How Shopify Became the Go-To Ecommerce Platform for Startups
Humble Beginnings
It was a rough start: The co-founders went without salaries for nearly two years, and shortly after launch, Lake departed. "It took a while and the beginning was slow, but then people started realizing we had a good product," says CEO Lütke, who brought on Cody Fauser as CTO and Daniel Weinand as chief design officer.
The new team's focus on perfecting their creation paid off in 2008, when the Ottawa, Ontario-based company became profitable. In 2010, Shopify attracted the attention of investors, securing $7 million in funding, and in 2011, the company raised another $15 million.
The slow start now seems like ancient history. More than 21,000 online storefronts are powered by Shopify, selling merchandise from loads of small-business owners as well as big names like Angry Birds, the Foo Fighters and 50 Cent. Shopify stores sold $124 million in products in 2010, and Lütke says figures reached $275 million last year.
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