Sramana Mitra: The total you’ve raised is $10 million and from the same investors? Ofer Yourvexel: Yes. Sramana Mitra: Where are you now in terms of ramp and scale? What have you built it up to? Ofer Yourvexel: Acutally, I’m in a transition point. Because of my background of coming from large companies, we built
Sramana Mitra: In 2007 when you started with this concept, did you raise money? Did you bootstrap? How did you get the business off the ground? Josh Levy: We bootstrapped it for a couple of months. My co-founder and I were working out at his house in his living room. Right around the time when
Sramana Mitra: Tell me more about the pricing. How did you price this? Ofer Yourvexel: It was trial and error it the beginning. We started with one price and we simply said, “We’ll look at how much ERPs cost.” We looked at prices of roducts like ours that were not cloud-based. We made the price significantly higher
Sramana Mitra: Did you pick a vertical to go after or were you doing it more horizontally at this point? Manish Sood: We did narrow down on the life sciences vertical because we had seen some adoption from a SaaS perspective. But we were also approaching customers outside that vertical to understand where the potential opportunities might exist.
Building businesses has become cheaper by several orders of magnitude. Josh Levy and his team took just over $2 million in angel financing, and has built a profitable business in New York. For those entrepreneurs facing the Series A crunch, this is an important story to follow. You will do fine if you have patient
Sramana Mitra: If you’re trying to do that, are you then saying that you are going out into the social web to pull all that data? For instance, my private bank is Morgan Stanley. Morgan Stanley doesn’t have any of that information unless they go into my LinkedIn graph. Manish Sood: Even before you go
Sramana Mitra: Was there also a visual merchandising element to the segments you were working with? Ofer Yourvexel: Definitely. It’s not just about the product. The brand managers want to control the way their retailers are presenting it. There is an element of making sure that the retailers are complying with the way that they
Sramana Mitra: What were the circumstances of founding this company? Who was involved besides yourself? What kind of financing did you do? Give me a bit more of the entrepreneur journey in the beginning. Manish Sood: In the early part of 2011, myself and my co-founder sat down and talked about the idea. At that