Ben Lerer: Why Thrillist Raised $13 Million

TL;DR

A media company discusses its recent funding round, clarifies its business model, and explains its strategic decisions.

Transcript

so i also want to thank you for breaking a huge piece of news an hour before you showed up you are very welcome for those who who didn't see uh they've raised a new 13 million dollar round of funding something i had heard about but decided i wouldn't break as a courtesy since you were showing up and in possibly the most dick media move ever you uh ... Read More

Key Insights

• 🤨 The company recently raised $13 million in funding.
• 🦾 The CEO emphasizes that the company is primarily a media company with an e-commerce arm.
• 😘 The initial funding was low because the company was inexperienced and had a modest vision.
• 🏛️ The company's focus was on organic growth and building trust through quality content.
• ❓ The CEO acknowledges the role of investors in decision-making but strives for transparency.
• 🥺 Misunderstandings about the business model led to the company being labeled as an e-commerce company.
• 😀 The company's revenue breakdown is skewed towards e-commerce due to the success of an acquisition.

Questions & Answers

Q: Why was the recent funding round reported before the CEO's appearance?

The news was broken earlier as a courtesy, but it created an awkward situation. Despite this, the CEO is willing to share more details and ensure transparency.

Q: Did investors have control over the CEO, contradicting their claims of being in charge?

Yes, investors played a role in decision-making, including influencing the company's valuation. The CEO acknowledges the need to keep investors happy while prioritizing transparency.

Q: Why was the company initially categorized as an e-commerce company?

Some investors misunderstood the company's business model. The CEO and team did not effectively communicate their media-focused strategy, leading to misperceptions about their valuation.

Q: How much funding did the company raise initially, and why was it kept low?

The company raised $1.8 million in its early stages because they lacked experience in fundraising and had a modest vision. They focused on organic growth, building trust, and proving the viability of their content.

Summary & Key Takeaways

• The company raised $13 million in a recent funding round, which was reported before the CEO's scheduled appearance.

• The company clarifies that it is a media company with an e-commerce arm, not solely an e-commerce company.

• The CEO discusses the company's initial funding, why they chose to raise a small amount, and their focus on organic growth through great content.