It’s been just over six months since Australian startup Invoice2Go raised $35 million in its first round, valuing it at over $100 million and setting down a path chasing hyper-growth.
It’s a process which has proven to be eye-opening to say the least, company founder Chris Strode told Business Insider.
Following the Accel Partners and Ribbit Capital investment, the company has since appointed former eHarmony boss Greg Waldorf as CEO who is based in Palo Alto, California.
“I think that I read heaps about what happens when you take on investment and what hyper-growth is actually like,” Strode said.
“After the last six months of going through hyper-growth, we’ve more than tripled our staff, we’ve gone from roughly 25 people to 85 people in the last six months.
“We’ve doubled our paid subscribers from 100,000 to 200,000 by bringing on an acquisition team… It’s very busy.”
The company is now localised in 11 different languages and it’s looking to expand into a number of other global markets but Strode wouldn’t confirm which ones.
Despite racking up some big growth rates Strode said, “It doesn’t feel like we’ve rushed it.”
“We’ve built our staff up over several offices so it’s not like we’ve tried to bring everyone into the one office,” he said, adding, “It doesn’t make you stronger unless you bring the staff on at the right rate.”
Strode doesn’t rush much. Invoice2Go wasn’t an overnight success by any means. The company was 12 years old when it closed its first raising last year.
Since raising, a lot of emphasis has been placed on implementing financial and engineering processes.
“I think that we’ll probably stay at a pace like this for another six months,” he said, but the team will be jumping on opportunities like the Apple Watch.
Strode has had an Apple Watch on order since about 4 minutes after pre-orders opened. He’s pretty excited.
“The wearables market is going to be a big game changer to what mobile was five years ago,” he said.
“The opportunity is there are some things that you can do a lot of things easier from your wrist compared to on your phone.”
Invoice2Go will launch its Apple Watch app on Friday which enables users to start timing a job from the moment you walk through the door. It also uses geofencing to clock off and send an invoice.
Designing the app, Strode said the company has just tried to keep things really simple from the get-go.
“You’ve got to start with a simple idea because things get really complicated really quickly,” he said.
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