Tim (Co-founder and CEO) was a venture capitalist and Andrew (Co-founder) was a scientist. Despite being from two very different backgrounds, both Tim and Andrew found common ground via their dissatisfaction with the modern-day news.
With their demanding jobs, neither Tim nor Andrew had time to catch up on critical daily stories – news was broken up into hundreds of niche sources primarily focused on one topic like sports or politics, which made it challenging to consume content in a quick and affordable manner.
They wanted a news source that provided a recap of the top daily news stories so that busy readers could stay informed, even when bandwidth was running thin.
Also, the bias hidden in each news article was overwhelming. Most of the existing news content was political opinion disguised as fact, and articles typically had “gotcha” subject lines that misled readers into clicking on each article. Instead, Tim and Andrew wanted news to be completely fact-based, with subject lines that are honest summaries of the article.
To fix these issues, Tim and Andrew left their careers to start 1440 – a modern-age newsletter providing an impartial view of what’s happening in the world.
1440 scours hundreds of sources each day to deliver news through thoughtfully curated pieces via a single morning briefing. Instead of trying to choose a side, 1440 inspires objective conversation to help readers navigate the world around them.
1440’s launch started with a humble 78 friends and family members, but that didn’t last for long. 1440 quickly found product-market fit and now serves daily content to over 1.6m subscribers with an industry-leading 50% open rate.
This growth, although incredible, did not come without challenges. Tim, an experienced venture capitalist with a decade of experience, still had a difficult time finding financing for his rapidly growing business.
“1440 is wicked profitable, but we couldn’t get any venture capital funding. Businesses that aren’t going to be worth $1B aren’t going to be funded by venture capitalists. They are “unicorn” hunting – which is totally fine – but a lot of smaller, profitable companies like 1440 are completely underserved.”
After being turned down dozens of times, Tim stumbled across a tweet by the Head of Jeeves Growth, Matt Hafemeister, and decided to set up a quick call to discuss his funding options.
On the call, Tim told Matt about his financing troubles and learned that he could be a great fit for Jeeves’ non-dilutive growth capital.
With Jeeves Growth, Tim could get the financing he needed without warrants, covenants, or personal guarantees, which meant he could get funding without all the strings attached that other lenders require.
Once the call was over, Tim provided a few documents to the underwriting team and received approval for $1 million of growth capital in 48 hours.
“It is so cool there is a new financing option - Jeeves Growth - that can finance companies like 1440 without personal guarantees or dilution. Companies have been starving for this type of capital for such a long time and it is amazing that Jeeves can provide more companies with the financing they need.”
The $1M in funding was wired directly to 1440’s bank as cash, so Tim and Andrew could make purchases without restrictions.
They were able to use their growth capital to scale their Facebook and Instagram marketing, which directly increased their subscriber base and boosted their bottom line. They were even able to tranche the capital into multiple disbursements so they could deploy capital as needed while avoiding fees for unused capital.
“The non-dilutive growth capital through Jeeves is huge because we like keeping the equity in our business while having the flexibility to pull only what we need. We also love that there are no personal guarantees and we can consolidate our corporate cards, expenses, and capital all into one platform.”
Since taking out Jeeves Growth Capital, 1440 has grown over 300%.
Tim, Andrew, and the rest of the 1440 team use Jeeves to spend across cards and payment rails, monitor expenses via the free expense management software and fund their business through growth and working capital. With Jeeves’ all-in-one platform, Tim and Andrew never have to worry about financing their business again.
Interested in learning how you can get access to non-dilutive financing like 1440? Apply to Jeeves Growth today.