“So you bootstrapped the whole company?”
“Yeah, I turned it down. Turned down the funding.”
“Oh.”
“Yeah, I turned it down just to do this, just to grind it out, build it myself.”
“So you had an opportunity to take venture money?”
“Yeah, a term sheet and everything.”
“From who?”
“Yeah, a big fund out in Menlo Park. It was a top-tier firm, though. And they offered me like 15, some shit like 10 billion or something like that, 5 billion, something like that.”
“Wait, wait, wait. A term sheet.”
“Yeah.”
“Okay, but not 5 billion dollars. They offered you 5 billion dollars for your seed round?”
“Yeah.”
“For a seed round?”
“Yeah.”
“What are we doing here?”
“Like, what the y’all, like, you know what I’m saying?”
“That’s more than the GDP of a small country.”
“But I was so younger, like, I didn’t know what a cap table was.”
“Are you sure they offered you 5 billion dollars?”
“I turned it down.”
“You didn’t even have a product.”
“It was a SAFE, like, I had to give up equity for this decade.”
“But you would get $5 billion?”
“Yeah.”
“You’d be one of the most valuable companies on earth.”
“It was somewhere, it was in the billions, though.”
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onlyfans is one of the worst things to happen to modern society and i don’t care how unpopular that take is
they built a platform that incentivized young women to sell themselves by dangling life changing money in front of them.
and every girl who made it big became a walking billboard for the next wave of 18 year olds who thought it was their ticket to freedom
it’s not empowerment it’s exploitation with a marketing budget.
the damage this has done to an entire generation of women and the way young men view relationships is something we won’t fully understand for another decade
and the owner sitting back collecting 20% of every single transaction isn’t a genius businessman.
he built a machine that profits off the commodification of women at scale.
that’s not innovation that’s a pimp with a payment processor
if you believe in the afterlife that man has a very uncomfortable conversation coming.
but sure keep putting him on magazine covers and calling him an entrepreneur
have a good day
Zoom out man. Selling a company for 5+billion and helping a lot of your employees make money is not losing. Furthermore, if you look into what C1 is actually building, you’ll realize Ramp has a lot of competition on the horizon(spoiler: its brex!)
+ after 2021 lot of companies have sold below private market valuations, and Ramp would too! Dosen’t mean they are a failure, just that conditions chance and funding rounds are more worried on growth than cash flow