Did Munchery juice their numbers before fundraising?

In the months before their Series C, Munchery acquired a large number of low-quality customers. While this doubled their customer base, revenue increased just 30%.

revenue
customers

The impact on Munchery's numbers was profound:

  • Monthly revenue per customer dropped from $75 to $53
    revenue per customer
  • Month-over-month retention dropped from 56% to 38%
    retention

Comparing the newly-acquired customers to prior cohorts:

  • First-month spend dropped from $45 to less than $25
    lifetime spend
  • One-month churn increased from 65% to nearly 80%
    one-month churn

Check out Munchery's latest numbers or see how other businesses are changing by requesting access to Second Measure.