TLDR:
- Voyo Popovic, founder of Piece of Cake Moving, bootstrapped the company to $100 million in revenue over 6 years.
- Avoiding VC funding was key to creating a high-demand service, achieving sustainable growth, and maintaining control over decision-making.
Voyo Popovic, the founder and CEO of Piece of Cake Moving, shared his journey of bootstrapping the company to $100 million in revenue over six years. Moving to the U.S. from Montenegro at age 20, Popovic started working in the moving industry and identified it as an industry ripe for innovation. In 2018, at age 24, he launched Piece of Cake Moving with one truck and has since grown it to 350-plus trucks, completing over 100,000 moves annually with 800 employees.
One of the key decisions that Popovic made early on was to avoid VC funding. He believed that this decision was critical in creating a high-demand service and brand, as well as ensuring sustainable growth for the company. The decision to avoid VC funding allowed Popovic to maintain control over all decision-making processes, enabling him to focus on creating a service that met customers’ needs and building a strong brand.
The Kauffman Foundation’s analysis of the fastest-growing companies in the U.S. revealed that most companies secured funding through personal savings or bank loans, rather than VC funding. Popovic highlighted the importance of investing in customers, generating high demand, and building a culture of resourcefulness. By bootstrapping the company, Popovic was able to focus on sustainable, paced growth and hiring and retaining the right employees, ultimately leading to the success of Piece of Cake Moving.
