Sramana Mitra: Is there anything else from your strategic thought process that you want to share that has helped you achieve what you’ve achieved so far? Terry Ryan: I would just like to touch for a moment on VCs, private equity, and growth capital, I’ve done all the above. When people talk to me about that
Sramana Mitra: You said you raised a lot of money. What’s the total amount of financing you raised? Robert Reffkin: $73 million. Sramana Mitra: Why have you raised so much money? What have you done with that money? Robert Reffkin: We raised $73 million because we wanted to hire the best people we possibly could.
Sramana Mitra: You’ve been in the market for five years. You have not raised any other funding after that $10 million seed round. Where are you now? Terry Ryan: We have definitely turned down funding. It’s a very interesting world in healthcare IT right now. Sramana Mitra: Yes, it’s a very interesting world. Terry Ryan:
Sramana Mitra: What else is interesting in the strategic story? Robert Reffkin: While searching for the most valuable products and services to this business, we surveyed our clients and asked them what they cared most about. They cared most about helping them answer questions like what’s the right price for a home and how do you
Warren Barkley: There is a district in Washington State who have way less money than most districts. They’ve a lot of kids who are in and out of school, but every kid has a laptop in its population of 20,000. The curriculum is online for pretty much everything that they want to learn in the K-8.
Sramana Mitra: That was what I was trying to extract. One of the things that is always very compelling is if you can solve a serious enterprise problem for people who have a lot of money and for whom you can end up saving a lot of money. That’s the reason why I took you
Sramana Mitra: From the time that you launched to getting to your first customers who were selling their properties on your platform, what was the time window? How long did it take you to get your first transaction? Robert Reffkin: The first transaction was in the first month. It was a rental. We had more
Sramana Mitra: That sounds terrible. The example you gave is shocking. Warren Barkley: That was probably one of the worst examples. I’ve seen scenarios where kids aren’t allowed on the network, so they have apps downloaded for them. They can work on some applications, but then there’s no learning artifact out of it. The devices can’t