
Shopify raises $7 Million Series A - faramarz
http://www.shopify.com/press/articles/7-million-series-a-funding/
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steveklabnik
So much for "Bootstrapped, profitable, and proud," eh?
<http://37signals.com/svn/posts/2378-profitable-proud-shopify>

That said, congrats to Shopify. You guys do great stuff, and your open source
contributions are top-knotch!

~~~
xal
Well as you can see, the post was taken out of the Profitable & Proud series
and was renamed to a QA right after posting.

I guess we are not technically bootstrapped by some incredibly demanding
definition of the term.

To me all those things - Bootstrapping, Angel money, Grants, VCs, etc - are
just tangential tools in a pretty large toolbox that we as entrepreneurs can
draw upon. There is no secret bootstrap society that you get to join if you do
that just like there is no secret hammer society that you get to join if you
only use hammers for all your carpentry jobs.

In any case, use the right tool for the job. We started a risky business in a
crowded space so we bootstrapped. We ran out of cash so we got Angel money. We
became profitable so we increased our own spend. We got really good at this
and wanted to accelerate so we take VC money to get to our goals faster. It's
not rocket surgery.

~~~
steveklabnik
Quite true. I've mentioned some of those things below, and I absolutely don't
mean to denigrate your success, you guys are great. It's just changed the way
that I see how you see yourselves, though I guess I should have been thinking
that way all along.

Keep up the awesome. :)

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cal5k
Not a single Canadian VC in the bunch. A pretty good illustration of what's
wrong with Canada's VC industry... it doesn't exist! ;-)

~~~
xal
The last Canadian VC I talked to accused me of being uninterested in growing
my company after I didn't want to show up for some event with their LPs...

Being insulted by a VC is almost a rite of passage up here.

~~~
karamdeep
That's horrible if true (and I have no reason to doubt that). However,
methinks you've been talking to the wrong Canadian VCs...we're doing our best
@iNovia to change those perceptions. I think the reality is VCs who act like
jerks are going feel it in their pocketbooks when their deal flow and returns
dry up. That being said, congrats on the round - great syndicate, great team
and a great product.

Between Well.ca, Shopify and Beyond the Rack, Canadian E-Commerce companies
seem to be on the cusp of big things...exciting times indeed.

~~~
cal5k
Karamdeep,

I notice you're an Ivey grad - very cool, so am I. Next time you're in Toronto
I'd love to chat - I write quite a bit on Canadian entrepreneurship. A notable
example:

[http://www.myplanetdigital.com/digital_strategy/blog/why-
can...](http://www.myplanetdigital.com/digital_strategy/blog/why-canadian-
tech-entrepreneurs-need-manwoman)

~~~
karamdeep
enjoyed the article...i'll be back in town late next week, drop me a line:
knijjar@inoviacapital.com

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3dFlatLander
I've set up a number of shopping carts on shopify. It's been one of the best
things that's happened to my freelancing life in a long time. Their
documentation is a pleasure to read, and you can do some really nifty stuff
without having to worry nearly as much about security (looking at you
OSCommerce).

~~~
subpixel
I'm working on some Shopify projects and have found the documentation lacking
(i.e. written in broken English, out-of-date regarding newest code
developments, and some links point to missing documents).

I have tons of respect for the company and the team, but the documentation
isn't given first-class status in my experience.

~~~
xal
Totally agreed. We will get much better at this in the future. Unfortunately
2/3 of the funding team (me included) are english-second-language.

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cromulent
Good on them, they have a fine product and contribute back. I hope they all
make a ton of money. My wife is an e-commerce trader and she's never written a
line of code, and she uses Shopify. And I am not support, and that's good for
everyone under this roof.

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lionheart
Congratulations! Shopify is a big inspiration for me. My current project is a
similar platform for selling digital subscription products and I'm hoping to
one day get it to the level Shopify is at right now.

Plus, their support is amazing. I have no idea how they can manage to keep it
on this level with so many people.

~~~
xal
Great field, this is a very common request we are getting but it's not a true
market fit for Shopify. Consider building it as a Shopify app so that you can
market it to our customer base and through our sales.

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code_duck
Shopify certainly has a good deal going for themselves, with that they take a
monthly fee AND a percentage of revenue. Nobody else in this market has been
gutsy enough to ask for both!

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navyrain
I was thinking about writing a few apps for Shopify, so this might just push
me over the edge.

Any ideas/hints on how they'll expand the API? There are a few different calls
I wish were there.

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xal
edward@shopify.com is the right person to talk to. We add new API's constantly
as it's by far our biggest development focus. I'd also love to hear your
thoughts, you can reach me at tobi@shopify.com

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markbao
Curious to see if the founders retained control of the company after their
Series A or not. There was a discussion earlier about this.

~~~
xal
yep we only sold a small minority.

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markbao
Baller status. Congratulations, Tobi and team :)

