40% of headcount is R&D. “our R&D center in Tel Aviv, where our tech leadership is based, recruits from the Israeli Defense Force’s best technology units.” There are 265 employees, with approximately 35% located in the United States.
Big numbers. “As of March 31, 2023, we had over 4 million active customers, or customers that made at least one purchase with us within the last 12 months.” $325mm of revenue growing 46% YOY. 67% gross margins. Positive EBITDA and net income. “For the three months ended March 31, 2023 and 2022, we generated net income of $19.6 million and $3.0 million and Adjusted EBITDA of $28.4 million and $6.7 million, respectively.” $600bln market. Profitability was achieved 18 months post launch. 26% of sales are outside the US.
While the company may use technology significantly in its business, the customer is buying beauty products. They’re not buying software or using a tech product. This IPO is still meaningful for software companies however. The IPO market has been frozen since December 2021, and the successful recent IPOs of Cava and now Oddity could open the door to additional IPOs including software and tech. Thank you for the readership.
Sammy is the Managing Partner and Co-Founder of Blossom Street Ventures. Visit us at blossomstreetventures.com and email directly at sammy@blossomstreetventures.comhttps://blossomstreetventures.com/metrics/
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