Sramana Mitra: Were you doing this for a green shipping company or an idea that you came up with yourself? Demitri Memos: Our third partner had already started that. Sramana Mitra: How did he get plugged to you guys then? Demitri Memos: He was introduced by a mutual friend. He had built this website on
Sramana Mitra: What was the e-learning business that you were trying to raise money for? Who were the customers? What kind of e-learning are we talking about? Demitri Memos: It was corporate e-learning. The idea was that we were to provide a platform with some content. Sramana Mitra: This was going to be for Greek
Sramana Mitra: How much did you do in 2014? Joe Kinsella: We don’t disclose our revenue numbers. Sramana Mitra: How many customers did you close in 2014? Joe Kinsella: We went from nine customers in 2013 to around 60 in 2014. It grew to 300 in 2015 and we’re 600 plus now. Sramana Mitra: What
Sramana Mitra: At this point, you had a bunch of customers. You had validation. Did your venture fund write you a check? Joe Kinsella: They did not. Along the way, I had a series of advisors. I had six advisors. The goal there was to really find people who complemented my skills. I had just
If you haven’t already, please study our Bootstrapping Course and Investor Introductions page. The morning that Brexit sent shockwaves through the world economy, I spoke with Demitris Memos who is building a nicely scaling, bootstrapped SaaS company from Athens, Greece. It was thrilling to hear a story of success and hope against the larger backdrop of doom and gloom. Greece
Sramana Mitra: Can you backtrack for me for a second and answer a couple of questions before we get to this point? I have a bit of a gap in the process here. You said you were running a bunch of experiments and one of them turned into this situation. How many such experiments around
Sramana Mitra: What about funding? Peter Gassner: We had funding from angel investors. We started off with $3 million. Then we said, “This is good, but we need some funding from outside. We were looking for validation and professional funding, and the things that a VC could bring.” We raised $4 million. We thought we
Sramana Mitra: What year are we now? Joe Kinsella: 2012. Sramana Mitra: What was the relationship with Northbridge? Is that the company that had funded the company that you went to work for? Joe Kinsella: Yes, Northbridge was one of the investors in Silverback. One of the partners there, Jeff McCarthy, was on the Board