Levels Investor Update - March 2023
<aside> 💡 After 12 months, all historic Investor Updates, Friday Forums, and other inside the company content can be found here:
Inside Levels - Friday Forums and Investor Updates
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https://www.loom.com/share/675f6d5f3f954b5588f06d76e509747a
Our priority and focus for March was continuing to build towards our 2023 product strategy, orienting the product around a software-first experience that doesn’t require the use of CGM. CGM will continue to remain a core part of our product, but this shift will allow us to offer a lower-price option for those members who wish to benefit from Levels without a high cost of entry.
The entire team has been working cross-functionally towards this objective. We’ve been building the Levels app to support this updated user journey, implementing internal tooling and processes to produce content, and building the guided programs that support members with content, recipes, exercise guides, guidance videos, community interaction features, and more.
Our growth and marketing efforts have been focused on dialing in acquisition channels and cost, optimizing checkout, and refining our positioning. Conversions, engagement, and retention are the core metrics we’re tracking through these phases to make sure we’re on the right track.
<aside> 🆕 New Levels Memberships
(+7% MoM)
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<aside> 🔁 Monthly Membership Revenue (March)
(+3% MoM)
March Gross Revenue: $1,727,754
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<aside> ▶️ Active Members
(+7.5% MoM)
Paid Membership Retention (1-yr renewals): 19.4%
Active members have, over the course of the prior week, 1) input a food or exercise log, and/or 2) imported glucose data.
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We had 58 full-time team members at the end of March (-1), and we are not actively recruiting or hiring for any roles.
We continue to maintain a cautious approach to growth given the macroeconomic environment and our company stage, and we’ll only hire as necessary to meet goals related to our updated product strategy. We’ll also revisit our headcount strategy in relation to burn and goals, as shared in months past.