All companies start somewhere and don't become blue chips overnight.
Two ASX shares that are at the start of their journeys are listed below. Here's what has investors watching them closely:
Cluey Ltd (ASX: CLU)
Cluey is a recently listed education technology company. It describes itself as an innovative edtech company. It integrates personal tutoring with its scalable technology platforms and utilises data and learning analytics to support the delivery of quality learning to thousands of Australian students.
Last week the company released its first update since its IPO and revealed cash receipts from customers of $3.2 million in the second quarter and $7 million for the six months to 31 December. This represents growth of 298% and 366% on the respective prior corresponding periods.
This was driven by a significant increase in learning sessions over the period. While no second quarter figure was provided, in the first quarter the company recorded 52,700 learning sessions. This was up 338% on the same period last year and up 41% compared to the fourth quarter of FY 2020.
Cluey is forecasting a 218% increase in revenue to ~$15.5 million in FY 2021.
Whispir (ASX: WSP)
Whispir is a software-as-a-service communications workflow platform provider. Its popular platform automates communications between organisations and people. This enables users to improve their communications through automated workflows to ensure stakeholders receive accurate, timely, useful, and actionable insights.
Whispir was a very strong performer in FY 2020. For the 12 months ended 30 June 2020, it posted a 25.5% increase in revenue to $39.1 million and annual recurring revenue (ARR) growth of 34% to $42.2 million.
This positive form has continued in FY 2021, with the company recently revealing strong second quarter growth. Whispir posted a 29.2% increase in ARR to $47.4 million. Management advised that this was driven by ongoing demand for communications software to automate processes and improve stakeholder engagement.
This is still only a small slice of its overall market opportunity. Management estimates that the Workflow Communications platform as a Service market could reach US$8 billion per year by 2024.
