Posted on Thursday, Jul 28th 2022
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In 2019, French entrepreneur and Toucan In 2019, French entrepreneur and Toucan Co-founder CEO Charles Miglietti told me the story of how he bootstrapped first to $5 million and then closed a $10 million round.
Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background? Charles Miglietti: I’m from France. I grew up in Normandy. I did engineering. I’m married with three kids. Sramana Mitra: You still live in Normandy? Charles Miglietti: I live in Paris now. I learned programming, AI, and data analytics in Ecole. Just after college, I did an internship with Apple in Portland. Then I started working on my first company. We did summaries of web-based content. Sramana Mitra: Was that B2B? Charles Miglietti: It was B2C but with no revenue. It was more like a project. This company only lasted for two years. We decided to stop the project as we had no revenue model and clear direction. It helped me to understand how to build a business. It was a very good lesson learned on how you should start with a product, business model, and customers that will pay for what you do. Sramana Mitra: Good learning. Charles Miglietti: That’s why I started Toucan Toco with a very iterative approach. At the beginning, I was just consulting for visualization. I wanted to validate that people will pay for a new form of visualization that’s focused on simplicity, UX, and design. Sramana Mitra: Your consulting practice was to help people with usability? Charles Miglietti: No, we built visualizations. Sramana Mitra: Was this data visualization using existing off-the-shelf tools like Tableau or did you have tools of your own? Charles Miglietti: It was not a tool at the beginning; it was pure development. It helped us to build the first module. It was what became Toucan Toco. Sramana Mitra: Tell me a bit about the timeframe. When did you start the consulting company? Charles Miglietti: It was in September of 2013. Sramana Mitra: How long did you do this in the mode of consulting? Charles Miglietti: We founded the company in March 2014 in 2014. We stopped doing consulting at the end of 2015. Between September 2013 and April 2014, we were building MVP of Toucan along with consulting. Between April 2014 and December 2015, we had the first implementation of the software. Sramana Mitra: When you switched from consulting services to doing a product company, what was the thinking? What did you observe that made you do that switch? Charles Miglietti: Since the very beginning, this is what we wanted to do. We knew that what will truly motivate us was to build a product. We knew that we needed cash to fuel the business. We preferred to find customers rather than to go look for financing. Sramana Mitra: That’s great. It’s consistent with our strategy and philosophy. Charles Miglietti: Until now, we haven’t raised any money. Sramana Mitra: Fantastic. Charles Miglietti: We are today raising a round but we are at $5 million ARR.
Our conversation continues
here. This segment is a part in the series : Best of Bootstrapping . Bootstrapping to an Exit . Why is Bootstrapping Important? . How Can You Play this Low-Probability Game Intelligently? . Do NOT Go to VCs as Beggars - Go as Kings . Excess is NOT Required for Success . Bootstrap First and Raise Money Later . Some Bootstrapping to Exit Case Studies . The Buy Side of Bootstrapping to an Exit . Blitzscaling vs. Bootstrapping . Bootstrapping to Unicorns More »» . Cinedigm Acquires Bootstrapped 1Mby1M Company Future Today for $60 Million . Mailchimp Bootstraps to $600M Revenue . Bootstrapping from Arizona to $10 Million . Bootstrapped Basecamp Executes a No Nonsense Strategy . How Under30Experiences Bootstrapped to $5 Million . Bootstrapping with a Paycheck . How Algo.ai CEO Amjad Hussain Bootstrapped using Services from Michigan . Seed Investors Who Like Bootstrapped Businesses . How iHeartRaves CEO Bootstrapped a Niche e-Commerce Company to $20 Million . Bootstrapping with Services . How The Intern Group CEO David Lloyd Bootstrapped to $13 Million . How Passageways CEO Paroon Chadha Bootstrapped from Indiana . How SmartBuyGlasses CEO David Menning Bootstrapped to $50 Million . Death by Overfunding . How RainmakerForce CEO Mack Sundaram Bootstrapped Decisively to $5 Million+ . How FormAssembly CEO Bootstrapped a Virtual Company with a Paycheck . TimeSlips CEO Mitch Russo Bootstrapped to Exit with Sage . The VC-Entrepreneur Compensation Disbalance . BioConnect CEO Bootstraps with Sophisticated Strategic Maneuvering . Tremend CEO Marius Hanganu Bootstraps from Romania . Gesture CEO Jim Alvarez Bootstraps to $10 Million . SproutLoud CEO Bootstraps to $30 Million from Florida . Tuft & Needle CEO Bootstraps to Over $100 Million . Co-founders Bootstrap Linguamatics to Over $10M from the UK . Ownership Matters . Vainu Co-founder Mikko Honkanen Bootstraps from Finland . Entrepreneur Couple Bootstraps to $10M from Colorado . Power2Motivate CEO Bootstraps to $80M from Canada . Financial DNA CEO Bootstraps to $10M+ from Australia . Big Barker CEO Bootstraps a Niche E-commerce Brand . PrecisionLender CEO Bootstraps to Over $10M from North Carolina . Master Bootstrappers with Over $1B in Exits . Ultra Mobile Founder Bootstraps to Over $100 Million . Bootstrapping a Two-Sided Marketplace to $10M . Can You Bootstrap a Virtual Company to Over $5 Million? . Capital Efficient Entrepreneurs Turn $1M into $80M . Discussing the Journey Through Failure to Success . From a Small Town to $12 Million . Bootstrapping to Y Combinator and $10 Million Series A . Bootstrapping a Marketplace to Over $10 Million . Freightwise Bootstraps to $33 Million . Bootstraps First to $5M ARR, Raises $10M Later . Bootstraps in Europe, Raises Money and Goes Global in the US . English Major Bootstraps a Tech Company . Bootstraps with a Paycheck to $15M from Tennessee . Queue-It Bootstraps from Denmark to the US . 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Bootstrapping Using Services and Scaling Using Content Marketing . Bootstrapped from London, Went Public and Scaled to $450M . Bootstrapped Credit Card Processing Business Payscape . Bootstrapped TEOCO to $175M with Services . InRule Was Bootstrapped Using Services . HighQ was Bootstrapped Using Services from London . Ingenious Med was Bootstrapped with a Paycheck from Atlanta . Bootstrapped VistaVu to $10M from Canada . OnSIP CEO Mike Oeth Bootstrapped in Pennsylvania . Pramata Founder Bootstrapped in Minnesota . Conversocial was Bootstrapped Using Services from London . Zephyr Health Bootstrapped First, Raised Money Later . iText was Bootstrapped from Belgium . CTO Bootstrapped InteliSecure Using Services from Colorado . Bootstrapping Evariant Using Services . Dave Elkington Bootstrapped Billion Dollar Unicorn InsideSales.com Using Services from Utah . PMG Founders Bootstrapped Using Services from Atlanta . Ensighten Founder Bootstrapped First, Raised Money Later . Bootstrapping LittleThings First, Raising Money Later . Bootstrapping eMazzanti Technologies Using Services . Reltio Founder Bootstrapped Using Services . Co-founders Bootstrapped Ateb Using Services from North Carolina . Bootstrapped HireVue While in School, Raised Money Later, All in Utah . Bootstrapping the First Venture, Raising Money for the Second . Co-founders Bootstrapped BeenVerified with Angel Money . Bootstrapping a Significant Software Company from Australia . Bootstrapping Meltwater to $200 Million . Bootstrapping Casewise from London and Scaling in the US . Bootstrapping Lessons Learned by FairWarning Founder Kurt Long . Abacus Group Founder Bootstrapped a Virtualization Services Company . Seismic Audio CEO Bootstrapped a $10 Million E-Commerce Business . PhishMe was Bootstrapped Using Services First, Raised Money Later . Firmex Scaled with Angel Money in Canada . Wrike Founder Bootstrapped First, Raised Money Later . Bay Dynamics Co-founders Bootstrapped Using Services . Building an AI Software Company from Dallas . RJMetrics Co-founders Bootstrapped First, Raised $22M Later . Bootstrapping Niche E-Commerce Business BuyAutoParts to Exit . TemplateMonster was Bootstrapped to $15 Million . Bootstrapping Edge Hosting to $18 Million . Bootstrapping, Fund Raising and Exiting with Sefaira . Bootstrapping IdeaScale to $5M from Scratch . Bootstrapping to $10M from Finland . Happy Grasshopper CEO Dan Stewart Bootstrapped to Inflection . Bootstrapping Gravity Pro Using Services . Founder Builds Multiple Bootstrapped Education Software Companies . Bootstrapping to $10M from Australia, Raising $25M from the US . Bootstrapped Y Soft to $30M from the Czech Republic . Bootstrapped from Belarus, Raised Money from Silicon Valley . Bootstrapped SproutLoud to $30M from Florida . Bootstrapped 2600Hz Using Services . A Serial Bootstrapping Entrepreneur’s Journey . 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Master Bootstrappers with $1+ Billion in Exits . Bootstrapped Ultra Mobile to Over $100 Million . Bootstrapping a 2-Sided Marketplace to $10M . Bootstrapping a Virtual Company to Over $5M . Capital Efficient Entrepreneurs Turned $1M into $80M . The Journey Through Failure to Success . Bootstrapping TrendHim from a Small Town to $12M . Bootstrapped to Y Combinator and $10M Series A . Bootstrapped a Marketplace to Over $10M . Bootstrapping Freightwise to $33M . Bootstrapped First to $5M, Raised $10M Later . Bootstrapped in Europe, Raised Money and Went Global in the US . An English Major who Bootstrapped a Tech Company . Bootstrapped with Paycheck to $15M from Tennessee . Queue-It Bootstrapped from Denmark to the US . Bootstrapped a Virtual Company to $25M . Bootstrapped Using Services to $40M First . Bootstrapped Using Services to a Public Unicorn . Bootstrapped Using Services to an Awesome Business Model . Bootstrapped Wiredrive Using Services to $10M . Happily Bootstrapping with Zoho CEO Sridhar Vembu . Bootstrapped ButcherBox to Significant Scale . Bootstrapped Using Services from Poland to a US SaaS Company . Bootstrapped Waveform to $8M . From Laid-off Engineer to Successful Startup Co-founder . Bootstrapped to Over $20M and Exit . Founder Bootstrapped to Over $35M . What is the Best Bootstrapping Tactic for B-to-B Startups?