As 2020 has come to its end, it’s a good time to have a look at our achievements for this last year, while envisioning our objectives and ambitions for the coming one. No need to say that it was quite a crazy year in many dimensions!
It started with our CEO flying to London to join the Base Camp accelerator proposed by Outlier Ventures, which has become our lead investor thereafter. Unfortunately, due to the COVID-19 crisis, the program switched to remote from mid-March and our whole team had to move to the 2020 remote working habit.
It was not new for us as Nyctale’s founders have been working partly remotely since the beginning, but it was still a new experience that required some flexibility and adaptation capacities. Luckily, the lockdown in France was paused when we onboarded our 3 new collaborators in September, doubling the size of our team!
The last quarter was all about extending our product functionalities and structuring our business development and marketing effort to initiate its distribution to digital assets investors. As of late December, we had quite an interesting progress, moving from 1k to 5k monthly website visitors, finally reaching 300 early adopters on our freemium offering released in late August.
Achievements in 2020:
- Joining the Outlier Ventures’s Base Camp accelerator program in Q2 2020
- Closing of our 1 M€ pre-seed funding round in April 2020
- Release of our 1st commercial product in August 2020
- Moving from 3 to 6 FTEs in September 2020
- Reaching +5k monthly website visitors / +300 early-adopters and beta-testers registered on our freemium offering
Without any consideration on what surprises 2021 will bring us at a personal level, we know for sure that it will be a major turning point in Nyctale’s young history. We are now moving from a research and product development phase to a distribution and revenue generation one. And we are progressively reaching our targeted market and finding our product market fit, bringing decentralized finance to traditional institutions to support the growing investment flows around digital assets.
In 2021, we plan to go halfway through the profitability journey. We will keep onboarding new A-players in our team, moving from 5 to 10 FTEs by the end of the year, still supported by private and public investors within our coming seed funding round planned for Q2 2021. We expect to raise 1.5 M€ from private investors, in addition to debt leverages to reach a total funding amount of around 2 M€.
Objectives for 2021:
- Reaching +50k monthly website visitors / +10k registered users / +1k paid customers
- Closing of a 2 M€ seed funding round in Q2 2021, including 1.5 M€ in private equity
- Moving from 5 to 10 FTEs