One Year Later

Last week I celebrated my first full year at Half Off Depot.  It has been a pretty amazing first year. Some of the stuff we have accomplished, purposely partially masked through statistics.

We raised $7 million via venture capital and $1.5 via venture debt.

Subscribers have grown by 450%. Over 200% in 2011 and over 150% YTD in 2012.

We expanded from two MSAs in which we are actively marketing local deals to nine today. We also extended into national product deals.

Revenues doubled in 2011 from 2010 and are a pretty solid growth path for 2012.

Employees went from 21 then to forty something. The employee growth was not smooth. I fired a founder, an interesting experience. Our VP of Marketng and CTO left the team and I had to step in to lead those groups directly. Truth be told I terminated more people in the last year than in the previous ten. Startups are not all fun.

Half Off Depot turned cash flow positive. A heroic feat if you saw our financials in the fall of 2011.

Began a pretty large scale technology transition.

Made two asset acquisitions. One for a company called Dealster and one that has yet to be announced. There is a good path here for a well funded cash flow positive company.

So money in the bank, a rapidly growing member base, which brings about big revenue increases, employee growth, and a healthy bottom line in a mode to play consolidator.

A good first year.

May 21, 2012  |  Comments  |  Tweet  |  Posted in Half Off Depot, Personal