Antti Navala

But yeah, it was the starting point for us, a couple of persons starting the development of mFiles with the funding of something I had created a little bit earlier.

So that allowed us to be bootstrapped for the early years.

So we did all of the development of the product in the early years just with the revenue of my previous product and then we got all the way to 9 million in revenue before we raised our A round in 2013.

Yeah, probably seven, seven, eight.

Yeah, that was our B round.

Again, in euros, that was a 33 million euro.

So maybe $36 million B round.

We did a debt financing round in 2018, 27 million euros.

And then a little bit opportunistically, we did a C round, which we announced in January 2021.

That was a bigger one, 67 million euros, 8 million USD.

Yeah, yeah.

Yeah, there was some secondary there.

As a company, we didn't necessarily need additional funding at that point.

So our way of thinking was that, yes, it's good to get additional buffer into the business, but it was also an opportunity to offer liquidity for some earlier investors and earlier co-founders or employees who had already left the business.

So yeah, to be even more

precise, we used about 30 million of that AT for secondary.

It wasn't difficult at all at those times, probably the same experience with others that investors were

very eager to invest in our business.

And since we were cash flow positive or cash flow neutral, so the business didn't really need a lot of additional capital.

So they're really the only sensible way for investors to be able to put more money in is to us.