EP 47: How Wen-Wen Lam Sold Her $100M Revenue Startup During Covid and Became a Top VC

We're excited to have Wen-Wen Lam, former founder of NexTravel and formerly a partner at Gradient Ventures, join us in this episode. Wen-Wen shares her entrepreneurial journey, from her early days at LinkedIn to founding and scaling NexTravel to $100 million in bookings before the COVID-19 pandemic disrupted the travel industry. Wen-Wen provides invaluable insights into the challenging process of acquiring and selling a company during a crisis. She walks us through her strategic approach, including compiling a list of potential buyers, pitching the acquisition, and navigating the intense psychological pressures involved which led to the acquisition by Travelperk in 2020. She also talks about the transition into venture capital where she focused on consumer applications of AI in areas like chatbots, the creator economy, and social platforms. Wen-Wen shares her unique perspective on identifying promising startups in these spaces. Here's what you're in for: 00:00 - Intro 00:34 - Background and path to founding NexTravel 06:59 - Scaling NexTravel to $100 million in bookings 10:45 - Impact of COVID-19 and the decision to sell the company 16:02 - Strategic approach to running an acquisition process 24:44 - Joining Gradient Ventures and her transition into VC 32:00 - The rise of chatbots and their appeal to younger generations 37:02 - The power of unique and funny content 42:00 - Outro This episode is sponsored by ThunderVC, an investment bank for founders by founders. Raising capital? Get a list of vetted VCs for FREE here: https://web.thunder.vc/list-of-investors-vcs-for-founders  Raising debt? Find the perfect lender in minutes here: https://debt.thunder.vc Get the latest fundraising insights, news, and tips - https://join.thunder.vc ABOUT WEN-WEN LAM Wen-Wen Lam, a seasoned entrepreneur and investor, was formerly a partner at Gradient Ventures, an AI fund. Prior to joining Gradient, she founded NexTravel, a corporate travel booking platform that scaled to over $100 million in bookings before being acquired by Travelperk during the COVID-19 pandemic. Her resilience and strategic approach allowed her to navigate the challenges of acquiring and selling a company amid a crisis. Wen-Wen's entrepreneurial journey began at LinkedIn and she has also worked with the founders of MySpace at Slingshot Labs, providing her with unique insights into building successful startups, fundraising, and operating in rapidly evolving industries. With her multifaceted career, Wen-Wen brings a valuable combination of operating experience and investment acumen to Gradient Ventures, focusing on areas like chatbots, the creator economy, and social AI applications. Connect with Wen-Wen on: Linkedin: https://www.linkedin.com/in/wenwen/ X: https://x.com/wenwen?lang=en ABOUT FUNDRAISING DEMYSTIFIED Our goal is simple: to equip you with the knowledge, inspiration, and guidance to navigate the labyrinthine world of fundraising. Whether you're a budding entrepreneur seeking seed funding or an established founder looking to scale your business, this podcast will provide you with the tools you need to conquer the fundraising landscape. Thank you for being a loyal subscriber to Fundraising Demystified. We appreciate your support and are excited to continue bringing you more inspiring stories from successful founders. ABOUT JASON Jason Kirby is the co-founder of Thunder VC. He is a serial entrepreneur with 4 exits and decades of experience in fundraising and business building. He has coached hundreds of entrepreneurs in his career on fundraising, investing, capital strategy, and business development. You can reach out to Jason through: Email: [email protected]: https://www.linkedin.com/in/jasonrkirby/