You can listen to this week’s recording here.
During this week’s roundtable, we worked on three very different businesses. The third of these was a fat startup in need of pre-seed funding with very little validation. As discussed, it is excruciatingly difficult to fund unvalidated ideas. You can listen to the discussion for more color on the subject if this is something you
Sramana Mitra: So 2018, what kind of customer level did you finish at? Beside the regular stuff of getting your sales organization ramped up, was there any other strategic thing that you did that is worth a discussion? Tomer Shiran: When we launched, we had both a free version of the product and an enterprise
Sramana Mitra: In the time that you’ve cracked the market for your early customer base, what has become the dominant use case of the product? Tomer Shiran: It’s actually pretty diverse now. It’s very horizontal. Sramana Mitra: So you’re selling to IT? Tomer Shiran: Oftentimes, we’re selling to IT. We’re either selling to IT or
Sramana Mitra: What was your experience in raising Series A? Tomer Shiran: It was a very good one. We went through the process. We mapped out which investors we knew that we wanted to discuss this with. We probably met six or seven investors. A majority of them were interested in investing in the Series
Tomer Shiran: Somewhere in the company, we have some data about our customers and business, but we don’t have that ability to ask questions and get an answer because the data is in so many places and it’s in various different structures. It really requires a lot of engineering effort to do anything with it.
Yes, concept financing still happens from time to time, especially for fat startups, but you need to have deep domain knowledge, and strong investor relationships, to pull one off. Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born and what kind of background? Tomer Shiran:
Sramana Mitra: I know you filed to go public because we used to cover you before you got acquired. What was the evolution of that journey? Jyoti Bansal: Companies can go public anytime from $60 million to $300 million in revenue. We filed when we were about $160 million in revenue. We were growing rapidly