Let’s talk a bit about raising capital. Can you give us the ‘how, what, why, and when’ of your funding strategy?
00:55:56 – I think the first thing that you need to have in order to get funding is ambition, it’s that part that people forget about. Because when you put money into another business, you want to be able to make 100x instead of 3x or 5x. So you need to have the ambition as a founder to want to get there because this will attract really really good investors.
We had a story where we got a couple of acquisition offers, one of them being a very serious one from our main competitor. And we decided to say no. We just didn’t want to sell, we were having too much fun. Plus we didn’t get to 10x and 100x yet and we wanted to win, so we needed more capital.