The Longest View - by Dez - All Things Venture
A Tale of Two Cities (Bilt vs Brex): Bilt raised a $200M round valuing the company at $3.1bn. They’re reportedly profitable on an EBITDA basis with annualized card spend “nearing $20 billion.” Brex on the other hand had to layoff 20% of their headcount, and is reportedly burning $17M a month. Comparable business models, but wildly different outcomes. What gives? The glaring differences are between the EBITDA profitability and the number of employees. Revenue per employee at Bilt is ~$1.4M, revenue per employee at Brex is ~$260K. So what’s the takeaway? I think there’s two main takeaways. 1) Competition is a mf’er. Brex has to go against Ramp, Amex, SAP Concur, Payhawk, Pleo, Navan. The list goes on. Conversely, Bilt doesn’t really have any head to head competition 2) We’re in a brave new world of company building! The market prioritizes, rewards, and values efficiency. From a pure dollars and cents perspective. I would much rather be an employee at Bilt vs. Brex. On a relative basis, m
A Tale of Two Cities (Bilt vs Brex): Bilt raised a $200M round valuing the company at $3.1bn. They’re reportedly profitable on an EBITDA basis with annualized card spend “nearing $20 billion.” Brex on the other hand had to layoff 20% of their headcount, and is reportedly burning $17M a month. Comparable business models, but wildly different outcomes. What gives? The glaring differences are between the EBITDA profitability and the number of employees. Revenue per employee at Bilt is ~$1.4M, revenue per employee at Brex is ~$260K. So what’s the takeaway? I think there’s two main takeaways.…
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