I Failed to Raise Investments in 2023
I want to share my journey through 2023, a year of tough lessons and unyielding perseverance.
Six years ago, we embarked on creating a no-code website builder with a tiny band of developers and designers. Throughout this time, we've poured our heart, soul, and savings into making https://siter.io/ come to life. Despite a successful public launch a year back, our attempts to raise funds hit a wall this year.
We kicked off 2023 with high hopes, pitching to investors, dialing into calls with top VCs, and networking with influential industry figures. Our project sparked significant excitement, particularly after clinching 'Product of the Day' and 'Product of the Week' on Product Hunt. Yet, the buzz didn't translate into investments.
So, why didn't Siter catch the financial wind it needed?
The answer seems to be a cocktail of global economic crises, market instability, and concerns about our team's focus.
Many advised against fundraising this year, suggesting we continue bootstrapping and bide our time, as the climate for young startups to attract funding has turned icy. These voices aren't just anyone—they're heavy hitters in our field, and their insights carry weight.
Then there's the issue of the team. Investors shy away when founders are juggling multiple projects. They question our commitment. I get where they're coming from, but isn't there a silver lining? A multi-project founder can leverage a vast network and resources, acting like a Swiss Army knife—versatile and resourceful. I'm in this camp, working not just on Siter.io but also on https://designmodo.com/ , https://pulsetic.com/ , https://static.app/ , and supporting my wife's project, https://absurd.design/ .
Ignoring the chorus of caution, we continued to pitch relentlessly, but fate wasn't on our side. A few months in, we decided to pivot our focus solely on the product—and it's a decision that's starting to look wise. We're now on track to hit profitability by Q1 of 2024, and I'm optimistic about sustaining growth beyond that.
In our latest push, we've launched a Figma plugin, both here on Indie Hackers and on Product Hunt, aiming to turbocharge our growth. Check it out here.
I'd love your thoughts on this. What could we have done differently? Is it a strategic misstep to be a multi-project founder, or could it be a hidden strength? Are VCs right in their cautious stance?
Looking forward to your insights.