Meeker Found Mainstream Pet Retailers Failed to Accommodate Large Dogs
“I was just disappointed with the offerings, and tried the local pet codes and pet smarts as well, and it was all the same.”
There Were No Dog Subscription Boxes on the Market in 2011
“No, not at all.”
Bark Sold Early Subscriptions Using a Phone Mockup and Square Reader
“So I started to carry a square in my pocket, and I'd show people, and they'd give me the reaction. I'd plug the square in, and I'd say, it's live. Swipe your card. And I'd hand, hand the phone to them, and their faces would change. They'd be like, well, so the…”
Bark Launched With $10,000 and No Initial Venture Capital Ambitions
“Henrik and I together put in 10,000 dollars, and it kind of that same story of too much money or money at all. Isn't the type of company we want to build. We want to build something for us and something that's profitable, and this isn't going to be a venture-b…”
Bark Founders Gave Carly Strife a One-Third Equal Equity Stake
“We did an equal chunk of equity. So a third of the company.”
Bark's Seed Investor Conditioned Funding on Meeker Becoming Full-Time CEO
“In May of 2012, Mike Hirschland, who had started Dogpatch Labs, and Mike and I obviously worked closely while, while I was there, and he reached out and said, I'm starting this new fund. Can I invest in this thing? Can I lead a round for you? But that came wit…”
U.S. Dog-Owning Households Grew From 38 Million to 65 Million
“When we started, there were thirty-eight million households in the U.S. With a dog, and today that's sixty-five million.”
Bark Crushed Copycat Competitors by Deliberately Outspending Them on Ad Channels
“They're usually copying the whole playbook, so taking to Google search or Facebook advertising, and it's easy enough to just lean on them and outspend them. If you're bigger, we'll, we'll bleed you over time, and that happened time after time after time.”
Bark Shut Down In-Home Vet Service Due to Immense Capital Requirements
“We started a service in 2013 called Bark Care, which was an in-home vet service in New York, and people loved it. Dogs loved it. Everyone was loving it, but it would have taken us a tremendous amount of capital to do it and scale it the way that it needed to b…”
Bark Founders Ignored Market Sizing and Avoided Data When Choosing Toys
“We never looked at the market data or the market sizing and said, let's go here. If we had, we would have never chosen toys.”
Bark Walked Away From an Active 2018 Fundraise to Sustain Itself
“We, I definitely freaked out my board and our investors but walked away from the fundraising round and said, forget it.”
Stalling Growth Reverses Subscription Working Capital Cycles to Drain Cash
“If you're not growing, it catches up to you and works in reverse and eats away at your cash.”
Bark Accelerated Rapidly in 2020 After Nearly Running Out of Cash
“Again, we were going month to month on our cash. I remember in March of 2020, having conversations with investors and our banks and saying, well, we'll see what retention looks like on April first. And then all of a sudden, customer acquisition is just off to …”
Meeker Stepped Down Because He Did Not Want to Run Publicly
“Then we also had ambitions of someday being a public company, and I had an idea that I didn't want to be a public company CEO.”
Bark Required Its Incoming Pandemic-Era CEO to Commute From Seattle
“And a very good guy that I think we put into difficult spot. You're saying to someone, take on a CEO role. Take it on in the middle of a pandemic. You'll live in Seattle, but you'll commute to New York. That's fun. You won't get the opportunity to meet most of…”
Bark Raised $200 Million in SPAC PIPE Following $500 Million Demand
“We went out to raise a hundred million through that pipe process. We had an interest of nearly five hundred million, so we ended up raising 200 from that in addition to the SPAC funds.”
Bark Burned $194 Million During Its 2022 Fiscal Year
“So that year ending March 31st, we burned a hundred and ninety-four million dollars, and if we had done that for the next 12 months, that would have been it. We're done. We're gone.”
Bark Holds a Ten Percent Share of the Dog Toy Market
“And it does get, it gets poo-pooed by a lot of people because, well, that's only three and a half billion dollar industry. And you already own 10% of it.”
Bark Air Sold Out Summer Flights at $8,000 Per One-Way Ticket
“Those tickets are six to 8000 dollars one way, and we're sold out in September. We were sold out in August.”
Bark Air Aims to Reduce Ticket Prices to $600 Within One Year
“We have line of sight to, how do we get to that 600 dollar ticket? We have very clear line of sight to doing that, I'd say, in the next year.”
Bark Reduced Its Annual Net Losses From $57 Million to $11 Million
“Our fiscal year, 22, when I stepped in, we lost fifty-seven million dollars. The next year, it was 31. Last year, it was 11.”
Meeker Projects Bark Will Achieve Net Profitability This Fiscal Year
“This year, we should make four or five million dollars. And up from there.”
Meeker Intends to Remain CEO of Bark For the Long Term
“And what I say to people now is, I intend to die in the saddle. It, truly, it goes back to Hugo. And that responsibility at that And the legacy. But I say that knowing that I'm a month away from having a baby boy. A human child, yes. Maybe that becomes my obse…”
Shulman: Suno's first release was open-source TTS model Bark
“In fact, we, the first thing we ever put out was a speech model. It was Bark. It was this open source text-to-speech model, and it got a lot of stars on GitHub,”
Shulman: Bark was the first open-source transformer-based TTS model
“As far as I know there was no other certainly not in the open source text to speech that was kind of transformer based.”
Shulman: Suno borrowed significant code from Andrej Karpathy's nanoGPT for Bark
“There's a big shout out to Andre Karpathy's nano GPT. You know, there's a lot of code borrowed from there.”