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Have you ever had a morning that left you scattered, flustered and stressed?
A morning like this....as you are rushing to get the kids off to school on time, your one kid can't find clean pants in the pile of laundry that is sitting on the couch, the dog gets sick, so you have to call the vet to make an appointment for after work.... as you are running out of the house to make an appointment, you get a call from the school - your other kid left his lunch at the house and it needs to be dropped off by lunch period, and the sink is full of dishes and your car's gas tank is empty....
Just about every one of the 76M working women in this country, has more than likely had a day like this at least once this week.
In the past, we used to live in villages with a support system all around us. But we no longer live near extended family, and our friends are just as busy as we are.
After a full day of work, we come home to the 2nd shift of work, taking the dog to the vet, laundry, planning, cooking and cleaning up from dinner– these tasks nationwide add up to over 100B hours annually.
This mental load and unpaid labor adds to stress and burnout and compounded with the isolation from support systems - the working woman has a severe sense of time and support scarcity. This affects her whole life, her mental health, her relationships, her finances and her productivity at work.
My Panda was started by a single working mom who spent years working with families as a social worker and educator. She understood the type of support that we need in order to thrive.
My Panda was created to provide that type of support, to be the village that so many of us are missing. We know that when the women of a community are supported, they will take that support and create more abundance in their community.
Much like when we give a micro-loan of money to an entrepreneurial woman in a developing country….how she will transform her entire village….. If we can give the women in our communities the resource they most need in this day and age, that of time….we believe they will transform their communities as well.
Our Pandas (Personal Assistants Next Door) are the heart of our business…All of our trusted pandas are vetted by the My Panda team, have complete background and identity checks and are paid a living wage. They also live near the clients they serve.
This close proximity increases trust and time efficiencies and further builds a sense of community, allowing us to keep money within the local economy.
And we have had plenty of applications to meet the needs of this side of the market – allows us to be extremely selective in who we hire, ensuring top-notch quality service
And we have a culture of women helping women – between 90%-95% of our users and Pandas are women.
We launched with a straight B2C model, which captures a portion of the $600B on-demand home service market, and this is where we gained many foundational learnings. As we have already touched upon, women are struggling to get it all done and maintain their mental health and continue to succeed at work.
We also have learned that her employer has huge pain points of trying to get workers back in the office, reduce their stress and improve overall productivity and satisfaction.
What better way to help accomplish the goals of both the employee and the employer than to provide support at home with tasks that are overwhelming the working woman. Using traditional B2B sales methods, we are now selling our services into small and large companies to be offered as either a full employee benefit or as a discounted employee perk.
And we have had great traction in the early stages of this launch– Within the past month we have secured agreements with both Atlanta’s Google office and Children's Healthcare of Atlanta to be included in their employee perks offerings. There are over 14K Atlanta area employees between these 2 companies alone, giving us a potential pipeline of annual revenue of over $1M.
And we are launching additional distribution channels of partnering with co-working spaces and existing employee concierge programs, (which happens to be a growing $2.6B market) We just signed an agreement with Wellstar’s internal concierge program – called Circles- to subcontract out some Panda help over the holidays. And we are having discussions with both Salesloft and The Mom Project to promote our services to their employees.
Our app was released in Sept 2019 and, despite the pandemic and with a mostly bootstrapped budget, we have steadily grown from one neighborhood to serving most of the in-town Atlanta neighborhoods.
The metric I am most proud of is our retention – every month 88% of our users have used us before. And once they start using us, they keep coming back for more as evidenced by our growth in average monthly spend.
Our CAC remains very low, averaging just over $200. Since we have such great retention, our LTV :CAC ratio is an impressive 13:1! And it takes just over a month to payback that acquisition spend.
Our revenue has grown by over 300% since 2020 with only our B2C customer acquisition channel. Our future growth will be driven by geographic growth as well as expanding our sales into the Employee benefits and partnerships channels.
Since we have seen great traction already with hospitals in the Atlanta area, as we expand into new cities, we will target a local hospital system to act as an anchor account. Then we will focus on other healthcare systems and medium size businesses within that city.
These projections are based off a conservative estimate of one new company and partnership monthly in each city, with a total of 30 new customers coming in through these channels and approximately 20 new direct customers monthly (roughly the same as our current rate)
We have a clear and straightforward monetization strategy. We charge an hourly rate for our services, and have monthly membership fees for individual customers and business package deals that can be billed monthly or annually.
Our Partnerships will accelerate customer acquisition and we will structure future agreements to include a revenue-sharing model as well.
Like many of our well-funded competitors, sure, we step in to help complete tasks, but we clearly stand out as the one trusted, complete solution to meet the multi-faceted needs of today’s consumer.
And, in the same way that our Pandas are the village of support for our customers, we have gathered a village of support around us.
Our team has many decades of expertise in marketing, development and operations and is the right team to take us to the next level.
We are also an integral part of the Atlanta tech startup scene – tapping into many programs and building a strong network of advisors and mentors.
We invite you to be a part of our village, to join our movement to help millions of women around the world achieve Liberation through Delegation. Our goal is to reduce stress and overwhelm, improve family relationships, increase work productivity, strengthen our communities, and grow businesses.
We are raising up to $124K on the Wefunder platform. We plan to raise the remaining amount of our $500K round offline with individual investors. With the $500K we are raising we are confident that we will be well on the road to meet these goals and more. Our team is waiting to execute on our roadmap and we would love to have you join us.
This is down the road a bit – but we do want to give you a quick glimpse into one of the exciting things we have on our product road map.
We are currently gathering data from the over 600 users on our platform to create a unique AI enabled suggestive productivity tool that will be a game changer for our overwhelmed users.
And, we will leave you with this…. to give you a more personal understanding of the impact that My Panda has. We provide a level of emotional support and we have a culture of mutual respect. We are all in this together and our whole community understands and values this and we hope you will join us.