Fundraising
Raising capital, VC relationships, and investment strategies for DevTools.
41:16Episode 169
Kyle Cheung from Greybeam - jumping over bathroom stalls.. as marketing
Kyle Cheung, co-founder of Greybeam, shares how his team built a tool that reduces Snowflake costs by 70-95%, without migration, drawing from multiple pivots over two years. The discussion covers their quirky marketing tactics and advice on fundraising as storytelling.
This episode is brought to you by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
Links:
• Kyle's Linkedin
• Greybeam
This episode is brought to you by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
Links:
• Kyle's Linkedin
• Greybeam
45:06Episode 167
“I met my cofounder while gaming” - CEO of Northflank, Will Stewart
Will Stewart is the CEO and co-founder of Northflank, the developer platform. He shares how a teenage gaming side project turned into a self-service developer platform that runs complex workloads on Kubernetes across any cloud. He talks about meeting his co-founder online, fundraising and hiring remotely and why they took years to launch. He offers some interesting insights on dealing with bugs, product vision and changelogs.
This episode is brought to you by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
Links:
• Northflank
• Will's Linkedin
This episode is brought to you by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
Links:
• Northflank
• Will's Linkedin
53:52Episode 131
The startup behind ChatGPT voice - Russ d'Sa from LiveKit
Russ D’Sa is the founder of LiveKit. They are an open source tool for real time audio and video for LLM applications and they power the voice chat for ChatGPT and Character AI.
We discuss:
- How lightning works (using ChatGPT/LiveKit)
- How LiveKit started working with OpenAI
- Why Russ turned down an early 20m acquisition offer
- What it’s like to work with the fastest growing company (ever?)
- How to prepare for massive scale challenges
- Russ’s 3 letter twitter handle
This episode is brought to you by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign-On and audit logs.
Links:
- LiveKit
- Russ’s Twitter
We discuss:
- How lightning works (using ChatGPT/LiveKit)
- How LiveKit started working with OpenAI
- Why Russ turned down an early 20m acquisition offer
- What it’s like to work with the fastest growing company (ever?)
- How to prepare for massive scale challenges
- Russ’s 3 letter twitter handle
This episode is brought to you by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign-On and audit logs.
Links:
- LiveKit
- Russ’s Twitter
47:07Episode 126
Nikita Shamgunov - founder of Neon: storytelling, pricing and hiring execs
Nikita Shamgunov is the founder of Neon, an open-source serverless Postgres company. Before Neon, Nikita co-founded MemSQL, now SingleStore, which is valued at over a billion dollars. He has also worked as a VC at Khosla Ventures and held engineering roles at Meta and Microsoft. Nikita is known for his strategic thinking and transparency about his decision-making process.
We discuss:
- The importance of storytelling and providing a clear narrative for your company
- When to introduce a sales team and how to build a sales and marketing "machine"
- Pricing strategies, including pricing for storage and compute in the data and analytics space
- The evolution of revenue models in DevTools: from selling seats and storage/compute to selling tokens
- Lessons learned from hiring MongoDB’s VP of Engineering, focusing on improving reliability and building strong team management processes
- The benefits of using a high-quality recruiting firm and avoiding the pitfalls of bad hires
- Balancing competitiveness with respect for competitors to maintain credibility, particularly in the developer tools market
- The idea of “developing your taste” in product development, inspired by Guillermo Rauch from Vercel
- How modern dev tools can monetize through seats, storage/compute, or tokens, with tokens currently being the most profitable
- Why Nikita advises DevTools founders to understand the business model framework and align it with their strategy
This episode is brought to you by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
Links:
46:17Episode 117
Louis Knight-Webb from Bloop.ai - the YC startup turning COBOL into Java
Louis Knight-Webb is the CEO and co-founder of Bloop.
Bloop helps with modernizing legacy software, particularly focusing on COBOL and mainframes.
This episode is brought to you by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
Takeaways:
- Mainframes and COBOL are still foundational in many industries.
- Bloop started with a focus on code search but evolved to address legacy code modernization.
- The transition from COBOL to Java is a significant challenge for many enterprises.
- Innovative approaches are needed to effectively translate legacy code.
- Ensuring code quality during migration is crucial to avoid operational disruptions.
- AI can enhance the code translation process but has limitations with legacy languages.
Links:
- Louis Knight-Webb
- Bloop
Chapters:
00:00 The Legacy of Mainframes and COBOL
03:05 The Evolution of Bloop and Code Search
05:58 Challenges in Modernizing Legacy Code
08:48 Navigating the Enterprise Code Landscape
12:11 The Transition from COBOL to Java
15:05 Innovative Approaches to Code Translation
18:02 Ensuring Code Quality and Functionality
20:56 The Future of Development and AI Integration
23:52 Building Relationships in the Enterprise Space
26:45 The Long-Term Vision for Legacy Code Modernization
Bloop helps with modernizing legacy software, particularly focusing on COBOL and mainframes.
This episode is brought to you by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
Takeaways:
- Mainframes and COBOL are still foundational in many industries.
- Bloop started with a focus on code search but evolved to address legacy code modernization.
- The transition from COBOL to Java is a significant challenge for many enterprises.
- Innovative approaches are needed to effectively translate legacy code.
- Ensuring code quality during migration is crucial to avoid operational disruptions.
- AI can enhance the code translation process but has limitations with legacy languages.
Links:
- Louis Knight-Webb
- Bloop
Chapters:
00:00 The Legacy of Mainframes and COBOL
03:05 The Evolution of Bloop and Code Search
05:58 Challenges in Modernizing Legacy Code
08:48 Navigating the Enterprise Code Landscape
12:11 The Transition from COBOL to Java
15:05 Innovative Approaches to Code Translation
18:02 Ensuring Code Quality and Functionality
20:56 The Future of Development and AI Integration
23:52 Building Relationships in the Enterprise Space
26:45 The Long-Term Vision for Legacy Code Modernization
30:27Episode 104
Fundraising, exiting to Elastic and the future of Product Engineering | Rasmus Makwarth (CEO, Bucket)
In 2017, Rasmus Makwarth sold his previous APM (Application Performance Managment) startup Opbeat to Elastic for an undisclosed amount. Opbeat became Elastic APM, which became a big part of the Elastic Observability solution and Rasmus became Senior Director of Product Management - with a focus on Developer Experience.
Today, Rasmus is the founder and CEO of Bucket.co - a feature flagging tool built for B2B teams. Bucket has raised $5.7m from investors such as Project A and Creandum.
We dig into:
Today, Rasmus is the founder and CEO of Bucket.co - a feature flagging tool built for B2B teams. Bucket has raised $5.7m from investors such as Project A and Creandum.
We dig into:
- The realities of fundraising on a deadline
- The role of San Francisco in fundraising - do you need to be there?
- How exit opportunities can come from unexpected sources and the importance of showing up
- The importance of building a great product
- What Rasmus learned at Elastic - one of the biggest DevTools in the world
- Why Bucket is betting on helping engineers at b2b companies understand how users use their features
- The future of product engineering
Where to find Rasmus:
- LinkedIn https://www.linkedin.com/in/makwarth/?originalSubdomain=dk
- Twitter/X https://x.com/makwarth
- Bucket https://bucket.co/
References
- Elastic https://elastic.co/
- Opbeat acquisition announcement https://www.elastic.co/blog/welcome-opbeat-to-the-elastic-family
- Shay Banon - founder of Elastic https://www.linkedin.com/in/kimchy/
- Gregory Tademoto - VP Global Business & Corporate Development https://www.linkedin.com/in/gregorytademoto/
To support Scaling DevTools, check out the Enterprise Ready Conf from WorkOS https://enterprise-ready.com/
34:37Episode 93
Always be dogfooding, with Andrew Lisowski of devtools.fm
Andrew Lisowski is the cohost of devtools.fm.
In this episode we talk about why Andrew started devtools.fm and what he's learned along the way.
In this episode we talk about why Andrew started devtools.fm and what he's learned along the way.
- Life as an open source maintainer.
- How the JavaScript ecosystem is different to other developer ecosystems.
- The importance of dogfooding.
- The power of DHH.
- Why obsessing over one problem eventually leads to great results
- Should DevTools start podcasts and how?
Links:
- devtools.fm - https://www.devtools.fm/
- Andrew's Twitter - https://x.com/HipsterSmoothie
- devtools.fm Twitter - https://x.com/DevtoolsFM
- Interview with DHH https://www.youtube.com/watch?v=rEZNbM4MUdo
- Interview with Evan You https://www.youtube.com/watch?v=ycuYlzuBqcA
- Interview with Richard Harris https://www.devtools.fm/episode/15
30:20Episode 92
Investing in Open Source Startups with Robby (Amanda Robson)
Robby (Amanda Robson) is the co-host of Open Source Startup Podcast (with Tim Chen).
In this episode we discuss:
In this episode we discuss:
- There are many ways to open source success
- When open source is a good strategy and when it isn't
- Why open source projects usually need time to brew
- How to know if your project is venture scale
- Why Robby believes in the Open Source model
- Robby is working on a highly mysterious new thing 👀
Links:
- Robby's Twitter/X https://x.com/amanda_robs?lang=en
- Open Source Startup Podcast https://oss-startup-podcast.launchnotes.io/
- Interview with Paul from Supabase https://oss-startup-podcast.launchnotes.io/announcements/episode-43-building-supabase-the-open-source-firebase-alternative
- Interview with Leyland from Mobile Dev https://oss-startup-podcast.launchnotes.io/announcements/episode-63-mobile-dev-s-new-mobile-testing-framework-maestro
- mobile dev https://www.mobile.dev/
- Tim's Twitter/X https://x.com/tnachen
38:26Episode 87
Ellen Chisa - Partner at Boldstart Ventures
Ellen Chisa is a partner at Boldstart Ventures. Prior to Boldstart, Ellen founded Darklang - a programming language. Before Darklang, Ellen worked in product.
What we discussed:
What we discussed:
- Startups should focus on building one SDK and doing it well, rather than trying to build multiple SDKs at once.
- North Star metrics
- Developer tooling companies can learn from consumer-facing companies in terms of marketing and creating an identity for their product.
- Being authentic as a founder and actively engaging with the community can help establish a strong brand and attract users. Recognize and leverage your unique strengths and skills.
- Busy work can be valuable
- The importance of segmenting your message
Links:
- Ellen's Twitter/X https://x.com/ellenchisa?lang=en
- Boldstart Ventures https://boldstart.vc/
- darklang https://darklang.com/
45:39Episode 84
Buying Developer Tools Companies with Greg and Matt from Polychrome
Greg Lazarus and Matt Althauser are two of the cofounders of Polychrome - a company that buys small to medium sized B2B software businesses: with a focus on Developer Tools. Their portfolio includes the feature flagging tool Flagsmith (we recorded an episode with them last week) and the browser automation tool Browserless.
In this episode we cover the ins and outs of buying developer tools.
Links:
- Polychrome https://www.polychrome.com/
- Matt Althauser https://x.com/malthauser?lang=en
- Greg Lazarus https://x.com/greglaz5
This episode is sponsored by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
In this episode we cover the ins and outs of buying developer tools.
Links:
- Polychrome https://www.polychrome.com/
- Matt Althauser https://x.com/malthauser?lang=en
- Greg Lazarus https://x.com/greglaz5
This episode is sponsored by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
48:14Episode 77
Dana Oshiro - General Partner at Heavybit
Dana Oshiro is a General Partner at Heavybit. Heavybit is a VC that invests exclusively in developer-first startups.
What we discuss:
What we discuss:
- One sharp thing. Finding an addressable chunk of a bigger opportunity.
- Thinking big & small
- Are 5 people seriously going to support our migration from DataDog? At Facebook you had a lot of support people/systems you're forgetting
- Finding the sidedoor
- Stepping up as a founder
- Fear of hitting up the people you respect.
- Best founders build for themselves
- Do founders get better at putting themselves out there?
- Speaking in front of people to make change - "there's a new approach. We deserve better!"
- Movements
- DevOps & JamStack
- Don't try to control the movement
- Joining into other movements
Links
- Dana Oshiro https://twitter.com/danaoshiro
- Heavybit https://heavybit.com/
Thanks to Adam DuVander from https://everydeveloper.com/ for introducing us.
This episode is sponsored by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
This episode is sponsored by WorkOS. If you're thinking about selling to enterprise customers, WorkOS can help you add enterprise features like Single Sign On and audit logs.
41:23Episode 65
Pivoting a million dollar startup - DevCycle (Jonathan Norris, Brad Van Vugt & Andrew MacLean)
DevCycle is a feature flag management tool.
DevCycle was founded in 2014 originally as Taplytics (an A/B testing tool) by Jonathan Norris, Aaron Glazer, Andrew Norris and Cobi Druxeman, raising $7.8m. Despite creating a million dollar business, in 2022, they raised $5m and pivoted to DevCycle.
In this episode, we cover their pivot and how they think about developer experience.
DevCycle was founded in 2014 originally as Taplytics (an A/B testing tool) by Jonathan Norris, Aaron Glazer, Andrew Norris and Cobi Druxeman, raising $7.8m. Despite creating a million dollar business, in 2022, they raised $5m and pivoted to DevCycle.
In this episode, we cover their pivot and how they think about developer experience.
29:47Episode 58
Dax from SST - content that has nothing to do with your tool can still convert
Dax Raad is building SST - an open-source framework that makes it easy to build serverless apps.
- What Is SST? 0:00
- The theory in January was to make content that has nothing to do with SST and still convert people. Dax validated the theory within the first hour.
- Dax tells us a little bit about SST, a framework for building applications on AWS, and how it works.
- The importance of marketing and content. 2:42
- The focus now has to be on marketing.
- The top of the funnel is when someone has no idea who you are.
- Pitching the idea to his boss. 5:16
- Dax pitched the idea and Fred Schott was immediately down. He spent a day just watching every single episode of Between Two Ferns and wrote down all the patterns of jokes.
- He learned a lot from the first one, and is doing another one today at 230.
- How much goes into the show? 8:04
- The original show is fully done and edits, and that is true of the one that video was made. The video was not close to what actually happened, but it was his response to the video.
- The original is very specific and it's funny how specific the jokes are.
- The importance of having a unique angle. 10:40
- For most companies, announcing an integration is not the most exciting thing to announce.
- The bar is incredibly low, and the expectations are super low.
- Invest more in marketing and content. 12:35
- They are looking to hire a comedian or someone who makes good content on YouTube.
- They are planning a series A, and are looking for people who are talented and can help them.
- Educational vs entertaining content. 14:57
- The only way to capture someone like you is through a different angle.
- The theory in January was to make content that has nothing to do with SST and still convert people into trying out SST.
- Finding an angle that is genuine for yourself.
- How he got over the hump of clickbait. 17:54
- He went through the same hump that everyone goes through when trying to publish content on youtube.
- He was sent a video by a guy who was very successful on youtube and he was explaining why he does what he does.
- The importance of having a good content. 20:51
- Youtube is an amazing place. People will watch it if it's good.
- Marketing is a huge lever. 23:20
- They are a very small company. They are able to do a lot given their small size and they are going to continue to be a small company, so they need to find ways to find leverage anywhere they can.
- They are excited about what they can invest in.
- Dax would love to work with someone who is good at filmmaking and editing to keep it engaging and keep it fun. He also thinks about shows that are authentic.
- Key takeaways for anyone listening, remember that if you're building a company you do need to do marketing.
Links:
- SST https://sst.dev/
- Dax's twitter https://twitter.com/thdxr
- Between Two Nerds https://www.youtube.com/watch?v=-I2Xep0GTQY&ab_channel=SST
- SST https://sst.dev/
- Dax's twitter https://twitter.com/thdxr
- Between Two Nerds https://www.youtube.com/watch?v=-I2Xep0GTQY&ab_channel=SST
36:02Episode 54
Killing features with Josh Twist, founder of Zuplo
Josh Twist is the founder of Zuplo, an API gateway
- Introducing Josh Twist, the founder of Zuplo. 0:00
- Zuplo vs Azure API management.
- How do you make this fit into the developer workflow? 3:06
- How Zuplo fits into the development workflow.
- How to democratize API management and make it something every business wants to use.
- Best practices for implementing API key authentication.
- Stripe quality API out of the box.
- The power of removing friction in creating a better experience. 8:58
- The power of removing friction from the process.
- How do you create a product that is easy for beginners but still has a powerful experience? 11:31
- Loom is a great example of a product that exists only because it removes friction.
- Building a product is like building a video game.
- How to keep both the developer and the customer experience in mind.
- The formula one analogy for designing a product from scratch.
- What’s going to go into the next generation of Zuplo? 17:27
- How Zuplo keeps things simple and makes decisions.
- Why you have to have a lot of customer empathy and invest in tools. 19:39
- The importance of customer empathy.
- Why Josh made the decision to switch over to OpenAPI.
- Killing features can be hard as a business-to-business company.
- One chart to think about.
- The importance of partnerships and content. 24:29
- Making videos for supabase customers.
- Partnerships with other small businesses.
- How Zuplo got their first customers.
- Zuplo rate limiting feature. 28:02
- Rate limiting in Zuplo and Supabase.
- Developers who are small-scale loving Zuplo
- Making videos
- Removing friction and building an 11-star experience.
Zuplo - https://zuplo.com/
Josh Twist - https://twitter.com/joshtwist
Josh Twist - https://twitter.com/joshtwist
28:35Episode 50
From VC to DevTools with Karl Clement, founder of CODEOWNERS
Karl Clement is the founder of https://codeowners.com/
CODEOWNERS is the single source of truth for code ownership.
Summary
CODEOWNERS is the single source of truth for code ownership.
Summary
- Introducing Karl
- Code ownership
- What are the types of people that are implementing code Code Ownership
- How to find and reach platform engineers.
- What are some of the key metrics that organisations are looking for to measure the value of their tooling?
- Dora metrics
- Mean time to resolution, MTTR
- What is Backstage and how has it been used?
- Improving the developer experience with Backstage.
- Backstage implementation is essentially a signal that a company is willing to invest in the organisation but the developer experience as a whole, which is great
- Backstage implementation is a signal of investment in the organisation.
- How venture capital can help with product development.
- If you’re building a product in a space that no one else is in, you are reducing your odds
38:31Episode 36
Shomik Ghosh - office hours with a DevTools investor
Shomik is a Partner at boldstart where he focuses on investing in Developer Tools and other enterprise software startups.
What we cover
- An introduction to Shomik
- Where to start?
- Early stage versus late stage
- What should be Open Source?
- How to approach pricing
- What to do when things slow down
Where to hear from Shomik
- Twitter: @shomikghosh21
- Linkedin: https://www.linkedin.com/in/shomik-ghosh-a5a71319/
- https://shomik.substack.com/
- https://boldstart.vc/
- Interview with CISO of DataDog https://shomik.substack.com/p/emilio-escobar-ciso-of-datadog-how#details
34:19Episode 33
Crossing the chasm with Shawn Wang (swyx)
Resources
- Crossing the chasm by Geoffrey Moore
- Airbyte
- Netlify Auth Library
- Wardley map
- Strategy Letter V by Joel Spolsky
- The hardest working graphic in software
- 10x-ing Svelte (Svelte Summit 2022 Talk Notes)
swyx’s links:
Key points:
- Everyone in tech should understand the technology adoption cycle and know which stage of the adoption cycle you’re at
- First time founders obsess about products and second-time founders obsess about distribution.
- At the beginning, focus-in on one offering - have conviction in who your users are
- Your tech IS the story at the earliest stage of the adoption cycle. Because you are targeting innovators and they love to know you use Rust for example! At the later stage, tech no longer matters; the cost matters. Your messaging evolves
- You should be picking industries and companies with a strong chance of success
15:12Episode 18
Critical path infra for developers with Megan Reynolds from Crane
Megan Reynolds is an investor at Crane Venture Partners. Crane are an early stage VC who have invested in developer tools such as Gitpod, Encore and Novu.
What we cover
- What is happening in the market right now?
- Critical path for developers
- What can devtools do to make themselves more critical?
- Understanding your landscape
- What are the good founders doing? Gitpod example
- Why Megan invested in Novu
- What Megan is looking for in devtools
Where to hear from Megan
- Twitter: @meganreyno
- https://crane.vc/
Dev Tools mentioned
- Gitpod - open source remote developer collaboration
- Gitpod // Factorial case study
- Novu - open source notification infrastructure
- Encore - backend development engine
- Firebase - backend as a service
- Supabase (open source alternative to firebase)
- Posthog (open source alternative to mixpanel)
15:36Episode 15
Authentic Developer Education with Dylan Fox from AssemblyAI
Dylan Fox is the Founder & CEO of AssemblyAI. AssemblyAI is an AI company that researches, trains, and deploys State-of-the-Art AI models. Thousands of developers and product teams build with AssemblyAI's simple API to automatically transcribe and understand audio data at scale.
What we cover
(00:20): Could you tell us a little bit about AssemblyAI?
(01:10): Could you talk about your content strategy?
(03:37): How do you balance the goal of promoting AssemblyAI with creating authentic, useful pieces of content?
(09:59) How are you able to produce such in-depth content?
(11:22) What was it like going through YC and acquiring your first users?
Where to hear from Dylan
Where to hear from Dylan