Venly Revenue, Valuation & Funding (2024)

Venly generated an estimated $3.2M in annual revenue in 2024.

Venly reported monthly recurring revenue of approximately $40,000 at the time of the November 2021 interview, with the interviewee stating the company expected to close the year at $50,000 to $60,000 per month. That figure represented a significant increase from the $5,000 to $6,000 per month the company was generating when it closed its seed round in April 2021, roughly eight months earlier.

Venly had approximately 50 paying business-to-business customers as of November 2021, with an average revenue per customer of roughly $800 per month, as confirmed by the interviewee. Pricing starts at $49 per month for the wallet product after a free tier that covers up to 500 monthly active users. All products are billed monthly.

In addition to paying customers, Venly had approximately 500,000 business-to-consumer wallet users at the time of the interview, up from 100,000 at the time of the April 2021 seed close. These end users are not directly monetized; they access Venly wallets through the platforms of paying customers. Notable named customers include The Sandbox, described as the largest blockchain gaming studio building a metaverse, which uses Venly's social login infrastructure to onboard new users.

Upsell opportunities include layering additional services such as NFT management and NFT analytics on top of the base wallet product, with pricing scaling as a customer's user base grows.

Venly operates as a business-to-business SaaS company with monthly billing across all product lines. Its core products are web wallets, an NFT API, an NFT marketplace, and a Shopify plugin for NFT creation. Each product carries its own pricing structure. The wallet product begins with a free tier for up to 500 monthly active users and starts at $49 per month above that threshold.

With approximately 50 paying customers and average revenue per user of roughly $800 per month, the implied monthly recurring revenue aligns with the stated figure of approximately $40,000. Revenue is generated entirely from business-to-business relationships; the 500,000 consumer wallet users are not directly monetized but serve as a growth and virality mechanism that attracts new paying customers.

Profitability was not discussed in the interview. Gross margin, churn, LTV, CAC, burn rate, and runway were not disclosed.

Venly had 14 employees as of November 2021, up from 4 at the time of the April 2021 seed close. The engineering team comprised 6 people. The remainder of the team was concentrated in marketing and management, with the company actively recruiting business developers and additional engineers at the time of the interview.