Teamweek as a product was born for internal use of Toggl some years ago. Marit Martin (now CEO of Hundred5) was the product lead of Teamweek before I joined as a CEO in January 2017 and she has put together the team I’m leading today.
Since I joined, we have been focused on profitability and growth. When we set out as an independent company a year ago, we got 100 000 € of “graduation” money to keep the lights on until we achieve profitability. Today we have 190 000 € in the bank, that gives us stability to carry on and options to invest more in marketing.
3000 active workspaces, almost 1000 of them are paying
about 1500 signups per week
about 7000 new visitors on our public web each week
NPS 32 (average for last 3 months)
ARPC $ 950 (annual)
Annual average revenue per customer chart.
Top 3 biggest changes in 2017
We are profitable since February and not only hitting but surpassing our revenue goal of 704 000 USD this year.
We started adding Premium features to the product. So our Premium users now get added value on top of just having more users in their workspace.
Grandfathered users, who got to use Teamweek with reduced prices for an extra year, were switched on new pricing plans that were introduced back in 2016. We also rebuilt our whole billing system so we could offer annual payment options and to improve our internal processes.
Top 3 things we want to achieve in 2018
Grow our revenue 150%, to 1.76 million USD
Grow our marketing team to the same size as the development team. Right now we have 1 marketing person and 5 developers.
Increase the value of the product with new Premium/freemium features and think about creating an extra business user layer to increase ARPC to 1500 USD.
Top 3 hacks/recommendations for others
Start measuring NPS as development KPI. This has really elevated our product development processes.
Use Zoom for video meetings. All the free web-based video conferencing tools were letting us down on a weekly basis, but this really seems to work.
Try Go Loco weeks. It’s one week when everyone in team can work on a project that is not related to ongoing plans. Just to learn and discover new ideas.
Top 3 facts about our team
Iuri from Brazil joined our backend team and Mitchel from Kenya our frontend team. Nobody left during this year.
For next year, we have budgeted to hire 13 new people to join our team (if we manage to hit our ambitious revenue goals and grow as planned).
Our next team meetup is in a few weeks in Garmisch-Partenkirchen. We will join Toggl team for a meetup in Madrid in April, and in Estonia in autumn. Also, we plan to travel a lot for conferences, customer meetings, and different business projects next year (mainly US and UK).
Our weekly Campfire chat where we discuss hot topics of the week and share knowledge.
Bigger vision for next 5+ years
We aim to become a world-class remote company with competitive salaries and epic team culture.
We want to see Teamweek as the go-to product for any kind of project management needs. Imagine a scenario: “Hey, we should start a bar! – Yeah, we should totally do that! – Okay, let’s start planning what we need to do to make it happen (without really thinking about it, opens up Teamweek to start planning first steps.)”