Writing for Time, iContact CEO describes the formation and early days of iContact. Having caught the entrepreneurial bug at an early age, Ryan Allis left the University of North Carolina in the summer of 2003 and created iContact with co-founder Aaron Houghton. The duo bootstrapped the company in the early days, including working without a salary and living in the office for a few months, according to Allis. Reinvesting revenues, the company grew steadily and secured a $500K seed round financing from IDEA Fund Partners. The company in-turn invested primariyl on pay-per-click adds and quickly scaled to $2.9M in sales by 2006. In 2010 the company closed on a $40M round led by JMI Equity, which it hopes to use to grow annual revenues to $500M.
Read the full article from Time.