Founder Bootstrapped Using $3.5m From Founderpath, Exited for Massive Amount Last Week

Last week, Joel sold his bootstrapped software company.

It was the biggest personal liquidity event of his career.

Why? Because he didn’t give his company away to investors along the way.

“Frankly, without getting too much into numbers, this is the most personal liquidity I’ve ever achieved from a transaction — maybe ten times more — and a huge part of that is Founderpath. Founderpath showed me a great way to stay bootstrapped as long as possible, focus on product-market fit, and grow without giving up ownership.”
— Joel, Founder and CEO

Joel used roughly three to three and a half million dollars in Founderpath capital, spread across nineteen total draws between 2020 and 2024, to scale his company from under one million ARR to a full strategic exit. He combined a mix of revenue-based financing and term loans that gave him the flexibility to fund growth without raising equity.

How Founderpath Helped Joel Win

1. Early runway when revenue was still small
Joel’s first wire from Founderpath was just fifteen thousand dollars back in September 2020 when he was doing around fifty thousand in monthly recurring revenue. That initial draw allowed him to extend runway and build a foundation without taking outside investment.

2. Consistent capital access while bootstrapped
Across nineteen total draws, Founderpath provided a steady source of non-dilutive funding as Joel scaled. Each new draw helped him reinvest into marketing, hiring, and growth initiatives at the exact moments he needed them.

3. Accelerated hiring and go-to-market growth
Joel used Founderpath capital to recruit top talent, including a veteran SaaS CMO who had previously scaled SendGrid and led teams at Bessemer and Vista portfolio companies. These hires directly fueled enterprise growth and improved valuation.

4. A lender that moves at founder speed
When Joel needed to act fast — on ad spend, on a key hire, or on scaling infrastructure — Founderpath delivered capital within days, not months. He described the process as “quickly providing the cash we needed to grow,” without the red tape of traditional lenders.

5. Preserving control and maximizing the exit
By staying bootstrapped with Founderpath, Joel entered his sale process owning the majority of his company. When his strategic buyer — a private-equity-backed firm — acquired the business, Joel walked away with more personal liquidity than any of his previous exits combined.

The Results

Joel ran a full sale process with nine IOIs and three LOIs before closing with the perfect strategic partner. He kept the majority of his equity and secured life-changing personal liquidity — all while remaining rule-of-40 positive almost every year since Founderpath’s first investment.

“We got significant enterprise value and significant personal liquidity. Founderpath was a huge part of our success. I’ve sold companies backed by VCs, private equity, and strategics — this path created the best outcome of them all.”
— Joel

Key Takeaways for Founders

Bootstrapping doesn’t have to mean growing slow. Non-dilutive capital gives founders like Joel the freedom to scale while keeping equity intact. The key is using it as an accelerant, not a lifeline. Founderpath works best when you already have product-market fit and repeatable revenue, and you want to move faster without giving up control.

Founders who use non-dilutive capital wisely can hire better talent, fund growth initiatives, and stay in control of their destiny. More importantly, they keep the upside. As Joel put it, “the optionality to even consider this kind of exit was because of Founderpath.”

The biggest takeaway? Non-dilutive capital is not just about access to cash. It’s about ownership. When you stay bootstrapped longer, every percentage point of equity you keep compounds into life-changing wealth on exit.

Closing Thoughts

Joel’s story is a clear example of what happens when founders combine smart capital with disciplined growth. He avoided dilution, scaled fast, and sold on his terms. Founderpath gave him the flexibility to grow, the speed to compete, and the ownership to win big.

If you’re a SaaS founder with predictable revenue and a clear path to scale, Founderpath can help you do the same. Strengthen your balance sheet, keep your equity, and prepare for your best exit yet.

Visit Founderpath.com to learn how to grow without giving up ownership.