As a follow-up to my previous post with what we’re working on, here’s an update on things happening inside Etsy, Inc.
Etsy has 125 employees now. I remember when we were just four people, working from my apartment in Brooklyn. At that time, it was crazy to think we’d ever need more than twenty employees to make Etsy tick. And now, at 125 employees, we’re still hiring.
Why? Because we have more work to do.
We’re hiring in Support so we can meet our goal of offering phone support, live chat, and answering all emails within two hours. We’d like to be able to do this in a handful of languages, twenty-four hours a day.
We’re hiring in product and engineering so we can improve the site itself. We’ve just begun to gain momentum here, and we’re looking forward to vast improvements currently in the works for Etsy.
We’re building Etsy’s senior team, too. We’ve just hired a new Chief Operations Officer (COO). His name is Adam Freed, and his dog is Hank. Adam is here to help me lead the company, bringing with him his experiences at Google and beyond. It’s best to just let Adam make his own introductions, so you can go hear from him in this blog post.
We’re in the midst of our first profitable year, and we have a nice cushion of cash in the bank. Even still, we have a lot of work to do. To make sure that we can meet our challenges, we have raised a bit more money. In investor terminology, this is our Series E. (The “E” is part of a simple lettering scheme used to keep track of “rounds of financing.”)
Etsy’s Series E was led by Index Ventures, a London-based firm, with Danny Rimer taking an observer role. Index invested $6.3 million dollars in Etsy, alongside buying shares from some of Etsy’s earliest investors. Existing Etsy investors Accel Partners and Burda Digital Ventures also participated.
To help give a sense of the scale of this investment, $6.3 million is the amount of money from 2005 to 2010 that Etsy has spent on servers. We’re at 5 million members right now, so this is roughly $1 per member. One way to think of this investment is that we’ve secured the resources to scale to over 10 million members.
The two biggest costs running Etsy are our servers and our employees. We want to make sure we can secure the best of both, and this investment helps us here.
Onward and Upward
I started Etsy so that I could sell what I was making. In the five years following my first sale, I’ve been putting almost all my time into Etsy itself. I still make furniture for friends and family, and hope to get my Etsy shop back in order next year.
I see Etsy.com, the website itself, as something handmade; both craftsmanship and authorship are important to me. I still design a lot of what you see here, working with a great team. This does a good job sating my desire to make things.
My personal mission for starting Etsy is always with me. I want to connect the makers and finders of the world with the buyers. This is what Etsy is all about, and we’re hard at work making it better.