Caribu’s Strong Summer Performance!
As we come to the end of the summer, we’re proud to share that we successfully raised more than $600K+ from 600+ investors so far, but Caribu also just had some it’s most impressive growth so far!
After launching some major product changes and new revenue options on June 1st, we’ve finally been able to shift our focus from product to revenue. May to June saw 26% MoM revenue growth and our monthly revenue continues to have double-digit MoM growth in July, increasing by 28%!
How have we achieved this awesome growth? Well, we’ve been super focused on improving Caribu and creating the best video-calling experience for families. As a result of our product team’s hard work (check them out above!), we have been increasing new monthly subscriptions by an average of 55% for the past 3 months, and more than doubled our download to paid subscription conversion rate!
Also, we’re bringing in more user accounts than ever, converting a whopping 67% of all downloads to new Caribu Users which is considered to be way above average based on research by Heap.io.
In addition, we have been optimizing our user acquisition strategy and have been lowering our Cost Per Subscriber by an average of 32% MoM over the past three months.
We cut marketing spend to focus on the product so most of these results have come from organic growth. As a first-mover in this space, we need to continue to advertise the app and continue to capture more and more market share. We’re excited to have exceeded our fundraising goals so we can ramp up marketing.
I hope that all of this amazing continued progress helps confirm your decision to invest in Caribu, convinces you that we’re the right company to take a bet on, or even inspires you to double-down and increase your investment!
Getting back to work,
The Caribu Team (and Luna the dog)