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$100 Million Valuation in Under 2 Years with Andrew Boryk from Lunchbox.io

Episode 23 of How to Be Moderately Successful sees Mike Scott (Nona CEO) chat to Andrew Boryk, Co-Founder and CTO of Lunchbox.io. Lunchbox brings a collection of enterprise solutions that redefine the digital restaurant experience, and the business is absolutely flying.

Lunchbox is currently a team of 167, which is amazing considering they were a team of 12 only last year. What’s even more amazing is that in March 2021 they closed their series A round of $20 million at a valuation of $100 million. They have just passed $2 million in ARR (accounting rate of return).

Mike chats to Andrew about the high-speed growth of Lunchbox and Andrew’s journey to the top.

Rapidly scaling your business

The challenges of rapid growth

As we said above, Lunchbox is scaling at a rapid rate. They’re growing at 20% month on month, which presents a different set of challenges.

“I think that the big thing about all of it is really being present and understanding the situation that you’re in,” says Andrew. “Especially in this quarantine, in the same four walls all the time – even though things are progressing – and there are more processes in place.”

Another challenging aspect that Lunchbox is really focusing on is company culture. “You’re constantly thinking about how we are going to scale out our architecture, our infrastructure, all of our systems and things like that,” Andrew explains. “But you really also need to focus hard on scaling out the kind of attitudes, personality, and cultural traits that you’re trying to promote.”

Transitioning to leadership

Less than a year ago, Andrew went from lead iOS Developer to needing to hire an entire iOS team. And now he’s CTO. Mike asks what that experience has been like.

“I think the most important part is how to keep your ear to things and know that stuff is moving in the right direction,” says Andrew. “It’s really important to build great trust with everybody that you promote into, or hire into leadership positions. And having the trust to understand where that team is at and where they’re struggling and people that are going to give it to you straight.”

Their fundraising experience

Mike asks Andrew about their fundraising experience during Lunchbox series A.

“We’d proven product-market fit, so our objective was to get capital to really grow out our team and to just take this operation to the next level,” says Andrew. “We raised our series A pretty quickly, in two to four weeks from start to finish. Nabeel’s (Lunchbox CEO) ability to relay our mission and get people excited about us is in his core, so I never doubt his ability.”

It’s been amazing watching Andrew’s journey with Lunchbox, and we can’t wait to see what he does next.

If you’re looking for a partner that can help you accelerate your FinTech project, look no further than Nona Digital: we have an impressive track record of delivering scalable, intuitive software for FinTech companies around the world, and will design and build your project at the highest standards.

Book a consultation with one of our principals today.

Nona Digital

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