How 2 startup founders with no product, no users and no real proof their company would work raised $3 million — then built a company worth $1.3 billion
Alyson Shontell
Robinhood is a commission-free stock trading app that was recently valued at $1.3 billion. But when the company was first starting, there was very little proof the founders could pull it off.
Vlad Tenev, cofounder and co-CEO of Robinhood, says his app could not get regulatory approval without having a sizeable amount of funding from venture capitalists. But most venture capitalists didn't want to give him money, because he had no product.
http://www.businessinsider.com/robinhood-how-founders-raised-seed-round-with-no-product-2017-7
