Startups
Jun 20, 2025
While most startups chase venture capital, Mailchimp became one of the largest bootstrapped tech companies in the world. In 2021, it sold to Intuit for $12 billion, all without raising a single round of funding.
Here’s how they did it.
The Origin: Born as a Side Project
Mailchimp wasn’t even supposed to be a startup.
Founders Ben Chestnut and Dan Kurzius were running a web design agency.
In 2001, clients kept asking for help with email marketing.
Instead of building campaigns for each client, they built a tool that let clients do it themselves.
That tool became Mailchimp.
No VC, No Problem
From day one:
Mailchimp was funded entirely through revenue from customers.
No outside investors. No board. No pressure to grow unsustainably.
They focused on sustainable growth, customer feedback, and long-term trust.
Ben and Dan rejected VC money because they wanted to retain control and build on their own terms.
The Big Shift: Freemium Magic
In 2009, Mailchimp made one major move that changed everything:
They introduced a free plan.
That led to:
A massive spike in users (from 85K to 450K in a year)
Viral growth via word of mouth
Lower CAC due to organic adoption
This single decision made Mailchimp the default email marketing tool for startups and SMBs.
Key Stats
Metric | Value |
|---|---|
Founded | 2001 |
First year revenue | ~$400,000 |
Revenue in 2020 | ~$800 million |
Monthly active users (2020) | 14 million+ |
Total employees (2021) | 1,200+ |
Acquisition price (by Intuit, 2021) | $12 billion |
📊 Chart-Ready Mailchimp Stats for Visuals
Mailchimp’s Revenue Growth (2001–2020)
User Growth After Freemium (2009–2010)
Mailchimp vs Other Tech Exits
Lessons from Mailchimp’s Bootstrapped Journey
You don’t need VC money to build something huge.
Listening to customers scales better than ad spend.
Steady, sustainable growth can outlast trend-chasing.
Focus > funding.
Final Thought
Mailchimp is proof that a slow-and-steady bootstrapped startup can still win big, without giving away a single percent of equity.
Running a startup and want better control over your investor docs or data rooms?
Try Plox to securely share, track, and manage everything, all from one place.
Get Started
100% Free, No Credit Card Required