Aydi Revenue, Valuation & Funding (2024)

As of November 2022, Aydi had not yet begun charging customers. Fayed told Latka that the company was still in a beta pilot phase and that the first paying customers were expected to come online in December 2022, with some on 60-to-90-day free trials potentially not paying until January 2023.

Aydi was working with 10 large commercial farms in Egypt as of November 2022, all on a free beta pilot. The 10 farms had approximately 1,200 acres actively engaged on the platform daily, representing 5 to 10 percent of those farms' total acreage. Fayed noted that scaling to full penetration of existing customers could bring engaged acreage to 12,000 acres, and that the largest farms in the group hold 50,000 to 60,000 acres each.

Approximately 5,000 seasonal workers were engaged on the platform daily at the time of the interview. Pricing was set to launch in December 2022 at $1 per active acre per month plus a 5 percent service charge on worker wages. Some customers were being offered 60-to-90-day free trials, meaning certain accounts would not begin paying until January 2023. No paid customers existed at the interview date.

Aydi operates a dual-revenue SaaS and marketplace model. The acreage component charges farms $1 per active acre per month, a recurring software fee tied directly to platform utilization. The workforce component charges a 5 percent service fee on the total wage order value placed through the platform, functioning as a take rate on labor spend. With the average seasonal worker earning approximately $15 per day, the effective per-worker charge is roughly 75 cents per day.

The company spent approximately $250,000 to build its four products: a worker-facing app, a supervisor app, a farm management dashboard, and internal tooling. Aydi was burning approximately $40,000 per month as of November 2022 with no revenue. Profitability was not discussed in the interview beyond the burn figure. The global addressable market framing offered by Fayed is that roughly 1 billion people worldwide work as seasonal agricultural laborers, representing approximately 1 in 7 or 8 people on earth, though Aydi's current operations are focused on Egypt.

Aydi employed 27 full-time people as of November 2022. Of those, 11 were engineers and 9 were in product roles spanning design, quality assurance, and product management, for a combined technical and product headcount of 20. The remaining 7 staff were not broken down by function in the interview. The company was burning approximately $40,000 per month, which Fayed confirmed was roughly in line with the host's estimate of 30,000 to 40,000 dollars per month in headcount-driven burn.