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Bootstrapping, Building Strong Culture and Best Practices for Scaling | Zak Hemraj
Watch on YouTube ↗Boot-Strapping Company & Embarking on a Venture Path - Zak Hemraj
Watch on YouTube ↗First seen on the TechTO stage in 2021. Every talk is searchable — ask the archive about Zak ↗
In their words
When you are bootstrapped, you are obsessed with your customers, because you know the value of every single customer relationship. You get really good at thinking about ROI — making trade-offs, like if I have one dollar, where do I put it?
There was a book we read early days called Lean B2B, and I remember this quote that always stuck with me: as soon as you have five raving fans that are paying you money, you have enough product-market fit. So just focus on that.
Raising venture I think was more about the injection of confidence than it was about the injection of capital. We raised about 9 million in 2018, and it was a going-for-it moment: we're going to accelerate product, build an executive team, stop being our quiet Canadian selves.
Here we are 11 years later and there's all these companies coming in saying Loopio is the old way of doing things. Hearing that as a founder is soul-crushing, because that's my job — to tell people that's the old way of doing things.
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Quick answers
What is Zak Hemraj known for?
Co-founding Loopio in 2014 and building it into a leading RFP-response software company. He bootstrapped it for four years before raising a $9M Series A in 2018 and a $200M investment from Sumeru Equity Partners in 2021.
What did Zak Hemraj do before Loopio?
He spent about eight years at Achievers (formerly I Love Rewards), the employee-engagement software company, working as a sales engineer and engineering manager as it scaled from roughly 20 to 200 people.
Who are Loopio's co-founders?
Zak Hemraj (CEO), Matt York (CTO), and Jafar Owainati (COO). Hemraj met Owainati as an engineering classmate and worked with York at Achievers before the three started Loopio in 2014.

