

1244 Why Freshbooks CEO was Anti-VC, then Raised $75m
Dec 20, 2018
Mike, co-founder and CEO of FreshBooks, transformed a basement startup into a leading cloud accounting software with over 10 million users. He shares his journey from resisting venture capital to strategically raising $75 million, emphasizing customer service throughout. The podcast delves into simplifying invoicing for service professionals, navigating capital challenges, and fostering personalized customer connections. Mike also reflects on leadership lessons and how aligning company values with investors has been key to FreshBooks’ growth.
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Mosquito Immunity Anecdote
- Mike spent long canoe trips outdoors where he was bitten by mosquitoes frequently.
- This diverse experience led to the humorous notion he might have developed immunity to mosquitoes.
Focused Market Differentiation
- FreshBooks focuses on professionals paid for their time and expertise, not all industries.
- This focus keeps the product simple and tailored, serving client service-based businesses effectively.
Free Trial vs Freemium Models
- Freemium models attract more users but often convert fewer to paying customers.
- Free trials create a decision point that better enables businesses to learn and optimize revenue.