His startup Cameo was a unicorn—until it crashed 90%. Here's how he went from near-bankrupt to profitable again. | Steven Galanis, Founder of Cameo

A Product Market Fit Show | Startup Podcast for Founders

Cameo is one of the best-known recent consumer startups. You've either used it or know someone who's used it to get famous people to create personalized videos. And, for a while, they were a total rocket ship.
Year 1: $300K GMV
Year 2: $4M
Year 3: $20M
Year 4: $100M
They were backed by Jeremy Liew, the VC who seeded Snapchat in 2012. Cameo became a unicorn in 2021. But as the markets turned, revenue decreased, investor interest waned, and their valuation dropped from $1B to $100M. After the restructuring and the layoffs, Steven found a way to turn things around.
Now the company is profitable again. And growing.
Here's how he did it.
Why you should listen:

• Why you don't need liquidity to launch a marketplace.
• How to hack your way to a successful marketplace launch.
• Why organic growth is the way to grow a marketplace.
• How to turn things around after your valuation crashes by 90%.

Keywords
Cameo, startup, entrepreneurship, product-market fit, celebrity endorsements, marketplace growth, business strategy, VC funding, early-stage startups, innovation, Cameo, gifting, unicorn status, Chicago startup, engagement, COVID-19 impact, business diversification, down rounds, product-market fit
Timestamps:
(00:00:00) Intro
(00:02:46) Where The Idea for Cameo Came From
(00:11:54) The Client Interface of Cameo in the Early Days
(00:14:12) The Failed launch that Could've Ended it All
(00:21:23) Gaining Momentum
(00:25:37) The Math Behind Cameo
(00:31:27) Becoming a Unicorn
(00:34:34) Meeting Jeremy Liew (the VC who backed Snapchat)
(00:40:47) Engagement on the Platform
(00:43:00) The Impact of Covid
(00:56:06) Finding Product Market Fit
(00:56:30) One Piece of Advice
Send me a message to let me know what you think!

Chapter

1. His startup Cameo was a unicorn—until it crashed 90%. Here's how he went from near-bankrupt to profitable again. | Steven Galanis, Founder of Cameo (00:00:00)

2. Where The Idea for Cameo Came From (00:02:46)

3. The Client Interface of Cameo in the Early Days (00:11:54)

4. The Failed launch that Could've Ended it All (00:14:12)

5. Gaining Momentum (00:21:23)

6. The Math Behind Cameo (00:25:37)

7. Becoming a Unicorn (00:31:27)

8. Meeting Jeremy Liew (the VC who backed Snapchat) (00:34:34)

9. Engagement on the Platform (00:40:47)

10. The Impact of Covid (00:43:00)

11. Finding Product Market Fit (00:56:06)

12. One Piece of Advice (00:56:30)