Therese Tucker, Founder and CEO of BlackLine, is a very successful female entrepreneur who followed our core philosophy of bootstrap first, raise money later. When I first met her in 2009, her company was in the $10 million revenue range. Subsequently, it has continued to grow at 50% CAGR year over year, and Therese raised private equity funding in 2013 to take liquidity for herself and her team. With annual recurring revenue in the $65 million range, and continued growth at 50%, $100 million revenue is not far in the horizon. And with that, the company’s valuation will easily touch unicorn levels.
Sramana Mitra: Where did you raise money? You said you worked with some investors that you had prior relationships with and who wanted to get in early. Are these Canadian investors? J. Paul Haynes: The first investor was Venture Link, which was Toronto-based. They came in fairly early. They have another affiliate firm. The government
Carl Ryden: Andi is every relationship manager’s dream analyst. She’s there with you in every deal. She sees what you’re doing. She sees your entire portfolio. She’s there with you to help you find ways to make that work better for the customer and the bank. How it came to be is, we had a
Sramana Mitra: For the Series A investors, what did you tell them you were going to do? What problem were you going to solve? J. Paul Haynes: I described to them the problem of solving cyber security in the mid-market. Everybody in the industry at that time appeared to be focused on the enterprise. We
Aaron Skonnard, Founder and CEO of Pluralsight, one of the very few EdTech ventures out there that are scaling at Unicorn levels, discusses his journey over the last decade. Aaron bootstrapped Pluralsight to $16 million in revenue before raising a $27.5 million Series A at almost a $100 million valuation. From there on, the company has gone on to follow a roll-up strategy with additional funding and is currently valued at close to $1 billion.
Sramana Mitra: What did you do and what model were you trying to reach? Carl Ryden: There were a couple things that changed during that time. One is, the transactional sales people that we hired were not a good fit for our culture and how we operated. When we made changes, we wrote down our values.
Sramana Mitra: Before all this, it sounds like you started doing companies in ’76. I don’t think we have enough time to cover that long a story. It sounds like you have a background in enterprise security software. Could you give us a little bit of an idea about what you did before? J. Paul
Ross Mason, Founder of MuleSoft, has built a terrific commercial open source company that is scaling at Unicorn rates, with freemium conversion rates in the 5-6% range. Ross discusses how he got the company off the ground, and built a product strategy that makes such high conversion rates possible.