TJM Labs · B2B · AI agents for pharmacies
Raise money while profitable, before you need it
$100M raised in ~6 months at 40% EBITDA, with no pitch deck
Workedfinancing
What they did
Raised $10M A, $15M A1 and a $75M Series B from Elephant in ~6 months while at 40% EBITDA, without an investment deck. Always includes some secondary liquidity in a round (size depends on the market). Goal: a 'fortress balance sheet' so they never have to raise again, plus money for M&A and to win the AI-agent category before the transition ends (~a year).
What happened
$100M raised in about 6 months while staying profitable
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More from this episode
- TJM Labs: Build your first version for one desperate customer you already knowBecame a $1M+ a year customer; sole customer for 9 months
- TJM Labs: Price each AI agent per year, just under one employee's salary$45K per agent a year; pharmacies average 2.5-3 agents
- TJM Labs: Let happy customers bring in their friends before hiring a sales team~30 pharmacies through customer referrals alone
- TJM Labs: Use LinkedIn as your main outbound sales channelFounder says the team does great work there; no numbers
- TJM Labs: Sell AI agents as a replacement for hired staff, not as softwareFounder says small pharmacies go from 2% to 8% margins
- TJM Labs: Buy small companies in your space mainly to get their teamsUnder 5% of growth came from the deals; bought for the team
- TJM Labs: Announce your funding round to make hiring easierFounder says it makes hiring talks a lot easier; no numbers
- TJM Labs: Set your valuation from public company multiples and a bottom-up forecastRaised at over 15x ARR
- Galen AI: Turn a problem you keep solving as a consultant into a productBootstrapped; acquired after ~1.5 years, soon after its first enterprise customer