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OK folks. Here's a (kinda) boring business profile that was created by @ChrisJBakke.
This business was:
- Founded 16 years ago
- Raised only $5m (that the founders never used)
- Became wildly profitable
- Did $4b in revenue last year
Here's the story 
pic.twitter.com/Ab00XvRPx9
Indeed was co-founded by Paul Forster and Rony Kahan in 2004, after Rony previously founded and sold Jobsinthemoney - a leading job board for people in finance. The goal of Indeed was to create the largest search engine for jobs in the world.
The founders established dual-HQs far away from Silicon Valley - in Stamford, CT (sales + support) and Austin, TX (product and engineering). Throughout 2004 - 2005, Indeed began scraping the Jobs and Careers web pages from thousands of individual companies.
They aggregated these jobs lists into a standard format + began charging employers pay-per-click in 2005 to promote their jobs to candidates. This was the full site of their beta launch in 2005:pic.twitter.com/uZ6bNi23Sk
In 2005, @fredwilson invested $5m in it alongside the NYT (the only money they'd ever raise), saying "they bootstrapped the company, launched the service, and were well on their way. They didn't need our money. But eventually we convinced them to take it..."
By 2007 (as a 3-year-old company), Indeed was profitable and became the #1 source of hires in the US. Around the same time, Indeed began an email list to push relevant and targeted jobs directly to the inboxes of jobseekers.
By 2010, Indeed added two more products that became critical to their success: -Indeed Apply: a standard application to apply to many jobs at once -Resume: get jobseekers to upload their resumes - Indeed quickly collected over 1m resumes that could be searched by employers
In 2012, Indeed was doing $150m in revenue (with $25m in profit) and sold to Recruit Holdings (now a $58b market cap company in Japan) for $1b. The three investors made more than 100x on their money:http://allthingsd.com/20120925/indeed-investment-nets-new-york-times-100-million-profit/ …
Today, Indeed is the largest job site in the world: - $4b revenue - Nine-figure profit - 250m unique monthly visitors - 150m resumes - 10 jobs added every second - 10k employees
As Fred Wilson said of Indeed, “A business model that, like Google's, is the best on the Internet. Revenues, profits, customer satisfaction, shareholder value. They built a fortress and I am just so happy to have had a front row seat watching them build it.”
This tweetstorm was written by @ChrisJBakke. Follow both of us for more good stuff.
Chris tweets about startups and more -- I tweet about boring businesses and growing to $100m in revenue.
Wanna tell a cool story? DM me with an idea.
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