Meetup, the organise-your-in-person-get-togethers startup, is in good shape, according to a leaked shareholder document.
According to the document, Meetup had its first profitable month in July — as we noted earlier this month — and has a lot of cash in the bank: About $8 million. It made $30,000 of net income on $766,000 of sales in July. (Mostly fees charged to event organisers.)
But the company is falling short of its “aggressive” 50% year-over-year growth targets for revenue and Meetups. (Up 35% to 40%.)
And the company says it is “not able to find the talent we need as fast as we would like.” No wonder the New York Tech Meetup, hosted until late last year by Meetup CEO Scott Heiferman, always doubled as a recruiting effort for the company.
Meetup, with a long runway and a manageable cash burn, says in the document that it’s happy to sacrifice profitability in favour of growth some months, so there’s no reason to expect the company to remain profitable for long. But it does appear that the company is in very good shape despite tough year-over-year comparisons — as the presidential campaign (and related Meetups) were in full swing this time last year.
The document was also leaked to TechCrunch, which first published this information.