Mat Ellis

So we look at the core driver of our business is our percentage share of your IT budget.

And we can sell more services or we can get your total spending to go down.

Most people take the total spending and repurpose it to other technical activities, more product, faster performance, or more engineering.

We are doubling or more than doubling every year.

Oh, yeah.

Yeah, but we are breaking, every quarter we're breaking new logo records.

Do you remember that memo from Amazon when they did IPO in 97, day one, day two?

We're still on day one.

Bootstrap.

Until the next session.

We've raised, we've spent nearly $60 million of our investors' money.

Yeah, we've raised a mix of debt and equity, and we've been fairly imaginative in how we do that.

Because we're very supportive investors.

32 in equity.

What is very sensitive and quite a big differentiator for commercials, I don't want to get too much into it, but there's a leverage limit to what the venture debt people will give you.

And then you can generally get more debt from a mezzanine provider.

And you'll pay a much higher rate of interest, maybe three or four times what you pay on the venture debt.

But you can get even more leverage and less dilution for your next round.

Basically, you're borrowing money this time against your next round.

So you're getting the money, your next valuation instead of your last valuation.