What is Amply?
Q: Can you share the background of your company?
A: Amply is a fintech SaaS startup that is consolidating the financial stack for SMBs through a holistic financial operations platform. Amply simplifies financial management by organizing and enriching businesses’ financial data and centralizing and automating workflows in order to offer clients an intuitive and flexible workspace to execute their financial operations.
With a horizontal platform and a vertical go-to-market strategy, Amply is able to serve the needs of businesses of various types and sizes by enabling companies to focus on the features and solutions required for their specific use case.
My background as an investment banker inspired this venture. I always had the aspiration to start my own thing, but what I needed was the right avenue and a co-founder.
Why Antler?
Q: How did you get introduced to Antler, and how did it shape your journey?
A: I didn’t initially have a co-founder or any potential candidates in my circle. A contact recommended Antler, highlighting their specialty in matching individuals looking to start a business. Following their suggestion, I connected with Antler Berlin. After interviewing with them, they offered me a spot in their program. Interestingly, the idea I pitched during my interview process was entirely different from what Amply has become. While it’s beneficial to have an initial idea or area of interest. My primary advice to anyone is to prioritize finding the right co-founder. It’s not just about the idea, but about finding someone you can work closely with, day in and day out, for years to come. The essence is in the partnership more than the initial concept.
The Antler Application
Q: Can you walk us through the Antler application process?
A: I was introduced directly to Antler by an investor who had co-invested with them. But for most, the journey starts by visiting the Antler website where they’ll find a short form to complete. In my case, after that initial connection, I had two interviews. The first was with a junior member in Berlin where I pitched my idea and shared my background. The subsequent meeting was more intensive. I sat down with a partner in Berlin, and we delved deeper. He asked me about the idea, the kind of co-founder I was seeking, potential scaling strategies, and how I envisioned kickstarting the business post-investment. It was a comprehensive discussion, and to my pleasant surprise, I received an offer the very same day.
Q: Did you prepare specifically for these interviews?
A: Yes, to an extent. Antler provides a wealth of materials on their website detailing what they’re seeking in candidates. I made sure to familiarize myself with these criteria. Plus, before the interview, they sent a PDF outlining discussion topics, so I prepped answers for those as well. As a former Investment Banker I have quite a generic background, so what really came into play was the depth of my idea. By the time of the interview, I’d already been nurturing and developing my concept for several months. I’d held discussions with potential customers and investors. So, it wasn’t just a fleeting thought or a generic pitch; it had substance, which I believe made a significant difference.
Inside Antler Accelerator
Q: What happens after acceptance into the program, and what does the curriculum include?
A: The program exceeded my expectations. The first two to three weeks are filled with social events and informative sessions. These sessions cover topics like what makes a business investable and how to craft an effective pitch deck. The program also brings in founders from various networks to share their journeys. There are challenges that allow the participants to work with each other and understand different working styles. It’s an intense period of getting to know everyone and learning about building a startup. Moreover, we occasionally meet people for casual interactions, like lunch and drinks. It feels like a mix of professional networking and social experimentation.
During the program feedback is essential. Every week, we present our ideas and progress to everyone, including Antler partners. They give feedback, which is not a back-and-forth but a one-way stream of insights. It’s a bit challenging, but it helps sharpen our ideas. Before any team can work on a project, they go through the “Founders Checklist.” This list ensures we address potential disagreements early on. As we work, we also get guidance from an external venture partner and an assigned investment manager, helping us navigate challenges and make the most of opportunities.
Q: How did your initial idea evolve during the program?
A: The idea I initially pitched changed dramatically. It began as a prop-tech idea. However, I focused on finding the right co-founder. Instead of just presenting my idea, I was more interested in someone who could help build a company. When I met my co-founder, we connected over our shared passion for finance. He wasn’t familiar with real estate, and honestly, neither was I. But we both knew finance well. He had experience in building and managing a company and I brought my strong financial background to the table. So, we decided to use our expertise to help companies manage their finances better. That’s how our current idea was born.
Q: Did you receive funding from the program?
A: Yes, the funding terms are transparent. Selected teams get the opportunity to present to the investment committee. Those invested in receive €100,000 in exchange for 10% equity. There are no hidden surprises; everything is agreed upon before the program starts.
Q: What was the biggest benefit you got from the Antler program?
A: My co-founders. Without Antler, there’d be no Amply and definitely no co-founders. So here’s the rundown: I met one co-founder, Ben, at Antler. Both of us come from a commercial background, so we knew we needed a technical co-founder to really get things going. We decided to broaden our search outside of Antler, and that’s when we found our CTO—an amazing software engineer.
Antler was also super helpful in this process. They gave us pointers on what type of CTO would fit our team best. It wasn’t like we had a tech background to make an informed judgment ourselves, right? So they helped us nail that down. We took their feedback seriously, and it paid off. We found an incredible co-founder, which was probably the best thing that could have happened. Post-investment, the three of us incorporated the company and we’ve been sprinting ever since.
Amply’s Current Status
Q: What is the status of your company today?
A: We incorporated just nine months ago, in February. Our MVP didn’t just gather dust; we had it ready in less than five months. You can say we’re on a bit of a roll; we already have a two-digit number of customers actively using our platform. We had our first revenue in October. We have closed that angel round.
Q: Have you started any growth initiatives yet?
A: We haven’t splurged on marketing or any traditional growth tactics yet, but that doesn’t mean we’ve been sitting on our hands. At first, our growth was all about hustling and tapping into our network. Once our fully functioning product hit the stage and proved to be a game-changer for companies, we started shifting towards cold acquisition. So yeah, it’s been a lot of pounding the pavement—networking, introductions, and understanding which companies need a revamp in their processes.
After the funding round, we have started to direct some funds towards growth. But don’t get it twisted, the product will always be king in our world. Even as we focused on product development, we still got our hands dirty with growth. I mean, for every customer we bagged, we had to chat up at least 30 more. We’ve been experimenting with LinkedIn outreach, cold emails, cold calls, and even hitting up fairs and conventions. Our method? Talk to as many companies as we can, customer or not, just to soak up all the insights we can get—on the product, the messaging, and what ticks for our customers. That’s the essence of our growth game right now as we start thinking about our Go-To-Market strategy.
Tips for Founders Considering an Antler Program
Q: Any advice for founders thinking about applying to Antler?
A: First things first, just go for it. Huge props for even considering taking that step; it’s a golden opportunity. Now, here’s the deal—everyone’s Antler journey is different. Some folks walk in with a killer idea, team up with co-founders inside the program, and walk out ready to conquer the world with that same idea. Then there are people like me, who come in with an idea but are mainly on the hunt for a co-founder.
But let me tell you, no matter what your goals are, Antler is a treasure trove of learning. Even if you don’t nail down a co-founder or secure investment, you’re still walking out of there way smarter than when you walked in. You make connections, you get insights, and you basically get a fast-forward button for your entrepreneurial journey. So, whether or not you hit the jackpot with a co-founder or funding, you still win.