Sramana Mitra: In 2012, you had around $1.5 million in revenue and you had a bunch of customers. In 2013, Samsung expressed interest in both becoming a customer and an investor. That’s when you started seeing the traction from the VCs? Manmeet Singh: Yes. Toba Capital moved faster than anybody else. My old angels have
Sramana Mitra: These are large enterprise deals essentially. Beerud Sheth: Yes and no. They are large enterprises but selling to them is quite easy because we designed the product to be very simple. The app is a freemium product available in the app store and in the cloud. You just download and can get started in
Sramana Mitra: Did you have the ability to manufacture at a large scale with your design partner and did you have all the shipping and handling set up at that point? Jodie Fox: Yes, we did have the setup for the shipping and handling of international orders. We didn’t necessarily have the correct manufacturing setup.
Manmeet Singh: Those four years were a struggle for me. Generally, entrepreneurs don’t last four or five years of struggle. There was no money and very little revenue. The VCs weren’t spending money and enterprise business was not looked upon as a good business. That’s the reason why I was out every week raising money.
Sramana Mitra: Tell me about this new product. Beerud Sheth: We’ve been working on it for a year. It’s been in beta for a few months and we’re launching it right now. We’re very excited about it because I think it brings some very clever ideas to the table. Just stepping back, with the rise
Jodie Fox: Around five months later in March 2010, the next big thing we did was work with a YouTube blogger to promote Shoes of Prey. This idea of working with YouTube was not one that we’d heard of before. This YouTube blogger that we approached had a following that she had built around make-up videos. She
Manmeet Singh: I stayed on my course. VCs were not ready to put in money. If you look at history, that was the worst time to raise money. That was the time that I had to go from one angel to another. I did coffee and lunch where I invited 10 to 20 people. Five
Sramana Mitra: Up till what point were you operationally involved? Beerud Sheth: I was there until 2005, or about seven years in the company. In 2001, we started this enterprise software and we sold it in 2007. While the company was heavily focused on the enterprise side, I was a little less interested in that part.