By Nancy Dahlberg
The three co-founders of Miami fintech unicorn Pipe are stepping down from their executive roles in the company to make way for operations experts.
The company said it is looking for a “veteran” CEO as Harry Hurst, who has been the face of the company since its 2019 inception, transitions from his role as co-CEO to vice chairman, TechCrunch reported Tuesday. “We are looking for someone who has significant operational experience scaling businesses, from product market fit to market leadership all the way through to rapid growth on a global scale,” Hurst told TechCrunch.
In his new role, Hurst will support the CEO search and transition. Co-founder and co-CEO Josh Mangel assumes the role of CEO and continues to lead the organization until new CEO is announced, at which time Mangel will become executive chairman with a continued focus on product and strategy. Co-founder Zain Allarkhia, currently CTO, will remain on the team as a senior advisor. Usman Masood, currently the EVP of Engineering, will become CTO.
“I’ve taken a lot of time to think about how best I can serve our mission in ways that continue to unlock my strengths as a founder, while ensuring the company continues to flourish,” Hurst said in a Twitter thread.
“I’m a zero-to-one builder who loves working in the trenches, not a hardcore operator at scale.”
Pipe is a trading platform that enables entrepreneurs to grow their businesses on their terms. By treating revenue streams as an asset, Pipe allows companies to transform their revenue into up-front capital, instantly. For entrepreneurs, that means more cash flow for scaling their businesses without dilution. For investors, Pipe has unlocked the largest untapped asset class, revenue.
Pipe reached a $2 billion valuation last year after the startup raised a $250 million equity round. To date, Pipe has raised over $300 million.
Hurst said the company is well-capitalized with over half a decade of runway “and we are, by far, the definitive market leader in the space.”
Since Pipe’s launch, over 22,000 companies have signed up for the service, up from 4,000 at the time of its fundraise in May 2021. About $7 billion of ARR has been connected to the platform, the company said. More than half of the trading volume comes from non-SaaS vertical markets including direct-to-consumer subscriptions, streaming services and service-based businesses. Hurst told TechCrunch he expects 3X growth in revenue this year. Pipe has 108 employees.
In February, Pipe closed its first acquisition. Purely Capital, a media and entertainment financing company, now serves as Pipe’s media & entertainment division to help producers, rights owners, and distributors drive immediate up-front revenue from their long-term licensing contracts from investment-grade streaming services and broadcasters, including Amazon, Netflix, and Disney. Pipe Entertainment is one of the fastest-growing verticals on Pipe’s platform.
Hurst said it has always been about building for the decades.
“The opportunity ahead is to take our significant lead in the market and leverage our strong financial position as we build toward our ultimate goal – to become the trading platform for all revenue.”
Follow Nancy Dahlberg on Twitter @ndahlberg and email her at [email protected]
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