Post on 16-Jul-2015
App Store for Windows PC
Story of an almost successful French startup
by @thibauld – ex-CEO of Allmyapps
2009A great start!
Software installation on PC is broken, let’s fix it!2009 2010 2011 2012 2013 2014
70K€ euros raised from friends and family2009 2010 2011 2012 2013 2014
Patrice
Jeff
Lionel
Gab
Damien
Maria
BrigitteSeb
Hughes
Patrick
1st Launch: 30K users and 1st deal with Intel US2009 2010 2011 2012 2013 2014
2010The euphory
LeWeb09, Startup Academy, Techcrunch France2009 2010 2011 2012 2013 2014
2009 2010 2011 2012 2013 2014
Marie
Sam
Hiring and building our team2009 2010 2011 2012 2013 2014
Sylvain
Maxime JeromePatrice
MaximeXavier
Alex
Elodie
Fred
Gawen
1st App Store for Windows released!2009 2010 2011 2012 2013 2014
2011The mistakes
2011The mistakesssss!
Big marketing push. Burn rate soars to 120K2009 2010 2011 2012 2013 2014
The race to our 1st million users
Objective: Convincing Tier 1 software publishers to sell on Allmyapps
2009 2010 2011 2012 2013 2014
Pb #1
We could not get them to sell on Allmyapps2009 2010 2011 2012 2013 2014
Pb #1
2009 2010 2011 2012 2013 2014
Pb #2
It took us time to realize we had
BIG on-boarding issues
Product/market fit wasn’t there yet :/2009 2010 2011 2012 2013 2014
Pb #2
It took us time to realize we had
BIG on-boarding issues
Our cash level was reaching the “danger” zone2009 2010 2011 2012 2013 2014
Pb #3
2009 2010 2011 2012 2013 2014
+1M€ bridge financing
Objective: product iteration and Series A2009 2010 2011 2012 2013 2014
+1M€ bridge financing
Fund raising attempt in the US… FAILED2009 2010 2011 2012 2013 2014
Fund raising attempt in the US… FAILED2009 2010 2011 2012 2013 2014
Fund raising attempt in the US… FAILED2009 2010 2011 2012 2013 2014
2009 2010 2011 2012 2013 2014
New strategy!
all my apps on all my devices
Dropbox for Apps2009 2010 2011 2012 2013 2014
New strategy!
2009 2010 2011 2012 2013 2014
New fundraising attempt in Europe…
FAILED2009 2010 2011 2012 2013 2014
New fundraising attempt in Europe…
2012The struggle
Only 4 more months left to live….2009 2010 2011 2012 2013 2014
Pb #3 (again)
From 15…. to 8 employees :(2009 2010 2011 2012 2013 2014
Only solution left: downsizing
Capitalizing on our current product2009 2010 2011 2012 2013 2014
Back to Windows App Store
<Microsoft logo>
Marketing budget: 0€2009 2010 2011 2012 2013 2014
Full SEO acquisition strategy
<Google logo>
App Promotion2009 2010 2011 2012 2013 2014
New business model
2009 2010 2011 2012 2013 2014
New product - Allmyapps v2
Released on September 27th 20122009 2010 2011 2012 2013 2014
New product - Allmyapps v2
Race against time….2009 2010 2011 2012 2013 2014
Sept
1K€
Revenues Cash left175K€
Sept
Race against time….2009 2010 2011 2012 2013 2014
OctSept
12K€
1K€
Revenues Cash left
100K€
175K€
OctSept
Race against time….2009 2010 2011 2012 2013 2014
OctSept Nov
17K€
12K€
1K€
Revenues Cash left
63K€
100K€
175K€
OctSept Nov
Race against time….2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€
17K€
12K€
1K€
Revenues Cash left
33K€
63K€
100K€
175K€
OctSept Nov Dec
3 months of cash missing :/2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€
17K€
12K€
1K€
Break-even is around the corner!
Break-even
2009 2010 2011 2012 2013 2014
+300.000€ final investment
Objective: reaching profitability2009 2010 2011 2012 2013 2014
+300.000€ final investment
2013The recovery
2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
28K€
Jan
2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
28K€
50K€
Jan Fev
2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
28K€
50K€
66K€
Jan Fev Mar
2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
28K€
50K€
66K€
Jan Fev Mar
Break-even
2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
28K€
50K€
66K€
Jan Fev Mar
WE ARE
PROFITABLE!
Break-even
2009 2010 2011 2012 2013 2014
+200.000€ B2B deal
+25% monthly average growth2009 2010 2011 2012 2013 2014
Daily allmyapps downloads
-
5 000
10 000
15 000
20 000
2009 2010 2011 2012 2013 2014
We’re out of the death zone…
2009 2010 2011 2012 2013 2014
We’re out of the death zone…
Back to our growth plans!
2009 2010 2011 2012 2013 2014
We’re out of the death zone…
Back to our growth plans!
2009 2010 2011 2012 2013 2014
But then this happened…
2009 2010 2011 2012 2013 2014
But then this happened…
0
100000
200000
300000
400000
500000
600000Weekly allmyapps.com traffic
Google killed 70% of our traffic… overnight!2009 2010 2011 2012 2013 2014
But then this happened…
0
100000
200000
300000
400000
500000
600000Weekly allmyapps.com traffic
Google killed 70% of our traffic… overnight!2009 2010 2011 2012 2013 2014
But then this happened…
0
100000
200000
300000
400000
500000
600000Weekly allmyapps.com traffic
2009 2010 2011 2012 2013 2014
We’re BACK to the death zone…
Out our growth plans :(
2009 2010 2011 2012 2013 2014
We’re BACK to the death zone…
Out our growth plans :(
2009 2010 2011 2012 2013 2014
At this point…
2009 2010 2011 2012 2013 2014
At this point…
ALL IN !
We make it… or we crash it!2009 2010 2011 2012 2013 2014
At this point…
ALL IN !
2009 2010 2011 2012 2013 2014
The main issue:
DISTRIBUTION
Let’s find another distribution channel!
Worldwide distribution deal with Systweak2009 2010 2011 2012 2013 2014
January 2014
New distribution channel: OK2009 2010 2011 2012 2013 2014
Results
-
20 000
40 000
60 000
oct.-13 nov.-13 déc.-13 janv.-14 févr.-14
Daily allmyapps downloads
2009 2010 2011 2012 2013 2014
End of March 2014
30K€ revenues / month(back from 15K€ in January 2014)
We need 60K€ / month to break-even
BUT
In the “Danger” zone again!2009 2010 2011 2012 2013 2014
Problem
3 months to sell the company2009 2010 2011 2012 2013 2014
Decision
Let’s sell the company…
NOW!
2014Selling Allmyapps
9 employees
500K€ Debts
3M€ Loss carryforward (“déficit reportable”)
100K€ in the Bank + 150K€ CIR “yet to come”
30K€ operating loss / month
2009 2010 2011 2012 2013 2014
Company facts
April
2009 2010 2011 2012 2013 2014
The context
Box software and games distributor
Wants to go into online distribution
Interested in:
– Our know-how / team
– Our technology
– Our users May
Company A
Offers to buy the company shares for 350K€
Keep all employees
2009 2010 2011 2012 2013 2014
The offer
May
Company A
Letter of Intention received but:
– Company A refused to properly incentivize employees to join the company
– As a result, all developers voiced their opposition to join Company A during HR interviews
2009 2010 2011 2012 2013 2014
The result
May
Company A
Letter of Intention received but:
– Company A refused to properly incentivize employees to join the company
– As a result, all developers voiced their opposition to join Company A during HR interviews
2009 2010 2011 2012 2013 2014
The result
May
Company A
2009 2010 2011 2012 2013 2014
The context French Coopetitor / We know each other
Profitable company
Interested in:– The product and its user base
– Our catalog of desktop applications
– The Tax (IS) economy
– Buying a competitor June
Company B
2009 2010 2011 2012 2013 2014
The operation as proposed by Allmyapps
A win/win deal:
– Sell of 100% shares for 500K€
– Risk free acquisition for Company B:
• Accretive even if synergies finally do not work as hoped thanks to the important Tax economy
June
Company B
2009 2010 2011 2012 2013 2014
The (Non) Offer
Strong first initial interest
Abnormally slow moving
Finally informally proposed to buy Allmyapps with options (BSA) of the company
July
Company B
2009 2010 2011 2012 2013 2014
The result
(non) offer contradictive to our 1st talks
Not interesting for allmyapps shareholders
Company B was obviously trying to run out the clock
Our answer: NOJuly
Company B
2009 2010 2011 2012 2013 2014
The result
(non) offer contradictive to our 1st talks
Not interesting for allmyapps shareholders
Company B was obviously trying to run out the clock
Our answer: NOJuly
Company B
2009 2010 2011 2012 2013 2014
The context
Allmyapps business partner for 1.5 years
Leading company in the download space
Interested in:
– The product
– Our catalog of desktop applications
August
2009 2010 2011 2012 2013 2014
The offer
370K$ for allmyapps assets
200K$ for pre-identified key employees to help transition adapt our technology to their technical platform
30K$ for our mutual “contact agent”
August
2009 2010 2011 2012 2013 2014
The result
370K$ < Allmyapps total debts:
– I cannot take the decision to sell alone
– Needs approval of “administration judiciaire”
Our answer:
– OK but pending administration approval
August
2009 2010 2011 2012 2013 2014
Sept
September 9th 2014
Liquidation procedure opening2009 2010 2011 2012 2013 2014
Sept
September 11th 2014
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
Company A
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
Company ACompany A Company B
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
Company A Company B
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
80K€
Company A Company B
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
80K€
250K€
Company A Company B
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
80K€
296K€(370K$)
250K€
Company A Company B
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 2
Company A Company B
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 2
80K€
Company A Company B
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 2
80K€
320K€
Company A Company B
2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 2
80K€
320K€
361K€(450K$)
Company A Company B
October 21st 2014
bought
for 361.000 euros
“If you’re going through hell, keep going.”
Winston Churchill
“If you’re going through hell, keep going.”
Winston Churchill
If you’d like to know more about my next upcoming venture:@thibauld
Credits
Thanks again to all who contributed to this almost success story
Our early business, code and design angels
Patrice
Jeff Lionel Gab
Damien et Claude
Maria Brigitte
Seb
HughesPatrick
Leo
Andrea
Our funny and hardworking (sometimes) interns ;)
Adrien, Matthieu, David, Slim
Laurence, Reda, Cyprien, Pierre, Vivien, Loukmane
Feiyu, Xiaodong
Our hardworking team
Mikky, Xavier, Patrice, Gawen, Jean-Tristan, Frederic, Arnaud, Maxime, Elodie, Jerome, Thibauld, Alex, Sylvain, David
Axel Maxime Seb Patrick Jeremy
Our supportive investors and board members
Marie PaulineSamantha
Rodrigo Nenad
My friend and co-founder
Arnaud
My friend and co-founder
Arnaud
Hélène
And his supportive wife!
My beloved wife and partner for life!
Paola
My beloved wife and partner for life!
And finally my entire family for their never ending support
Paola