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D2 Fund
We invest in bootstrapped and capital efficient technology companies
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Capital Efficient Case Studies
How Zapier’s flywheel helped them build a $250M ARR business with $1.4M of funding
How Zapier’s flywheel helped them build a $250M ARR business with $1.4M of funding
Anyone working in an early stage company or in the tech sector will have heard of Zapier. The company allows you to create no-code…
Amory Poulden
Jun 20
Bootstrapping to $1M ARR: Klayvio
Bootstrapping to $1M ARR: Klayvio
Klayvio is a $9bn company today, but how did they start and why did they choose to bootstrap early on?
Amory Poulden
Sep 18, 2023
Butcherbox: How they reached $600M in annual revenue with no VC funding
Butcherbox: How they reached $600M in annual revenue with no VC funding
The content in this case study was drawn from an interview with Mike Salguero on D2’s podcast ‘Fully Vested’
Amory Poulden
Jul 12, 2023
Scaling efficiently in a crowded market: Zoom
Scaling efficiently in a crowded market: Zoom
Case Studies in Capital Efficiency #2
Amory Poulden
Mar 27, 2023
$4.4bn IPO on only $7M of VC funding? Veeva.
$4.4bn IPO on only $7M of VC funding? Veeva.
Case Studies in Capital Efficiency #1
Amory Poulden
Dec 19, 2022
Ideas and Investments
Cash(flow) is King
Cash(flow) is King
When you collect revenue matters. a lot.
Amory Poulden
Apr 16
Lessons on Bootstrapping to Profitability
Lessons on Bootstrapping to Profitability
Just finished a couple of days at SaaStock in Dublin. One of the reasons I like this conference is its very strong bootstrapper stream…
Amory Poulden
Oct 19, 2023
How do we assess capital efficiency at the early stage?
How do we assess capital efficiency at the early stage?
How we measure whether an early stage start-up has been efficient and has the potential to continue on an efficient growth path.
Amory Poulden
Jun 11, 2023
Calculating LTV/CAC for a two-sided marketplace
Calculating LTV/CAC for a two-sided marketplace
Some of the most iconic companies of recent history are two-sided marketplaces. Companies like Airbnb and Uber have reshaped how we live…
Amory Poulden
Oct 9, 2019
Start-up dilution and its impact on founder returns
Start-up dilution and its impact on founder returns
The issue of dilution is central in most entrepreneurs thinking. Founders start their businesses owning 100% and every time they raise…
D2 Fund
Sep 17, 2020
D2's investment in Xapien
D2's investment in Xapien
Today we’re thrilled to announce our investment in Xapien as part of their £4.5m Seed round, alongside YFM.
Joshua Minsk
Apr 13, 2023
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