Sramana Mitra: It’s so disheartening to see all these great businesses go through a Death by Overfunding. I’ve written extensively about this.
Mike Salguero: What’s funny is with this business, we haven’t raised any money. We are way bigger and way more successful. So much of the success and where we are right now is because we didn’t raise money.
>>>Sramana Mitra: Are you talking about the category that Outbrain and Taboola have been in?
Peyman Nilforoush: They are the ad networks.
Sramana Mitra: They were in the business of propagating and pushing content.
>>>Sramana Mitra: You are in Chicago and Warsaw?
Stefan Batory: Today we have offices in San Francisco, Chicago, Orlando, Tampa, and San Antonio in the US. We have offices in Warsaw and a few other cities across the country. We are also in Sao Paulo, Johannesburg, and in Madrid. These are the markets that we actively go after and operate in.
Sramana Mitra: How many people?
>>>Sramana Mitra: What were the business metrics with that $500,000 and with that $1.2 million? How was the business moving?
Mike Salguero: When we first bought the website, it was a subscription business where the maker would pay an annual fee to be on the website. We scaled it pretty well. We had a whole team of salespeople and had all these leads.
>>>Sramana Mitra: What was the name of your ad network?
Peyman Nilforoush: NetShelter.
Sramana Mitra: What years were these?
Peyman Nilforoush: From late 1999 to 2008. In 2008, we raised $26 million in venture capital. We moved to San Francisco in 2009 and started building out the company and scaling it out. We ended up selling the company in 2013.
>>>Peyman has done two startups in the ad network and content network field, and this discussion takes us through that journey.
Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?
>>>This is a fascinating story of a subscription service for high-quality meat being delivered to consumer homes.
Sramana Mitra: Let’s go to the very beginning of your story. Where are you from? Where were you born, raised, and in what kind of background?
>>>Sramana Mitra: How did you acquire this very fragmented customer base?
Stefan Batory: Initially, we weren’t been thinking about that because we were supposed to work with that partner from southeast Florida who was supposed to acquire clients for us.
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