The Entrepreneur Experiment podcast

From No Idea to a $25M Raised in 3 Years | Mark Hughes co-founder Solidroad

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Mark Hughes started Solidroad in Dublin in 2023 with his co founder Patrick Finlay. There was just one problem. They did not actually know what they were going to build. Three years later, Solidroad has gone through Y Combinator, built offices in Dublin and San Francisco, landed major enterprise customers and raised a $25 million Series A. In this episode of The Entrepreneur Experiment, Mark breaks down exactly how it happened. We go inside the early search for product market fit, how they got their first customers, founder led sales, getting into Y Combinator after multiple attempts, moving his life to San Francisco and the extraordinary speed at which Silicon Valley operates. Mark also tells the story of meeting First Round Capital on a Saturday, meeting the partnership on Sunday and effectively having the investment agreed by Monday. We then get into AI. Mark explains how AI has completely changed the way he works as a CEO, why he believes repetitive work is most at risk, why customer support will remain a combination of humans and AI, and how he is effectively building an AI powered operating system around his company. Finally, we talk about the biggest mistake he has made building Solidroad and the lesson he would give his younger founder self: Move faster. A fascinating conversation about ambition, fundraising, sales, AI, Silicon Valley and what it really takes to build a venture scale company. —- Our Sponsors: Nostra: https://bit.ly/nostra26 Azure Communications: https://bit.ly/azure26 Follow The Entrepreneur Experiment: Instagram: https://www.instagram.com/entrepreneurexperiment/ TikTok: https://www.tiktok.com/@entrepreneurexperiment Podcast: https://www.mrgaryfox.com/podcast —- CHAPTERS 00:00 Meet Mark Hughes and Solidroad 01:52 From Dublin startup to a $25M Series A 03:09 Why Mark became a second time founder 04:30 Starting a company without knowing what to build 06:01 How they searched for the right problem 07:49 The moment they realised they had something 09:09 Funding the company before Y Combinator 11:39 Revenue as the North Star 15:01 Why timing matters in startups 17:00 How Solidroad found its first customers 19:37 Mark's founder led sales playbook 24:28 Why moving to San Francisco changed everything 24:59 What Y Combinator actually does 26:33 Inside a typical week at YC 28:31 Getting into YC after multiple attempts 31:24 The personal cost of moving to San Francisco 34:38 What happens after Y Combinator 36:22 Inside YC Demo Day 37:27 Meeting First Round Capital 38:50 Saturday meeting, Monday money 39:53 Building a $6.5M seed round 42:10 Landing major enterprise customers 42:49 Why money raised is the wrong success metric 43:10 Why Solidroad raised again 44:56 Will AI take our jobs? 46:30 Why customer service will remain human 48:56 The jobs most exposed to AI 49:40 How an AI powered CEO works 52:42 Has Claude overtaken ChatGPT? 54:04 Raising the $25M Series A 59:05 Mark's advice for founders raising money 1:00:41 Dublin versus San Francisco 1:02:52 What comes next for Solidroad 1:03:59 Mark's biggest mistake 1:07:02 Quick fire 1:10:22 Why face to face sales will win in an AI world 1:13:37 The advice Mark wishes he had earlier 1:14:08 Speed is everything

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