Company Profile: Etsy
Origin Story
Etsy was founded in early 2005 by Rob Kalin and two friends, Haim Schoppik and Chris Maguire. They worked on a design project for getcrafty.com, an online bulletin board for crafters and discovered a need for crafters to sell their goods online. By June 2005, they launched Etsy. All 3 founders are no longer much associated with the company, but were involved primarily prior to 2010.
On April 1, 2015 ETSY IPO’ed at $16/share.
Funding
June 18, 2005 - Angel - 400k
Nov 1, 2006 - Series A - 1 mil
Jun 7, 2007 - Series B - undisclosed
July 1, 2007 - Series C - 3.3 mil
Jan 1, 2008 - Series D - 27 mil
Aug 26, 2010 - Series E - 20 mil
May 8, 2012 - Series F - 40 mil
May 22, 2014 - Private Equity - 5.6 mil
Today
Etsy is one of the companies that was positively impacted by COVID-19. Their stock in March 2020 was around $30 and as of April 2021, it sits at $214! Etsy continues to grow from a people perspective and has around 100 jobs open on their career site.
Details
Number of Employees 5411 (per LinkedIn) - numbers can be off because some Etsy store owners will tag Etsy as their employer
Employees Open to Opportunities: 17% (per LinkedIn Recruiter)
Location - HQ in Brooklyn, NY with WFH options and a few global locations
Compensation - Location based pay
Web Says
Three Interesting Things
Early 2010’s Engineering Culture - The engineering in the early 2010’s at Etsy has had a tremendous impact on engineering culture, in general, today. Firstly, they were one of the first companies to really understand that letting others ‘in’ on what their engineering team is up to is a huge recruiting/knowledge share tool. They launched the Code as Craft website in Feb 2010 and it still lives on today. Etsy also INVENTED Blameless Post Mortems. I don’t think many folks today realize the amount of talent, culture and ideation that came out of early 2010’s Etsy, but it was something very special.
Leadership - Over the last 4 years there has been a big shift in leadership at Etsy. This started in 2017 when the Board replaced Chad Dickerson (long time CTO then CEO) with Josh Silverman due to fledging profits. Since, the whole C-level team has been replaced, except for Kruti, the CPO. It should be noted that it is a global company, but every C-level is located in NYC.
2017 Layoffs/Restructure - As noted in the previous bullet, 2017 was not kind to Etsy. They were struggling and had 2 large rounds of layoffs, cutting 22% of their workforce.
Leadership
Josh Silverman - CEO - 4.5 years @ Etsy
Rachel Glaser - CFO - 4 years @ Etsy
Mike Fisher - CTO- 4 years @ Etsy
Ryan Scott - CMO - 2 years @ Etsy
Kruti Patel Goyal - Chief Product Officer - 10 years @ Etsy
Jill Simeone - Chief Legal Officer - 4 years @ Etsy
Raina Moskowitz - Chief Operations, Strategy & People Officer - 3 years @ Etsy