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Havish Gupta
Figuring Out • 9m
How a Bootstrapped Startup Grew to a $12 Billion Exit This is Mailchimp, a 2001 startup by Ben, Mark, and Dan, which was started as a side hustle to support small businesses with email marketing. It was a basic paid tool that let you send emails to potential customers automatically. Tho, the game changed when Mailchimp introduced the freemium model in 2009. This bold move boosted its user base from 85,000 to 450,000 within a year! As they grew, they constantly kept innovating as they expanded their offerings to include landing pages, website building, customer lead tracking, and ad retargeting. Along the way, they made strategic acquisitions, like LemonStand and Courier Media, to strengthen their ecosystem and broaden their appeal. By 2014, the platform was sending over 10 billion emails monthly on behalf of its users. This crazy growth caught the attention of giants. But the founders still kept rejecting venture capital and acquisition offers and remained bootstrapped for whole 20 year! But in 2021, Intuit anyways acquired Mailchimp for an $12 billion in cash and stock, making it one of the most successful exits for a self-funded company. At the time of purchase, Mailchimp's revenue stood at $800 million with an impressive $300 million profit. Their journey is a perfect example of how dedication, innovation, and great product can lead to extraordinary success—without the need for funding. So, is VC money overrated?
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