December always seems like an appropriate time for reflection. As we close out one year and look optimistically to the next, we can’t help but consider how we got here to plan where we’re going. For us, as we reflect on the past twelve months, we are incredibly thankful for all our clients, strategic partners, and the incredible opportunities that presented themselves to us. Most recently, that was our sister company, FynOps, successful completion of the highly competitive Techstars Miami Accelerator, powered by J.P. Morgan.
We have been scaling FynOps (formerly AccountedCloud), a Financial Operations platform for e-Commerce companies. The company was selected into a three-month, mentorship-driven accelerator—the inaugural Miami class—where we were provided hands-on mentorship, as well access to the expansive Techstars network. Only twelve participants were selected based on their exceptional abilities to understand customer pain, execute quickly, and demonstrate that they can overcome the obstacles inherent in building a successful business.
After going through a rigorous application process, FynOps was notified in August that the company made it through to the second phase of the selection process—two rounds of interviews. After completion of both rounds, the company was notified that it had been selected to participate in the highly sought-after accelerator. Andres Barreto, Managing Director of Techstars Miami, had this to say about our selection, “Their domain expertise makes them the right team to deliver a platform that solves this for the fast-expanding market of small businesses selling across channels online. Massive market and an extraordinary team.”
Over the past three months, we had unfettered access to the most incredible Techstars Miami mentors, including successful entrepreneurs, investors, and subject matter experts from the Americas and Europe, who were eager to share their experience and expertise to help the company grow. We also participated in Demo Day, where all twelve companies presented to over 400 attendees. It made us realize how difficult a job VCs have. If we could invest in each and every one of those companies, we would!
Although the year is not over, it’s interesting to note that the trends we see in our metrics are similar to the overall e-commerce industry, where there were record high transactions. However, due to an increase in BNPL discounts, as well as smaller ticket items, our sales reconciliations did not break the ceiling for this year. For 2023, as we onboard more customers, it will give us a clearer picture of overall economic trends, similar to Adobe Analytics, for example. Adobe reported online spending hit record highs as Black Friday sales rose 2.3% to hit $9.12 billion and Cyber Monday sales rose 5.8% to $11.3 billion.
This holiday season, we have much to be grateful for, including our incredible mentors that helped us throughout the program, the entire Techstars Miami program team for organizing such a great Demo Day event and helping us get through it, and, of course, all the other founders. While the inaugural Techstars Miami program is now a wrap, FynOps will continue to work closely with the Techstars network to help us reach our next milestones, including raising funds, scaling the business, and giving back to help the next class of Techstars Miami founders successfully complete the program.
Happy Holidays and Happy New Year!
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