I think logojoy was pulling in > $350,000 per month at the time.
If he’d sat on that as a single founder he’d be rolling in cash.
Imagine sitting on $350,000 a month for 3 years.... you’d never need to work again.
Instead, venture capital, offices, 40 staff, rebranding failure staff cuts, logojoy gone.
Moreover, I still can't get it how one would think that "Looka" is a better brand than "Logojoy" ️
As a single founder company, I’d think that would be mostly profit, say 90%? That leaves about $400,000 per annum to pay for an ec2 instance and salary if working from the kitch table.
Imagine having a company 90% profitable and burning it up on the dream of venture capital backed growth.
Additionally to continually stay ahead of the pack most of his revenue might have to get dumped right back into advertising.
Say it's a $5MM/annum business, after costs, paying out salaries it might be half a million in profits.
They were selling monthly packages (which made little sense for just a logo), I guess that’s why they added all the new features.
Also, no humans are involved — it’s "AI" in the sense that the logos are machine generated, but they’re also pretty bad. It‘s basically icons from the noun project combined with text in set in free fonts.