5/17/2023 0 Comments Red swan vc![]() So you might be wondering, why raise funding if everything is going so well and we’re in full control? Here are some of the reasons: 1. On top of that, we’ve been profitable for the last 6 months and have grown our bank balance to over $1m. At the same time, we feel our discipline to building real value has helped us to reach $4.6m in annual revenue on only $450k in funding. In many ways we’ve been lucky to hit upon a product that solved a big problem for people, and for the social media market to be growing so fast. Since we had revenues, we didn’t need to raise as much and retained a lot of equity and control to take the company in the direction we felt drawn towards. We worked first towards earning money by building a valuable product and only when we had solid traction we decided to raise funding. We started generating revenue in the first week of launching Buffer and always focused on creating a solid business. Why raise funding when we have $1m in the bank and have been profitable for the last 6 months? We will be working very hard and hope that things will continue to grow in the same way, but it is worth noting that if you choose to invest in Buffer that these numbers can’t guarantee future success or a return. ![]() We’re lucky to be part of a great team and it’s been a combined effort to be at this stage. While the graph looks like a clear upward trend, things have not necessarily always been smooth. We’ve been very happy with our progress to date.
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