Introducing Reedsy from Emmanuel
Q: Could you share your background and tell us about Reedsy?
A: I’m Emmanuel Nataf, a co-founder of Reedsy. We established our platform in 2014, intending to provide authors with essential tools and resources to facilitate the book publishing process. Over the years, we’ve cultivated a comprehensive ecosystem that assists writers at every stage of their journey. This includes offering inspiration, education on the writing process, and the ability to connect with various professionals that authors may need to collaborate with during their publishing journey.
Q: How did the idea for Reedsy come about?
A: The concept for Reedsy came about somewhat spontaneously. Around 2012, I acquired a Kindle and began exploring the world of book publishing. That’s when I realized that Amazon’s Kindle Direct Publishing had opened the doors to self-publishing, making it more accessible for authors. However, I noticed a gap in the market; there wasn’t much support available for authors aiming to publish books of professional quality. I saw an opportunity to merge the business model of self-publishing, with its inherent freedom, with the high standards and excellence typically associated with traditional publishing. My objective was to provide authors with the best of both worlds. Admittedly, I wasn’t an avid reader, but I enjoyed reading as much as the next person. My true passion lies in cultural industries and technology. Diving into the intricacies of the publishing industry sparked my creativity and led to the formation of Reedsy.
Why Seedcamp?
Q: Can you share your journey of discovering Seedcamp and what motivated you to choose it for your fundraising efforts?
A: During our student days, my co-founders and I began to shape the idea of Reedsy. I was in Paris, and we had reached the stage of developing a prototype. We started engaging with a few early-stage funds. However, the fundraising landscape in France in 2014 was significantly different and more challenging than it is today. The available capital was sparse, and the amounts were considerably smaller. I recall an encounter with a French venture capitalist who suggested that since we had attended prestigious schools, our parents should be able to fund our startup. This mindset was a wake-up call for us and prompted us to explore opportunities outside of France. At that time, this mentality seemed prevalent across many European countries.
We investigated various accelerators, including Techstars and Seedcamp, and decided to apply to a few. We were fortunate that one of the partners at Seedcamp was personally interested in writing and publishing a book, giving him firsthand experience of the pain points we aimed to solve. Even though the market for author services, our initial focus was relatively small and had some scammy players, this partner at Seedcamp was able to see the potential.
His genuine interest in our domain led to conversations with other investors, eventually helping us secure our first funding round. Participating in Seedcamp was like being accelerated in more ways than one, marking a significant milestone in our journey.
Seedcamp’s Application Process
Q: Can you walk us through the application process for Seedcamp and share your experience?
A: The application process for Seedcamp was an intense and memorable experience for us. Initially, we submitted a standard application, including a video, which led to an invitation to pitch at one of Seedcamp’s biannual events in Berlin. These events were high-pressure situations, with the team presenting in front of a large audience that included a mix of limited partners, European investors, the Berlin VC community, angels, and entrepreneurs. The event stretched over two and a half days, where about 20 startups pitched, but only half got accepted into the program. This was a stress-testing experience for us, as we engaged in multiple pitches and one-on-one sessions, essentially being scrutinized not just on our idea but also on our resilience and ability to handle adversity. As young students are excited about our venture, the intensity of the process was overwhelming, but the result was rewarding. Despite being physically and mentally exhausted, the announcement of our acceptance into the program was a moment of mixed emotions. We were ecstatic but too drained to fully express it.
Q: Is demonstrating traction a necessary part of the process?
A: Interestingly, no, and that’s what’s great about Seedcamp. They are willing to take significant risks, much more so than most other investors I know. They don’t just follow the crowd; if they see something they believe in, they are ready to commit. They have partners with diverse interests and specialties, which is beneficial. For instance, Reshma and Carlos, two of their maybe general partners, have very different focuses. Depending on what your startup is about, you might find it beneficial to reach out to one over the other. Of course, there are associates and other team members at Seedcamp that you might interact with initially, but ultimately, having a conversation with one of the partners could be crucial.
After Getting In
Q: Could you describe the structure of the Seedcamp program and what a typical day looked like?
A: The Seedcamp program was fairly intense and fast-paced, designed to prepare us for the next funding round. During the initial phase, they facilitated numerous meetings for us within the tech community, aiming to build our network and knowledge base quickly.
The active part of the program lasted just a few weeks, but Seedcamp’s involvement didn’t end there. They continued to track our progress, requesting weekly and then monthly updates. They were ready to offer additional support and time if they noticed we were deviating from our path, ensuring we remained on track toward our goals.
Q: Did Seedcamp provide access to mentors or coaching opportunities?
A: Seedcamp offered great access to coaches and mentors, and that has been one of my favorite parts of the experience. People associated with Seedcamp seem genuinely happy to be involved, regardless of their business’s level of success. They are usually very open and willing to share information and participate in the community. Even now, I’m subscribed to numerous email threads where founders can pose questions. These threads reach hundreds of members from Seedcamp’s network, ensuring strong participation and a wealth of shared experiences and advice.
Q: So, the support within Seedcamp is community-driven?
A: Yes, it’s very much a community-based approach. The whole network of founders, advisors, and others are there to help each other. It’s not structured in a way where you have specific weeks dedicated to meeting certain people or working on particular aspects of your business like your pitch or go-to-market strategy. Instead, it operates more like an interconnected network. However, in the beginning, and still to some extent now, Seedcamp did organize trips for startups to the U.S. to pitch to major investors, such as Sequoia and Andreessen Horowitz, which was an incredible learning opportunity for us.
Q: How much funding did you receive from Seedcamp, and what type of funding was it?
A: Seedcamp provides £200,000-700,000 of funding.
Despite receiving funding from Seedcamp, we decided to take a different path than the typical VC-funded trajectory. We wanted more freedom in our journey and didn’t want to be primarily driven by monetary gains as founders. Our main goal for building Reedsy was to create something we believed was valuable and enjoyed working on, not just to make money. We even came close to raising an A round but decided against it when we realized that profitability was within our reach. So, in the end, we didn’t exactly follow the path Seedcamp might have had in mind for us.
Impact of Seedcamp on Milestones and Community Support
Q: Did Seedcamp play a significant role in reaching any milestones, particularly through their community support?
A: Seedcamp had a notable impact, especially when it came to raising our angel round. Just mentioning that we were associated with Seedcamp made a massive difference. It changed the whole dynamic of discussions and made things considerably easier for us. The contrast between walking into a room without their backing and walking in with their name behind us was night and day.
Q: Did Seedcamp assist in making connections with angel investors?
A: Seedcamp indeed facilitated numerous connections, but they also emphasized the importance of taking initiative. One of their partners, Carlos, pointed out to me that it was crucial to go out and create networks independently. He stressed the need to stay hungry and proactive in building relationships. This lesson proved invaluable, especially when we moved to London and didn’t know anyone. Within a year, I had established connections with a vast majority of VC firms and many key players in the industry. Carlos’s advice was a wake-up call. He made it clear that they wouldn’t handle everything for us and encouraged us to hustle and forge our own paths to success.
Current Status of Reedsy
Q: Can you share the current status of the company, milestones achieved, and Seedcamp’s role in your journey?
A: We are nearly a decade into our journey, and our involvement with Seedcamp has evolved over time. Even though we are not as closely intertwined as we were initially, we maintain a unique relationship, assisting Carlos with his book publications, for instance.
It’s interesting to see how our paths have intertwined over the years. We’ve referred startups to Seedcamp, some of which have raised substantial funding. It’s come full circle in a way, and it’s satisfying to see that dynamic. Every now and then, Seedcamp still makes introductions and takes an interest in our milestones, which is greatly appreciated. Despite taking a different route than most startups, choosing not to raise additional capital, we’ve grown into a 50-person company, consistently profitable and continually launching new products. Seedcamp knows we are here for them just as much as they have been here for us, creating a mutual and lasting relationship.
Q: Can you tell me about the growth channels you have tried so far?
A: We have experimented with a broad array of channels, persisting with the ones that showed potential and doubling down on our efforts there. Our primary method of user acquisition is through content. We’ve established ourselves as the largest internet resource for writing and self-publishing, attracting around 4 million visitors to our site each month. By leveraging this substantial organic traffic, we have been able to grow and expand our business significantly.
Q: Are there any noteworthy milestones that your team is currently focusing on?
A: Yes, we have recently launched a novel writing course. It’s somewhat ironic considering my personal disinterest in traditional schooling, but we ended up bringing a professor on board to create this program. The course is a comprehensive 15-week program designed to guide individuals through the process of writing a book. While we have always had a robust writing app, we are now investing more time and resources into its development. Our goal is to create a platform where anyone aspiring to write—be it a novel, short story, or any other form—can come and flesh out their ideas, develop their world, and craft their characters until they have a complete novel.
Final Advice
Q: Do you have any final pieces of advice for founders considering approaching Seedcamp?
A: Seedcamp is quite accessible, but you have to realize that you’re dealing with some of the top individuals in the European startup scene. Getting their support can make a massive difference, but it’s something you really have to earn. It’s not about quickly thinking up an idea over the weekend and sending it their way; you need to be prepared to put in more effort than that.