How to grow a startup to €2m ARR in a year with 3 kids, little time, and a terrible company name (plus 4 startup lessons learned):
My latest health-tech startup, originally named XYZ Health (I know, what was I thinking), was incorporated just a few days before my wife gave birth to our third child.
I’ll admit — this kind of situation forces you to think differently with the scarce hours available.
Nicholas and I would literally work from my kitchen table, with kids and Hama bead’s everywhere. 90% of our work went into building the product and clinic. The rest would have to solve itself somehow.
A tip came from an investor Simon who understood what we had envisioned. We showed what we had done in just weeks - that closed our first investment.
We did get some feedback on our name, though.
”You provide holistic obesity care, but you sound like a nerdy data platform for men.”
He wasn’t wrong — so we changed the company name to Embla, the “Eve” or Mother of All in Norse mythology. Today 75% of our member base are women, we do a lot of work with menopause, help with pregnancy etc.
Good call.
A month later we had our first paying customer. A couple of months after that, we released our weight loss app and grew to €2m ARR in a year.
Each of our following investment rounds took ~3 months to raise.
Are there faster growing companies out there?
Sure.
But what’s been our priority since day 1 is to keep our clinical ethics high in a world of quick fixes. This means that we’re now sitting with the leading clinical evidence that we apply to offer a truly personalised treatment.
We have proven 65% lower medication usage, stellar retention, and that our members experience best-in-class weight loss results and actually keep it off.
I would trade that any day for a quick bump in revenue.
We are in this for the long run.
Now, this experience has taught me a lot so far. Here are my top 4 startup lessons learned:
(1) 𝗜𝗳 𝘆𝗼𝘂 𝗱𝗼𝗻’𝘁 𝗵𝗮𝘃𝗲 𝗺𝘂𝗰𝗵, 𝘄𝗼𝗿𝗸 𝘄𝗶𝘁𝗵 𝘄𝗵𝗮𝘁 𝘆𝗼𝘂’𝘃𝗲 𝗴𝗼𝘁 𝗮𝗻𝗱 𝗯𝘂𝗶𝗹𝗱 𝗺𝗼𝗮𝘁.
We knew how to build software and run a clinic. We are not marketing, network or slideshow aficionado’s.
(2) 𝗧𝗶𝗺𝗲 𝗶𝘀 𝘆𝗼𝘂𝗿 𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝘆.
Invest it ridiculous precise in what you believe will have the biggest impact. Spend the rest recharging your batteries with the family.
(3) 𝗩𝗖’𝘀 𝗰𝗮𝗻 𝗯𝗲 𝘀𝘂𝗽𝗲𝗿 𝗵𝗲𝗹𝗽𝗳𝘂𝗹 𝗯𝗲𝘆𝗼𝗻𝗱 𝗺𝗼𝗻𝗲𝘆.
They are also very different, so find the ones aligned with your vision as you would a co-founder. Skip the rest if you have the luxury.
(4) 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 𝘀𝘁𝗮𝗿𝘁𝘂𝗽 𝗶𝘀 𝗻𝗼𝘁 𝗮 𝘀𝗽𝗿𝗶𝗻𝘁.
It’s a series of marathons, triathlons and sports you’ve never even heard off. Ensure that you pace yourself accordingly, refuel when needed, push when you can, stay in the game. Consistency and patience will take you there.
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What’s your experience building a company while raising kids?
Business Development Leader | Alternative Asset Expert | Startup Investor & Advisor
3yCool interview Tammy Sun