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How do you fund this kind of projects then?
by qwerty456127 6y ago
How do you fund this kind of projects then?
- exdsq 6y agoBusiness loans, personal investment, bootstrap, profits, etc. How every other company in the world has to get funding :P
- muzani 6y agoVCs were skeptical, partly because it did not fit their concept of a tech company. Government were uninterested because it sounded like a food company at its core masquerading as a tech company; we were more like a recipe app that directed ads internally. At the time, the buzz was that Uber, Airbnb, Alibaba held no stock, and nobody wanted to invest in companies that needed a warehouse, even though everyone wanted to invest in e-commerce. Banks actually called us up and asked us if we wanted to borrow money because we had steady revenue. Our delivery and food supply partners were actually interested in being early stage investors, so there's that route. We started with about $2500, most of it going into salary. Suppliers were happy to send the stuff direct to customers when we started and let us pay them the money due once a month, at a smaller profit margin. As we started selling more, we'd keep a literal ton of stock on hand.