It was just after midnight on 1 July 2013, and Justin Dry watched the sales screen. The first night back under the founders' control brought in A$230 at 12.02am. Then nothing much. To pay that week's wages, the team still had to sell another A$20,000.
Dry has said as much in an interview with Startup Daily. It was the low point of a year that had started like a win.
They moved all their resources to daily wine deals, and in roughly three months were hunting for capital.
The story begins earlier with Qwoff, a community wine review site. Andre Eikmeier, Dry's brother-in-law, had the idea around 2006. Dry came back from overseas excited about Facebook, and together they built the site. People loved it. Nobody paid for it. For years they tried to make money and lost some of their own, which is where, Dry has said, they learned the most. They became known as the social media wine guys.
Then they saw Groupon. They moved all their resources to daily wine deals, and in roughly three months were hunting for capital. What almost nobody knew was how close they came to a different life. They were nearly done with a major media company when Catch of the Day called, about a week before signing. The founders liked its culture and track record. They needed customers more than cash, they said, and the deal closed in four to six weeks, with Catch taking 70 per cent.
It did not fit. A year on, Dry made what he called a really awkward call to Catch of the Day's co-founder to ask for the business back. On 1 July 2013 they had it again, and a quiet first night of A$230.
The wages held. By 2016 Blue Sky Venture Capital put in A$25 million, then the largest single round for an Australian tech start-up with no overseas investor. Dry and Eikmeier kept their majority.
The cost showed up later. Eikmeier stepped back from daily work. In 2021 Dry stepped aside as CEO as the company prepared to list, and then pulled the float when the pandemic sales boost looked temporary. Profits slid to breakeven and then one loss-making year. Dry returned in late FY2023, and Forbes Australia reports turnover near A$90 million and a goal of A$100 million in FY27.
For founders: the first night after you take your company back may be the smallest number you ever see. Keep the lights on, and the audience you built for free will carry you.