A Product Market Fit Show | Startup Podcast for Founders He raised $30M & failed. Then raised $0 & grew to $550M in revenue. Here's what he learned. | Mike Salguero, Founder of Butcherbox
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Apr 21, 2025 
Mike Salguero, founder of ButcherBox, shares his journey from raising $30M for a failed startup to bootstrapping ButcherBox to $550M in revenue. He emphasizes the importance of product-market fit versus investor expectations. Listeners will learn how focusing on customer needs and ditching vanity metrics fueled his success. Mike discusses the benefits of bootstrapping, transforming challenges into opportunities, and the ethical commitment to sustainable meat production. His insights are invaluable for early-stage founders aiming for genuine traction.
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CustomMade.com VC-backed Failure
- Mike Salguero raised $30 million for CustomMade.com aiming to build a marketplace without product market fit.
- The marketplace failed due to complexities in customizing products and taxing makers, leading to closing and pivoting.
Money Isn't Product Market Fit
- Raising money can be a misleading indicator of product market fit because VC interest can be gamed.
- True product market fit requires real customers who pay and refer others consistently.
Launching ButcherBox From Scratch
- After foreclosure of CustomMade, Mike started ButcherBox as a hobby with $10,000 and a Kickstarter campaign.
- He focused on delivering grass-fed beef subscription boxes, meeting a real unmet customer need.
