.Our Customers ❤️ What We're BuildingScott Azure from Rands Mechanical said Contractor+ works great.Brandon \u0026amp; Ashley Geiger from Rushville Restorations uses Contractor+Josh Neeson said Contractor+ is the reason his business has been so successful.Forward looking projections cannot be guaranteed.","location":"Columbus, OH","website":"https://contractorplus.app","total_amount_raised":641675,"total_investors":491,"is_funded":true,"is_active":true,"quality_score":2,"related_urls":["https://wefunder.com/contractor","https://contractorplus.app"]},"media":{"share_image_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/60911/xxl_blob.jpg","logo_url":"https://uploads.wefunder.com/uploads/company/logo/60911/large_cropped_ContractorPlus-02_rounded-01.png","header_media_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/60911/standard_blob.jpg","cover_photo_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/60911/standard_blob.jpg","profile_video_url":"https://wefunder.wistia.com/medias/i0ak2raz6m"},"links":{"company_url":"https://contractorplus.app","linkedin_url":"https://linkedin.com/company/contractorplus","twitter_url":"https://twitter.com/cplusapp","facebook_url":"https://facebook.com/contractorplusapp","instagram_url":"https://instagram.com/cplusapp","youtube_url":"https://youtube.com/channel/UC4KeHlORpKFJCk0Nhi_lnzg"},"highlights":[{"id":62736,"name":"notable_angel","url":"notableangel","presentable_name":"Notable Angel","description":"Raised $25k or more from a notable angel investor","image_url":"https://uploads.wefunder.com/2021/profile-highlights-check.svg"},{"id":75539,"name":"fast_growth","url":"fastgrowth","presentable_name":"Fast Growth","description":"Revenue growing 2X/yr for at least prior 6 months","image_url":"https://uploads.wefunder.com/2021/profile-highlights-bar-graph.svg"},{"id":75541,"name":"investment_memo","url":"investmentmemo","presentable_name":"Investment Memo","description":"An investor has written an Investment Memo","image_url":"https://uploads.wefunder.com/2021/profile-highlights-pencil.svg"}],"quick_facts":[{"index":1,"claim_id":"claim-fact-1","value":"$516K Annual Run Rate Revenue, 86%+ Gross Margins, 162% YoY growth"},{"index":2,"claim_id":"claim-fact-2","value":"Multiple Revenue Streams: Subscriptions, Payment Facilitation, Financing, Insurance Referrals \u0026amp; more"},{"index":3,"claim_id":"claim-fact-3","value":"$60B market opportunity with a CAGR of 19%, $13T annual construction spend"},{"index":4,"claim_id":"claim-fact-4","value":"$35k MRR, $7k+ monthly one-time revenue. 6,000 MAUs, 1040+ active paying customers"},{"index":5,"claim_id":"claim-fact-5","value":"Partnerships \u0026amp; integrations with Thumbtack, Intuit Quickbooks, 1build, CompanyCam, Lowe’s \u0026amp; Square"},{"index":6,"claim_id":"claim-fact-6","value":"Patent-pending Contractor+ Assistant AI \u0026amp; Strategic network effects for exponential growth"},{"index":7,"claim_id":"claim-fact-7","value":"Available on all platforms with native applications for Web, iOS and Android Phones \u0026amp; Tablets"},{"index":8,"claim_id":"claim-fact-8","value":"Previous investors include executives at Google, Meta, Intel, Amazon and CACI"}],"team":[{"id":920200,"entity_id":"wefunder:company_role:920200","user_entity_id":"wefunder:user:820102","role":"founder","name":"Justin Smith","title":"CEO","bio":"Justin grew up working with his mother, a licensed contractor in Central Ohio. He started his first business at 13 (Verta.net), began his career as a web developer, and managed a handyman business with 35 employees for 7 years.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/920200/square_blob.jpg?1705525212","profile_url":"https://wefunder.com/justinbriansmith","personal_url":"https://contractorplus.app","linkedin_url":"https://linkedin.com/in/justinbriansmith","twitter_url":"https://twitter.com/justinonsuccess","related_urls":["https://wefunder.com/justinbriansmith","https://contractorplus.app"]},{"id":920209,"entity_id":"wefunder:company_role:920209","role":"founder","name":"Roshan Sethia","title":"CTO","bio":"Roshan managed an IT servicing business for 10 years. He met Justin in 2009, where they collaboratively built an SEO software startup that was later acquired by WebDev.com. They've worked together since.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/920209/square_blob.jpg?1700781735","linkedin_url":"https://www.linkedin.com/in/roshan-sethia-64942716","related_urls":[]},{"id":4213544,"entity_id":"wefunder:company_role:4213544","role":"employee","name":"Liam Bowers","title":"Board Member","bio":"Liam is an expert in cybersecurity, defense and technology. He served as co-founder \u0026amp; CEO of Bluestone Analytics, where he led the company to a successful exit to CACI. 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This community gives us the conviction to keep shipping fast, fixing real problems, and building something that actually matters for contractors.We wanted to share a quick holiday update with what just went live, what’s next, and a small but meaningful traction win.🎁 Holiday Lifetime Deal — Live \u0026 ConvertingWe’ve officially launched our Holiday Lifetime De...","published_at":"2025-12-24T19:05:16Z","author_name":"Justin Smith","url":"/feed/235782","canonical_url":"https://wefunder.com/feed/235782"},{"id":229966,"entity_id":"wefunder:feed_item:229966","type":"FeedItem::Update","visibility":"public","title":"December Product Updates","preview":"Since the V2 launch on November 3rd we’ve been in nonstop build mode — tightening things up, fixing the stuff that wasn’t quite right, and rolling out the features you’ve been asking for.We just pushed a fresh release across Web, Android, and iOS, and I want to quickly walk you through what changed, why it matters, and what’s coming next.WHAT JUST WENT LIVE THIS WEEK (WEB, ANDROID \u0026 iOS)No auto-refresh when returning to list from detail views — When you back out of a job, estimate, client, or...","published_at":"2025-12-11T00:30:40Z","author_name":"Justin Smith","url":"/feed/229966","canonical_url":"https://wefunder.com/feed/229966"},{"id":219631,"entity_id":"wefunder:feed_item:219631","type":"FeedItem::Update","visibility":"public","title":"Contractor+ V2 is here! (Investor Survey inside)","preview":"We shipped v2 last week. And we're back to growing. Here's an overview of our v2 update. The new website is live at https://contractorplus.app.We're targeting $50K MRR by the end of the month.We've also shipped Estimatic AI with this update. You can learn more about Estimatic here:Investor Interest SurveyOur revenue is getting close to the point where we can sustain operations (minus paid customer acquisition). So we're \"derisked\" in the sense that, worst case scenario, at this point, we'd li...","published_at":"2025-11-11T20:17:47Z","author_name":"Justin Smith","url":"/feed/219631","canonical_url":"https://wefunder.com/feed/219631"},{"id":185239,"entity_id":"wefunder:feed_item:185239","type":"FeedItem::Update","visibility":"public","title":"Q3 2025 Investor Update - Good news!","preview":"Hope everyone is doing great! We have some good news at Contractor+!TL;DRV2 dev is done, we're fully focused on QA. Will merge to pre-prod in mid-September and aim to ship in October.Estimatic AI Beta is LIVE with the first 100 beta testers. Getting some amazing feedback.We paused marketing back in December to make sure we had enough runway to get the product right; growth flatlined as a result, but we turned the ads back on this month - and we've already added $1k MRR.We’re gearing up to fli...","published_at":"2025-08-31T14:19:08Z","author_name":"Justin Smith","url":"/feed/185239","canonical_url":"https://wefunder.com/feed/185239"},{"id":182411,"entity_id":"wefunder:feed_item:182411","type":"FeedItem::Update","visibility":"public","title":"Investor Update H1 2025","preview":"Before I get into this long winded update, I want to sincerely apologize for neglecting to send a quarterly update in Q1. We didn't have much to report on, but I should have taken time to put an update together regardless, good, bad, or ugly, you deserve to stay in the loop at every step of the way. This is going to be a long one... Sorry.Let's get the \"not so great news\" out of the way first. We ended 2024 at $38.59K MRR. In our last update in September, however, we reported that we were at ...","published_at":"2025-05-16T19:51:53Z","author_name":"Justin Smith","url":"/feed/182411","canonical_url":"https://wefunder.com/feed/182411"},{"id":176199,"entity_id":"wefunder:feed_item:176199","type":"FeedItem::Update","visibility":"public","title":"Q3 Update","preview":"Hey all! I wanted to take a few minutes to put together a quick update from where we ended the campaign last month.We've been hard at work on our Laravel \u0026 React \"V2\" rewrite. Big updates coming by EOY.Quick Stats:We're at $39k MRR.11.43% growth since we closed our campaign on August 9th.Our Monthly Non-Recurring Revenue is $9-10KOur Burn is normalizing now that we've closed the campaign, looking at ~$20k by October. At our current growth rate, we're looking at around 11 months of runway.Chur...","published_at":"2024-09-23T21:22:22Z","author_name":"Justin Smith","url":"/feed/176199","canonical_url":"https://wefunder.com/feed/176199"},{"id":175135,"entity_id":"wefunder:feed_item:175135","type":"FeedItem::Update","visibility":"public","title":"We're Down To The Final Hour!","preview":"As we approach the final moments of this campaign, I want to take a moment to express just how grateful we are to have you on board with us. Your support means everything, and we couldn't be more thrilled to have over 390 investors sharing this journey with us.The momentum we’re building is incredible—BIG things are in the pipeline, and our product is getting better by the day. Our Net Revenue Retention (NRR) is consistently improving, and we’re more excited than ever about what’s ahead. What...","published_at":"2024-08-10T02:56:32Z","author_name":"Justin Smith","url":"/feed/175135","canonical_url":"https://wefunder.com/feed/175135"},{"id":175088,"entity_id":"wefunder:feed_item:175088","type":"FeedItem::Update","visibility":"public","title":"Just hit $36K MRR! Round Closing Tomorrow","preview":"Since we started this current Wefunder raise just a few months ago, we've increased our top line recurring revenue by 44%, our one-time revenue by 8% and our Net Revenue Retention by 3%!Our primary financial objective of this raise is to get the company to $100k MRR. We're well on our way.If you haven't invested, now is your chance!There's only 1 day left to get in.We fully anticipate exceeding our revenue and product targets, so the next time we raise, we'll be raising on a much higher valua...","published_at":"2024-08-08T18:36:41Z","author_name":"Justin Smith","url":"/feed/175088","canonical_url":"https://wefunder.com/feed/175088"},{"id":175020,"entity_id":"wefunder:feed_item:175020","type":"FeedItem::Update","visibility":"public","title":"The Offer Sheet Interview","preview":"I had a chance to sit down with Alex from The Offer Sheet. They've just published the interview here. We have 5 days left on the campaign and have raised a total of $522,105! We're closing the round on August 9th as planned. If you haven't joined us yet, now is your chance! Go Invest!The good news is we've raised enough to get to $100K MRR within 24 months of closing the round. The closer we get to our target of $1.5m is the quicker we'll get to $100K MRR. If we raised the full amount by Augu...","published_at":"2024-08-05T00:19:48Z","author_name":"Justin Smith","url":"/feed/175020","canonical_url":"https://wefunder.com/feed/175020"},{"id":174969,"entity_id":"wefunder:feed_item:174969","type":"FeedItem::Update","visibility":"public","title":"We're Closing August 9th","preview":"We've raised around $500k. We'll continue raising off-platform from accredited investors until we hit our $1.5m target, but we've decided to go ahead and close the Wefunder portion of this round on August 9th. To our existing investors - thank you! We're going to make you proud.To those of you still on the fence - this is last call! Make sure to get your investment in before August 9th. This is your opportunity to invest early, with great terms. ➤➤➤ Invest Now","published_at":"2024-08-01T18:48:19Z","author_name":"Justin Smith","url":"/feed/174969","canonical_url":"https://wefunder.com/feed/174969"},{"id":174769,"entity_id":"wefunder:feed_item:174769","type":"FeedItem::Update","visibility":"public","title":"Contractor+ Pay is now LIVE!","preview":"Shortly after shipping our MVP, we integrated with WePay (acquired by J.P. Morgan) to offer our customers payments., followed by a host of other payment integrations.Across the various payment facilitators, we're facilitating over $5mm/month in volume and growing. However, we've also learned something really important along the way... Most of these payment facilitators are just not compatible with the trades. They're not a great fit for contractors. Things like:❌ Lack of up-front underwriting...","published_at":"2024-07-25T00:51:42Z","author_name":"Justin Smith","url":"/feed/174769","canonical_url":"https://wefunder.com/feed/174769"},{"id":174691,"entity_id":"wefunder:feed_item:174691","type":"FeedItem::Update","visibility":"public","title":"On CNBC Tonight @ 11pm PST","preview":"Contractor+ is going to be on Americas Next Investment, on CNBC nationally, tonight at 11pm PST. We'll be on again tomorrow morning from 6-7am ET. If you'll be up, check us out!","published_at":"2024-07-20T14:30:48Z","author_name":"Justin Smith","url":"/feed/174691","canonical_url":"https://wefunder.com/feed/174691"},{"id":174562,"entity_id":"wefunder:feed_item:174562","type":"FeedItem::Update","visibility":"public","title":"🎯 1000+ Active Paying Users","preview":"We hit a major milestone recently, surpassing over 1,000 active paying subscribers. 🎯We're quickly approaching $35K MRR, and as of today we currently have 1,023 paid workspaces.What's more exciting is our biggest growth hacks are still in the incubator. We haven't executed yet, but we're getting ready!We've also surpassed $450k raised. We're going to keep pushing for our target of $1.5M. It's important we're adequately capitalized so that we can continue accelerating our growth rate and achie...","published_at":"2024-07-12T20:29:56Z","author_name":"Justin Smith","url":"/feed/174562","canonical_url":"https://wefunder.com/feed/174562"},{"id":174258,"entity_id":"wefunder:feed_item:174258","type":"FeedItem::Update","visibility":"public","title":"Investor Update","preview":"GROWTH🚀Our MRR growth trend continues! We've added nearly $3K in MRR so far in June and we're still going.While our revenue is increasing, our churn is steadily decreasing, our NET churn rate right around 5%! 🥳 FINANCIALS \u0026 FUNDRAISING 🏦Cash on hand is around $200k, and there's another $60k pending on Wefunder.Our burn has been nearly double our normal rate (closer to $20k) throughout the duration of the raise. This is one of a few reasons it's important to us that we're able to end this camp...","published_at":"2024-06-27T12:54:24Z","author_name":"Justin Smith","url":"/feed/174258","canonical_url":"https://wefunder.com/feed/174258"},{"id":174037,"entity_id":"wefunder:feed_item:174037","type":"FeedItem::Update","visibility":"public","title":"We hit $32K MRR this week!","preview":"We're well on target to hit our MRR target for June, now at $32.2k MRR! We've been adding just over $1k in MRR per week, and doing it under our anticipated budget. Churn is also on the steady decline, in June it was right at 5%, and is at 2.62% so far for June. All great signs. The home services and construction software verticals are extremely competitive, with many competitors having a CAC over $1,000. With our freemium approach, and 14% of iOS users converting into paying customers, our CA...","published_at":"2024-06-14T23:32:56Z","author_name":"Justin Smith","url":"/feed/174037","canonical_url":"https://wefunder.com/feed/174037"},{"id":173897,"entity_id":"wefunder:feed_item:173897","type":"FeedItem::Update","visibility":"public","title":"Our Lowe's Integration is now LIVE!","preview":"What This Means for Our Users:Starting today, paying members at Contractor+ have instant access to the entire Lowe's product catalog right inside Contractor+.What This Means for Our Business \u0026 Investors:Starting today, we are officially earning 1% gross commission from all materials purchased through our platform. Here's how it works:Access Live, Local Prices:When they add materials to any line item on any estimate or invoice, they'll now be able to select materials directly from Lowe’s, with...","published_at":"2024-06-07T20:19:31Z","author_name":"Justin Smith","url":"/feed/173897","canonical_url":"https://wefunder.com/feed/173897"},{"id":173780,"entity_id":"wefunder:feed_item:173780","type":"FeedItem::Update","visibility":"public","title":"We broke $30K MRR! 🎉","preview":"In the last week of each month, I spend about an hour with Nikhil, our Marketing Manager, reviewing the current month's progress and discussing our next immediate (monthly) revenue target.We were at $26.5k, when we set a target of $30K MRR for May. We calculated that we'd need a user acquisition budget of $12,500 to hit that target. While the month isn't technically over for another 10 hours, I'm pleased to report that we exceeded our target, and did it with a lower budget than anticipated. W...","published_at":"2024-05-31T17:30:19Z","author_name":"Justin Smith","url":"/feed/173780","canonical_url":"https://wefunder.com/feed/173780"},{"id":173655,"entity_id":"wefunder:feed_item:173655","type":"FeedItem::Update","visibility":"public","title":"Webinar Replay + Round Closing","preview":"Thanks a lot to everyone who took the time out of your busy schedules yesterday! If you weren't able to make it to the investor webinar yesterday, you can watch the replay. Our round is currently at $327,415, our base raise is $430k, that means we have another $102,585 to hit our base raise goal. The overall goal of this raise is $1.5m but with the base we will have what we need to hit our targets, it will just take longer. We have some considerable investments in the pipeline, so to give the...","published_at":"2024-05-23T17:17:59Z","author_name":"Justin Smith","url":"/feed/173655","canonical_url":"https://wefunder.com/feed/173655"},{"id":173567,"entity_id":"wefunder:feed_item:173567","type":"FeedItem::Update","visibility":"public","title":"We're a Top Deal on KingsCrowd!","preview":"We're extremely honored to achieve the Top Deal status on KingsCrowd, and to receive a substantial investment from KingsCrowd Capital this week.The full deal report is available at KingsCrowd here: https://kingscrowd.com/contractor-on-wefunder-2024/We've raised $305k of our $430k base raise!!! Just $125k to go! Depending what the next few days look like, we may end up extending the campaign closing date from May 24th. At least another month. A huge thanks to the team at KingsCrowd, this is a ...","published_at":"2024-05-18T12:22:30Z","author_name":"Justin Smith","url":"/feed/173567","canonical_url":"https://wefunder.com/feed/173567"},{"id":173471,"entity_id":"wefunder:feed_item:173471","type":"FeedItem::Update","visibility":"public","title":"Investor Webinar \u0026amp; Live Q\u0026amp;A - May 22nd @ 1PM ET","preview":"Join us on May 22nd at 1 PM ET for 20 minutes + 15 minutes of live Q\u0026A.Introductions from the co-founders, and Lead Investor. Discover the innovative solutions we're building, and how we're strategically gaining market share.Engage directly with our leadership, gain insights into our strategic vision, and get answers to your questions.Don’t miss out on this opportunity to meet the team behind Contractor+ and see how we're shaping the future of contractor collaboration!Registration is open: R...","published_at":"2024-05-14T16:42:42Z","author_name":"Justin Smith","url":"/feed/173471","canonical_url":"https://wefunder.com/feed/173471"},{"id":173470,"entity_id":"wefunder:feed_item:173470","type":"FeedItem::Update","visibility":"public","title":"We just hit $29K MRR!!!","preview":"We started the year at around $21k MRR. We've already added close to 35% in recurring subscription growth! Our goal is $30k by the end of this month, and that puts us well on target for reaching $60k by the end of the year. Let's go!!!Some big announcements coming this week.Also, we were just recently in Benzinga. View Article","published_at":"2024-05-14T15:39:54Z","author_name":"Justin Smith","url":"/feed/173470","canonical_url":"https://wefunder.com/feed/173470"},{"id":173304,"entity_id":"wefunder:feed_item:173304","type":"FeedItem::Update","visibility":"public","title":"Interview with The Crwd is now LIVE!","preview":"Chris Graebe of The Crwd recently interviewed our CEO, Justin Smith. They discussed the state of crowdfunding, pros \u0026 cons of raising from the crowd versus venture capital, valuation, lead investor engagement and Contractor+'s upcoming \"Estimatic\" AI. Specifically how \"generative AI as an interface\" will help save SMB contractors up to 30 hours a week.Watch the full interview here: https://thecrwd.co/contractor-plus","published_at":"2024-05-06T17:25:17Z","author_name":"Justin Smith","url":"/feed/173304","canonical_url":"https://wefunder.com/feed/173304"},{"id":173181,"entity_id":"wefunder:feed_item:173181","type":"FeedItem::Update","visibility":"public","title":"Insider Insights: Unveiling the Strategic Potential of Contractor+ with Syndicate Lead Hemdeep Dulthummon","preview":"Dive into the strategic vision behind Contractor+'s disruptive approach in the contractor industry with our syndicate lead, Hemdeep Dulthummon.In this revealing 13-minute interview, Hemdeep unpacks the compelling valuation process, the rigorous financial modeling, and the unique market positioning that make Contractor+ a standout in the field service management sector.Don't miss out on understanding the innovative tactics and growth potential from an investor's perspective—a must watch for bo...","published_at":"2024-05-01T13:58:36Z","author_name":"Justin Smith","url":"/feed/173181","canonical_url":"https://wefunder.com/feed/173181"},{"id":172954,"entity_id":"wefunder:feed_item:172954","type":"FeedItem::Update","visibility":"public","title":"We've surpassed 900 active paying customers!","preview":"Yesterday, we reached a milestone of 900 active paying customers, and 5,800 monthly active users!When we launched our Wefunder campaign on March 1st, our MRR was right around $24k. It is now $28k! Our minimum target for the end of May is $30k. Let's goooo!As our vision takes shape, it's becoming obvious this is so much bigger than just serving contractors. This isn't just about the contractors. It's about their clients. The REI's, the property managers, the supply houses, the tool \u0026 equipment...","published_at":"2024-04-26T17:42:13Z","author_name":"Justin Smith","url":"/feed/172954","canonical_url":"https://wefunder.com/feed/172954"},{"id":172604,"entity_id":"wefunder:feed_item:172604","type":"FeedItem::Update","visibility":"public","title":"Awarded Category Leader on G2 Crowd","preview":"We were just informed that we made it into the category leader quadrant on G2 for Construction Estimating Software!We're also still rated a High Performer for Construction CRM and Field Service Management Software!Here are a few of our recent reviews:We still need your help! At $250k Wefunder will send out a dedicated email promoting Contractor+ to their investor audience!!! We're only $40k away! If you know anyone who may be interested in what we're doing, please make an introduction or post...","published_at":"2024-04-18T15:24:56Z","author_name":"Justin Smith","url":"/feed/172604","canonical_url":"https://wefunder.com/feed/172604"}],"q_and_a":[{"id":232392,"entity_id":"wefunder:comment:232392","question":"Interesting start-up company","author_name":"George Simons","votes":6,"created_at":"2023-01-26T19:44:29Z","canonical_url":"https://wefunder.com/contractor#question-232392","answers":[{"id":233774,"entity_id":"wefunder:comment:233774","answer":"Thank you! We think so too :)","author_name":"Justin Smith","votes":6,"created_at":"2023-02-07T20:47:39Z"}]},{"id":169253,"entity_id":"wefunder:comment:169253","question":"Do you intend to pay a dividend (post-conversion)?","author_name":"Craig J. Vom Lehn","votes":6,"created_at":"2021-09-14T13:17:45Z","canonical_url":"https://wefunder.com/contractor#question-169253","answers":[{"id":169296,"entity_id":"wefunder:comment:169296","answer":"Yes, we do intend on paying dividends to our preferred class.","author_name":"Justin Smith","votes":8,"created_at":"2021-09-14T20:08:48Z"}]},{"id":161829,"entity_id":"wefunder:comment:161829","question":"What is your current MRR and what is the revenue growth rate?","author_name":"Cayley V","votes":6,"created_at":"2021-08-05T19:05:41Z","canonical_url":"https://wefunder.com/contractor#question-161829","answers":[{"id":162511,"entity_id":"wefunder:comment:162511","answer":"Hi Cayley, Current MRR is right around $2.2k. MRR has grown 20.24% in the last 30 days and has grown 141.86% since May. From July 1st - 31st we had 273.43% in Reactivation MRR, and 136.99% in New Business MRR, in comparison to the month of June. In June we weren't running any ads or bringing on new customers as we were entirely focused on patching up the leading drivers of churn. We have a beautiful new website going live later this month, with additional services a few of our most loyal users have been asking us for. (These services will improve our MRR significantly). We fully anticipate a huge acceleration in this revenue growth over the next 90 days. Our immediate goal is $10k MRR, and I believe we can achieve this by October.","author_name":"Justin Smith","votes":6,"created_at":"2021-08-09T12:05:31Z"},{"id":237117,"entity_id":"wefunder:comment:237117","answer":"Wow, the last time we raised our MRR was $2.2k. It's now trending toward $13k. :)","author_name":"Justin Smith","votes":6,"created_at":"2023-03-03T02:44:25Z"},{"id":278496,"entity_id":"wefunder:comment:278496","answer":"Crazy reading through these old messages. MRR is now $26k. Love seeing this :) We're grateful to have you with us Cayley!","author_name":"Justin Smith","votes":1,"created_at":"2024-03-12T12:46:12Z"}]},{"id":236207,"entity_id":"wefunder:comment:236207","question":"What are your current financials looking like? I don't see those on the page. How much runway do you currently have?","author_name":"Max KIEJDAN","votes":5,"created_at":"2023-02-24T15:10:28Z","canonical_url":"https://wefunder.com/contractor#question-236207","answers":[{"id":236214,"entity_id":"wefunder:comment:236214","answer":"We are at around $12k MRR. We can make payroll and continue to \"exist\" but in order to get to the next stage of our growth (minimum of $100k MRR in next year), scale customer acquisition and business development, improve customer retention (bi-lingual customer success), and reach true product market fit within 6-9 months, we'll need to raise at least $330k. Happy to share our data room with complete financials, would love to meet and discuss in detail https://calendly.com/justinonsuccess/investor-relations","author_name":"Justin Smith","votes":6,"created_at":"2023-02-24T16:52:32Z"}]},{"id":232467,"entity_id":"wefunder:comment:232467","question":"What about Take-offs and 3 d plans? is that in the Roadmap? I currently use Houzz Pro because of that but dont love the rest of the software. Also how much do I have to invest to get to use the software for free?","author_name":"Grey Zisser","votes":5,"created_at":"2023-01-27T15:35:08Z","canonical_url":"https://wefunder.com/contractor#question-232467","answers":[{"id":233776,"entity_id":"wefunder:comment:233776","answer":"Oh yeah! We don't have 3D Plans on our immediate roadmap but we will soon. We do have some pretty impressive plans for take offs, specifically with AI. You can see the list of perks when you tap on the investment box (the dollar amount field). We are giving anyone who invests $25k or more a free ultimate account with 10 seats for LIFE, in addition to other perks and of course the equity you'd be getting, which is a pretty big deal.","author_name":"Justin Smith","votes":5,"created_at":"2023-02-07T20:51:34Z"}]},{"id":200199,"entity_id":"wefunder:comment:200199","question":"Any updates for 2022?","author_name":"Hemdeep Dulthummon","votes":5,"created_at":"2022-04-07T14:42:50Z","canonical_url":"https://wefunder.com/contractor#question-200199","answers":[{"id":200382,"entity_id":"wefunder:comment:200382","answer":"Yep, just submitted the annual SEC report yesterday. :)","author_name":"Justin Smith","votes":6,"created_at":"2022-04-08T14:25:19Z"}]},{"id":169450,"entity_id":"wefunder:comment:169450","question":"I see the Form C has updated to a new deadline of \"04-30-2022.\" How long will the 2.28M valuation apply?","author_name":"Andras Konya","votes":5,"created_at":"2021-09-15T18:49:33Z","canonical_url":"https://wefunder.com/contractor#question-169450","answers":[{"id":169483,"entity_id":"wefunder:comment:169483","answer":"Hi Andras, We got a commitment for up to $200k from an investor yesterday and he went ahead and invested $36k which put us over $100k. He will follow on at a later time, either later in this round (depending how it goes) or in a followup round (if needed down the road). Very odd they extended to 2022, we only asked for a 30 day extension. Our early bird terms were up to $100k, so the rest of the round is at the $3m valuation. Hope this helps. Thanks! Justin","author_name":"Justin Smith","votes":5,"created_at":"2021-09-15T20:41:32Z"}]},{"id":161867,"entity_id":"wefunder:comment:161867","question":"Can I get a demo of your software system. If I like it then I may take a significant part of the remaining position.","author_name":"Donovan Pullen","votes":5,"created_at":"2021-08-05T21:35:17Z","canonical_url":"https://wefunder.com/contractor#question-161867","answers":[{"id":162510,"entity_id":"wefunder:comment:162510","answer":"Hi Donovan, Absolutely! I'd love to give you a demo. Give me two or three times that work for you this week, or schedule it on my Calendly: calendly.com/justinonsuccess I look forward to meeting you soon!","author_name":"Justin Smith","votes":6,"created_at":"2021-08-09T11:58:29Z"},{"id":278495,"entity_id":"wefunder:comment:278495","answer":"Hey Donovan, It's been a while since we spoke. We have two trademarks and a pending non-provisional patent for our \"System and design for creating project estimates\" now. I know IP (or the lack thereof) was one of your greatest concerns previously. If you'd like to chat, let me know!","author_name":"Justin Smith","votes":1,"created_at":"2024-03-12T12:44:17Z"}]},{"id":161754,"entity_id":"wefunder:comment:161754","question":"What reasons would a freemium contractor make the decision to become a paying customer?","author_name":"Elliot Grossbard","votes":5,"created_at":"2021-08-05T13:15:07Z","canonical_url":"https://wefunder.com/contractor#question-161754","answers":[{"id":162508,"entity_id":"wefunder:comment:162508","answer":"Hi Elliot, this is a great question. Freemium contractors are limited to one team member (themselves). They can send Estimates, Invoices, Post-Inspections, and use Contractor+ Payments (our built-in payment solution for credit cards and ACH offering same day payouts for Chase account holders). First and foremost - even if a contractor never upgrades, we have ways to generate revenue aside from the subscription (Payments, Homeowner Financing Referrals, Supply Overrides). That said, the main motivations driving upgrades are: 1) They want to be able to add their team members/employees, collaborate, track hours, track mileage, and really start to gain a better understanding of what's driving their results. Paid plans enable contractors to add their team members and choose their levels of access. 2) They want to be able to send their clients estimates, invoices and post-inspection reports from their own email address. By upgrading they can connect their Google/Gmail hosted account or configure a custom SMTP account and all reports will come directly from them instead of @ContractorPlusApp. 3) They'll get permanent access to the Job Schedule with Calendar Sync. By default all freemium contractors get a 14 day trial of the Job Schedule. If they want to continue using it beyond 14 days, they'll need to upgrade. 4) Access to more payment providers. If they don't want to use Contractor+ Payments, they can upgrade to gain access to oAuth integrations with Stripe, Square, PayPal and CoinBase. We are also adding Authorize.net, Clover, and a couple others. 5) Live Map \u0026amp; Dispatching - this is still in development and is coming along nicely but once it's done this will also have a 14 day trial, like the Job Schedule. If users wish to continue using it beyond 14 days, they'll need to purchase a subscription. 6) More reports. By default we will be providing basic revenue reports, time sheet reports, mileage reports, and expense reports. If contractors want to get more granular with their data and gain more insights on performance (per time period, per employee, per job site), PRO members will have access to more helpful reports such as actuals, P\u0026amp;L, employee/job efficiency, etc. These reports are still in development as well, but of course, our goal is to give freemium users a free trial of all reports as well. Also, the 14 day free trial period of any freemium feature doesn't start from when they first sign up. It starts from when they first access/use that specific feature. Those are some of the main reasons, there are other reasons/settings/preferences of course that would encourage someone to want to upgrade. We've tried to give people enough horsepower to get the job done and provide maximum value up front but also bake in more than enough sweetness that can be experienced for a small monthly fee. :)","author_name":"Justin Smith","votes":6,"created_at":"2021-08-09T11:56:09Z"}]},{"id":151918,"entity_id":"wefunder:comment:151918","question":"How many clients do you have?","author_name":"Maksym Litvinov","votes":5,"created_at":"2021-05-31T18:08:01Z","canonical_url":"https://wefunder.com/contractor#question-151918","answers":[{"id":152107,"entity_id":"wefunder:comment:152107","answer":"We have right around 7,000 free users and 140 paying users. Growing every day. We have some really nice middle of funnel optimizations and feature enhancements coming in the next few weeks that will increase our conversion rates quite a bit. Then we are ready to start scaling top of funnel traffic/user acquisition.","author_name":"Justin Smith","votes":4,"created_at":"2021-06-01T23:32:27Z"}]},{"id":151439,"entity_id":"wefunder:comment:151439","question":"What is the use of proceeds?","author_name":"Hemdeep Dulthummon","votes":5,"created_at":"2021-05-28T10:39:37Z","canonical_url":"https://wefunder.com/contractor#question-151439","answers":[{"id":151554,"entity_id":"wefunder:comment:151554","answer":"It's was originally planned to be 50% top of funnel user acquisition to scale our top line revenues and get us cash flow positive, 40% payroll/talent acquisition, and 10% legal/IP/R\u0026amp;D. We are primarily focused on building the best product market fit possible for general contractors.","author_name":"Justin Smith","votes":5,"created_at":"2021-05-28T21:27:00Z"},{"id":278498,"entity_id":"wefunder:comment:278498","answer":"test","author_name":"Justin Smith","votes":0,"created_at":"2024-03-12T13:11:18Z"}]},{"id":150341,"entity_id":"wefunder:comment:150341","question":"Hi. How is this different from FrankApp. Thank you.","author_name":"Vikram L","votes":5,"created_at":"2021-05-23T09:26:52Z","canonical_url":"https://wefunder.com/contractor#question-150341","answers":[{"id":150656,"entity_id":"wefunder:comment:150656","answer":"Frank is great! But it's just an estimator. It streamlines the estimating process - and nothing else. We are addressing the entire process flow of field service contracting.","author_name":"Justin Smith","votes":4,"created_at":"2021-05-25T02:23:36Z"}]},{"id":289551,"entity_id":"wefunder:comment:289551","question":"Hi Justin. Do you and the team plan to share quarterly financials/reports on an going forward basis? Keep up the great work and momentum!","author_name":"Marco Frabotta","votes":4,"created_at":"2024-08-05T18:05:48Z","canonical_url":"https://wefunder.com/contractor#question-289551","answers":[{"id":289552,"entity_id":"wefunder:comment:289552","answer":"Hey Marco, Absolutely. At the bare minimum we will be sharing quarterly reports. Thank you for the vow of confidence! It’s only up from here!","author_name":"Justin Smith","votes":1,"created_at":"2024-08-05T18:10:27Z"}]},{"id":283869,"entity_id":"wefunder:comment:283869","question":"Hi Justin, Thanks for your feedback. Upon reviewing your mobile apps, it appears that they are not your primary focus, with less than 100k downloads and numerous complaints about the reliability of your payment processing service. I would also like to understand more about your freemium business model. Specifically, what is the actual split between your three tiers, and how do you convert free users to paid plans? Additionally, it seems that you are not acquiring many new users for your mobile apps. Could you update me on the average number of new users you acquire per month, your acquisition cost, and how you attract these users (organic, ads, etc.)? How many paid users do you need to break even, and what are your projections or plans to achieve this goal? Thanks. P.S.: here are a few reviews regarding issues with your payment processing service ★★☆☆☆ This app has great functions but do not use the payment processing service, you'll be better off using Intuit to send invoices for payment. The payment process they are using keeps flagging payments that the customers are making, causing major delays and making our business look very unprofessional to our clients, there's no one to talk to about it except for an AI ★★☆☆☆ As a contractor timely payment processing of deposits to move projects forward is incredibly important. This software only allows the use of Repay by J.P. Morgan. They have randomly held 10s of thousands of dollars in transactions affecting my business and deadlines. I really like the software, but cannot stress enough the headaches I've had to deal with due to their choice in payment processing. I will be looking for an alternative and suggest you do too.","author_name":"Hassane SENNOUNI","votes":4,"created_at":"2024-05-19T21:37:38Z","canonical_url":"https://wefunder.com/contractor#question-283869","answers":[{"id":283878,"entity_id":"wefunder:comment:283878","answer":"I’m not sure why you’re lead to believe our mobile apps are not a primary focus. Anytime something changes anywhere it’s updated on all three platforms. We have one of the best mobile experiences. When we first launched, we partnered with WePay (JP Morgan) to power Contractor+ Payments. WePay ended up being a poor fit for our audience for a number of reasons. They don’t do up front underwriting, they let you start processing immediately then they randomly hold your funds when you can’t prove who you are or don’t meet their qualifications. We left WePay and integrated with Tilled. While Tilled resolved the big issues people cared about from WePay, it’s still not a perfect fit. We finally partnered with Square for a much deeper level integration with card present and card on file. We allow users to add their own payment options as well, and always have, with native integrations for PayPal, Square, Stripe and Authorize.net. Finally, we’re also revamping our payments further and migrating existing merchants to Finix, where they’ll gain the benefit of same day funding and rates as low as 2.6%*. We’ve had some road bumps with backend payment processors as you can see from the reviews you’ve shared. But we’ve taken these matters seriously. 40kish total free users have signed up to date. Currently getting about 1,500 mobile accounts created monthly. 57% of installs complete a free account registration and 5.24% of our free users upgrade to a paid plan either after taking a demo or on their own (product led growth) after seeing an upgrade prompt.Our CAC to LTV is 1:7 or better and improving. We’re simplifying our plans and pricing in an upcoming sprint. Getting rid of ultimate, paid plans will just be “Pro” (single user) and “Pro Team” which includes team access, first 5 seats included for $145/mo and additional seats billed at $29. Our traffic is currently 50/50 organic and paid. We haven’t been able to spend a ton on paid ads, but enough to know our cost per install, per channel, and CAC (avg $114). Our burn rate is (and has historically been) very low because the bulk of our team is in Mumbai, and we’re creative with compensation. In another two-three months (with our current growth rate) our revenue would exceed our current SG\u0026amp;A. It already more than covers payroll. But we will be increasing our burn both with our customer acquisition/marketing/sales efforts, as well as customer success and product. We have a solid product and team. Our users definitely recognize that, as I’m certain you noticed while going through the reviews. Thanks for your consideration. Let me know if you have any other questions.","author_name":"Justin Smith","votes":2,"created_at":"2024-05-20T06:33:16Z"}]},{"id":280867,"entity_id":"wefunder:comment:280867","question":"Looks Like you're getting some great growth and traction - congrats! What is your exit strategy or different exit scenarios that would make sense for this? Can you point to similar acquisitions or IPOs that validate there is a compelling exit for investors? Thanks!","author_name":"Justin Bean","votes":4,"created_at":"2024-04-08T17:56:53Z","canonical_url":"https://wefunder.com/contractor#question-280867","answers":[{"id":280869,"entity_id":"wefunder:comment:280869","answer":"Justin! Thanks for reaching out. There's a ton of PE activity in our space, and no shortage of strategic acquirers. We've had two acquisition offers, one for our current valuation paid mostly in equity. We've also had quite a bit of interest from upmarket competitors and PE. Lots of PE activity in our space. I truly believe what we're building has the potential to become the definitive platform for contractors because no one has been able to establish the network effect that we're gunning for. Here's a list of just a few of the many recent acquisitions in the field service and construction management software space: 1. WEX Acquired Payzer in October, 2023 - Sector Focus: HVAC, plumbing, roofing - Key Offerings: Scheduling, dispatching, invoicing, customer communications - Rationale: Expand product suite, create cross-sell opportunities, enhance SaaS offerings 2. simPRO acquired of ClockShark and AroFlo in November, 2021 - Investment Amount: $350 million - Sector Focus: Construction and field service industries - Key Offerings: Time-sheeting, scheduling, job management - Rationale: Accelerate product investment, scale global operations, support the full lifecycle of field service organizations 3. Fullsteam acquired Vonigo - Sector Focus: Home services - Key Offerings: CRM, scheduling, dispatch, invoicing - Rationale: Enhance growth potential, improve payment tools 4. PTC acquired ServiceMax - Purchase Price: $1.46 billion ($808 million upfront and $650 million later) - Sector Focus: SaaS FSM - Key Offerings: IoT, AR work instructions, service parts management - Rationale: Enhance PTC's digital thread portfolio, integrate FSM capabilities 5. IFS acquired Clevest - Sector Focus: Utilities and telecommunications - Rationale: Expand IFS's capabilities in field service management 6. EverCommerce acquired Joist - Sector Focus: Contractor management - Key Offerings: Estimating, invoicing, project management for contractors - Rationale: Expand EverCommerce's software solutions for the service sector 7. JobNimbus acquired SumoQuote just a couple months ago - Sector Focus: Roofing industry - Key Offerings: Estimating and proposal software - Rationale: Create industry-leading sales-centric CRM solution 8. Service Fusion got acquired by EverCommerce in 2020 - Sector Focus: HVAC, plumbing, electrical, and more - Key Offerings: Field service management software - Rationale: Enhance EverCommerce's service commerce platform offerings 9. Buildertrend acquired CoConstruct in February 2021 - Combined Client Base: Over 23,000 - Annual Recurring Revenue: Over $100 million - Sector Focus: Construction project management - Rationale: Combine strengths to serve the residential construction industry better These acquisitions demonstrate significant interest in the field service management and construction software sectors, particularly from companies looking to expand their product offerings and market reach. Significant investments and strategic acquisitions indicate a growing market with opportunities for truly innovative and scalable solutions. With our unique positioning and offerings, we're going to capitalize on this trend, making it an appealing target for acquisition in the coming years, especially as the market continues to consolidate and larger players seek to expand their capabilities and customer base. That said, we may just end up IPOing and doing the acquiring versus getting acquired. Time will tell, it really just boils down to how successfully we execute our GTM on the marketplace we're building. If it gets the penetration I believe it will, we will evolve into the consolidated market leader. If the marketplace misses the mark, we still have the b2b saas play which can easily grow into a $100m/year business over the next decade. Either way, I'm convinced a very favorable exit is inevitable. Worst case I think 10x from where we are today, best case, 1000x.","author_name":"Justin Smith","votes":4,"created_at":"2024-04-08T18:34:36Z"}]},{"id":278457,"entity_id":"wefunder:comment:278457","question":"Hi there, a) What is your most recent monthly burn rate? b) What is your most recent monthly cash on hand? c) Are you raising a parallel angel or VC round simultaneously? If yes, who is investing in this round?","author_name":"Teddy Lyons","votes":4,"created_at":"2024-03-11T21:42:19Z","canonical_url":"https://wefunder.com/contractor#question-278457","answers":[{"id":278473,"entity_id":"wefunder:comment:278473","answer":"Hey Teddy! Feb Burn Rate: $10,476 Feb Ending Balance: $33,634.53 Have received two checks in this round so far from angels (on the same terms - without the early bird discount on Wefunder), Liam Bowers of Teel Mountain Capital and Aasheesh Upadhyaya. Still actively reaching out to and taking meetings with angels and VCs, but do not have an institutional lead yet. We'll make it work either way. 💪🏻","author_name":"Justin Smith","votes":1,"created_at":"2024-03-12T01:12:21Z"}]},{"id":278448,"entity_id":"wefunder:comment:278448","question":"Hi Justin, a couple of questions: 1. Can you share any cohort data / trends on product stickiness? Whats the falloff rate at 3, 6, 12, 18 months? 2. Can you share retention curves for different cohorts? How have the retention curves changed over time? 3. Are you able to share your CAC and LTV metrics over time? I know some of this may be more sensitive, so happy to hop on a call and discuss, but this is some key info I would want to better understand before investing. Lastly, what interest rate does the convertible note accrue interest at and where does it stand in the current debt stack?","author_name":"Anthony Rotolo","votes":4,"created_at":"2024-03-11T19:26:01Z","canonical_url":"https://wefunder.com/contractor#question-278448","answers":[{"id":278472,"entity_id":"wefunder:comment:278472","answer":"All great questions! Here's my response, including the charts: https://docs.google.com/document/d/e/2PACX-1vTn2m9kpx908FA7bPfwBztHH2-Od2dVZegYWM51rAVrNkMY8dbS_DtVh048jcJjLj7NFuKymBMybNGp/pub","author_name":"Justin Smith","votes":1,"created_at":"2024-03-12T00:59:53Z"}]},{"id":278146,"entity_id":"wefunder:comment:278146","question":"I'm Zac from D3VC, a venture fund specializing in equity crowdfunding deals. We've been examining Contractor Plus's offering and are intrigued by your unique approach to the market. To gain a clearer understanding of your platform and its potential, I have a few questions: -How does emphasizing support for contractors help distinguish your platform from competitors for customers seeking services? -Regarding financing options for customers, are you considering partnerships to facilitate this? -Could you elaborate on the competitive edge your advisors bring to Contractor Plus, especially in the crowded tech startup ecosystem? -We're also interested in the types of data your platform collects and the future applications you foresee for this data. We find your presentation persuasive and are assessing the potential for investment. To discuss these points in more detail, could we arrange a call? Please reach out to me at zstahlhut@d3vc.ai to coordinate. Looking forward to your response!","author_name":"Zac Stahlhut","votes":4,"created_at":"2024-03-07T00:04:57Z","canonical_url":"https://wefunder.com/contractor#question-278146","answers":[{"id":278212,"entity_id":"wefunder:comment:278212","answer":"Our objective is to solve the ultimate pain points of contractors, which is most contractors find it very difficult to scale beyond ~$2m/year (the overwhelming majority are doing less than $300k). All existing solutions are going after the highest ACV (the 20% of the market that yields 80% of the revenue). We’re strategically going after the underserved 80% of the market that only yields 20% (from subscription revenue), helping them grow, growing with them, while building the largest network effect (we’ll have more trade contractors on our platform than any other platform in the world, which adds significant value to our enterprise level solutions as we move upmarket). Currently we aren’t positioning ourselves against the lead generators such as Thumbtack and Angi. We’ve integrated with them instead. This is something that’s on our roadmap though, one of many things we can monetize successfully once the marketplace is established. We partnered with Wisetack to offer BNPL style consumer financing back in December. They informed us yesterday during our monthly touch-base, that we were the fastest growing integrated partner they have ever partnered with, in terms of loan origination volume. Our second month after shipping the integration we originated ~$150,000 in financed jobs. We’re also looking into a factoring partner for our commercial customers. The tech startup ecosystem is vast. We are focused on developing a platform to increase efficiency of the contractor labor market. No one is going after our niche market in the way we are. Our advisors bring B2B SaaS, UI/UX, AI, sustainability, finance, construction, contracting, scaling, and the experience of multiple successful exits that align with our roadmap and GTM strategy. We collect a lot of data. Location, estimates, invoice \u0026amp; payments for different types of jobs in different markets and sizes. Line Item Templates, labor rates, regional material pricing \u0026amp; preferences, etc. This is helping with our Contractor AI assistant to streamline the estimation process with greater accuracy. We have tons of data. We can get really creative with how this data is utilized for things like AI and even sustainability in material sourcing and logistics. We know how much contractors bid on specific tasks, we know margin and markup/profitability, all localized as far as the zip code. We don’t currently share any of our customer data with any third parties, but we have some interesting ideas for future use cases including insurance and FEMA. Happy to connect at a time that’s convenient for you, please schedule a call here https://calendly.com/justinonsuccess/investor-relations","author_name":"Justin Smith","votes":2,"created_at":"2024-03-07T18:43:31Z"}]},{"id":237315,"entity_id":"wefunder:comment:237315","question":"Hello, great campaign owner, how are you? I came across your campaign and I see it has not been getting enough investment from the rightful backers, you having limited time and I wish you get your campaign to success. And I want to be of help using strategic driven modern results to get you campaign funded in due time. If you wish to know more and also want your campaign to be successful, Kindly reach out to me through the link below; Https//www.fiverr.com/Deborah_market I await your Swift response.","author_name":"Deborah John","votes":4,"created_at":"2023-03-04T07:10:41Z","canonical_url":"https://wefunder.com/contractor#question-237315","answers":[{"id":237397,"entity_id":"wefunder:comment:237397","answer":"What are you talking about? We've raised $80k in 4 days. I think we're doing just fine ;)","author_name":"Justin Smith","votes":6,"created_at":"2023-03-05T03:26:45Z"}]},{"id":237271,"entity_id":"wefunder:comment:237271","question":"What are your YoY and MoM metrics. What's your projection for next 3 years. I haven't seen you guys talk about you progress or there lack of, to paint picture of the company and offering.","author_name":"Durganand Thatavarthy","votes":4,"created_at":"2023-03-04T00:22:03Z","canonical_url":"https://wefunder.com/contractor#question-237271","answers":[{"id":237810,"entity_id":"wefunder:comment:237810","answer":"HI Durganand, Sorry for the delay. I should probably wait until we get our final numbers from Chargebee, our new subscription and analytics platform. We had a grandfather campaign in December/Jan before we increased our pricing and all of that data from the one time purchases is still missing as subscriptions, we have a meeting scheduled Monday with their team to get it mapped correctly. So with the data I have available now: Since December '21 our revenue has increased by 152% and our NET income has improved by 259%. Our net operating loss was 267% in December '21. whereas in September 2022 our net operating loss was 8%. Our month over month losses have decreased significantly and our baseline MRR growth continues to trend upward. We now have single digit net churn (3.47% in September '22, averaging around 5%). Our organic growth rate has been extraordinary over the first couple of years without paid customer acquisition thus far. We’ve averaged a YoY revenue growth rate of 292% and MoM rate of 7.25%. One purpose of this round is to hire a bi-lingual customer success team to take a more active approach at onboarding and increasing our middle of funnel conversion rate from 2.4% to 10%+. We will also be identifying our profitable customer acquisition channels to significantly increase the amount of signups. With our new unit economics (shipped new plans in January), our revenue per user has increased by 397.42%, from $5.83 to $29. We’ve forecasted $100k MRR within 12 months of closing this round $10m ARR in 2025 and $100m+ ARR by 2027. We complete this raise, we will be staffing our DevOps team to reach true PMF much faster (within 9 months), and we will also be building out our bi-lingual customer success team to take a very aggressive and direct approach at converting everyone who comes through our funnel, onboarding them into Contractor+ Payments, etc. We will be maximizing the revenue per customer, further reducing churn reaching our target. I hope this helps! We appreciate your support. Justin","author_name":"Justin Smith","votes":5,"created_at":"2023-03-07T23:47:41Z"}]},{"id":232393,"entity_id":"wefunder:comment:232393","question":"What is the price of each share of Contractor Plus App???,","author_name":"George Simons","votes":4,"created_at":"2023-01-26T19:45:15Z","canonical_url":"https://wefunder.com/contractor#question-232393","answers":[{"id":232446,"entity_id":"wefunder:comment:232446","answer":"This is not a priced round. This is a convertible note which will convert into equity upon our first priced round or at the maturity date of the note. You are investing at a $4.6m cap (or ($3.8m for early birds). This essentially means by making an investment today, you are betting that the business will be worth more than $3.8m eventually. The par value of our common shares is currently $0.00001.","author_name":"Justin Smith","votes":6,"created_at":"2023-01-27T05:23:19Z"}]},{"id":150507,"entity_id":"wefunder:comment:150507","question":"How are you protecting your IPs?","author_name":"Omar Shehab","votes":4,"created_at":"2021-05-24T14:03:48Z","canonical_url":"https://wefunder.com/contractor#question-150507","answers":[{"id":150653,"entity_id":"wefunder:comment:150653","answer":"Currently we have trademarks and copyrights filed. We plan to use up to 10% of our raise for extensive patents.","author_name":"Justin Smith","votes":5,"created_at":"2021-05-25T02:17:24Z"}]},{"id":288485,"entity_id":"wefunder:comment:288485","question":"Hi Justin, I am currently interested in investing more, and would want to know more about the timeline. What would happen if the funding raising target is not reached by the the campaign close date (which is currently set to 2024 August 9th). Will the current tranches (approx. $490,000) close?","author_name":"Fei Yu Li","votes":3,"created_at":"2024-07-22T17:54:41Z","canonical_url":"https://wefunder.com/contractor#question-288485","answers":[{"id":288486,"entity_id":"wefunder:comment:288486","answer":"Awesome! Yes we have reached our base raise, so we can close in tranches and the $490+ (whatever we've raised) will be closed and sent to our operating account. We may push the round a bit, I'm personally in favor of keeping the round open until we hit our target but ultimately that decision has to come from our board. It's not solely my decision to make.","author_name":"Justin Smith","votes":1,"created_at":"2024-07-22T17:56:16Z"}]},{"id":288311,"entity_id":"wefunder:comment:288311","question":"HI Justin, I am inquiring about the deadline for the currently ongoing investment round. It appears on my portal that the \"Contractor+ Fundraise Closes Date\" has not been determined. But my payment had arrived in early June.","author_name":"Fei Yu Li","votes":3,"created_at":"2024-07-19T19:08:00Z","canonical_url":"https://wefunder.com/contractor#question-288311","answers":[{"id":288319,"entity_id":"wefunder:comment:288319","answer":"We've closed a couple tranches so far. When we close a tranche the note starts accruing interest immediately. Our target raise is $1.5m. We've raised about 1/3rd of that so far. The campaign close date is currently set to August 9th, but our SEC filings would carry us through early next year. I am personally in favor of leaving the round open until we reach our target. The time consuming work, audits, campaign setup, outreach/pipeline building, it's all out of the way, so it's not taking much of my time to manage the raise right now. Our board will ultimately have the final say.","author_name":"Justin Smith","votes":1,"created_at":"2024-07-19T19:48:02Z"}]},{"id":283690,"entity_id":"wefunder:comment:283690","question":"How have you kept previous crowdfunding investors updated on company news/progress?","author_name":"Garrett Barnes","votes":3,"created_at":"2024-05-16T02:24:28Z","canonical_url":"https://wefunder.com/contractor#question-283690","answers":[{"id":283691,"entity_id":"wefunder:comment:283691","answer":"Hey Garrett, We post a pretty meaningful update at minimum quarterly, but usually once a month or so. We're all about keeping our investors updated. We also maintain an open line of communication with our investors. There's a calendly link where you can schedule a call whenever you'd like to connect.","author_name":"Justin Smith","votes":2,"created_at":"2024-05-16T02:54:37Z"}]}],"faq":[{"question":"Hi. How is this different from FrankApp. Thank you.","answer":"Frank is great! But it's just an estimator. It streamlines the estimating process - and nothing else. We are addressing the entire process flow of field service contracting."},{"question":"How are you protecting your IPs?","answer":"Currently we have trademarks and copyrights filed. We plan to use up to 10% of our raise for extensive patents."},{"question":"What is the use of proceeds?","answer":"It's was originally planned to be 50% top of funnel user acquisition to scale our top line revenues and get us cash flow positive, 40% payroll/talent acquisition, and 10% legal/IP/R\u0026amp;D. We are primarily focused on building the best product market fit possible for general contractors."},{"question":"How many clients do you have?","answer":"We have right around 7,000 free users and 140 paying users. Growing every day. We have some really nice middle of funnel optimizations and feature enhancements coming in the next few weeks that will increase our conversion rates quite a bit. Then we are ready to start scaling top of funnel traffic/user acquisition."},{"question":"What reasons would a freemium contractor make the decision to become a paying customer?","answer":"Hi Elliot, this is a great question. Freemium contractors are limited to one team member (themselves). They can send Estimates, Invoices, Post-Inspections, and use Contractor+ Payments (our built-in payment solution for credit cards and ACH offering same day payouts for Chase account holders). First and foremost - even if a contractor never upgrades, we have ways to generate revenue aside from the subscription (Payments, Homeowner Financing Referrals, Supply Overrides). That said, the main mo..."}]}}}