How to build a $5M SaaS with 3 people and no VC funding (With Esben Friis-Jensen)

After building a successful VC-backed company, Esben Friis-Jensen took a different path — bootstrapping his next SaaS startup to $5M ARR with just a team of 3. In this episode, he shares why he turned down venture funding, how he built an efficient, product-led growth engine, and lessons on scaling smart without sacrificing ownership or speed. (00:00) - Introduction (00:32) - Meet Esben Friis-Jensen (02:30) - The Decision to Bootstrap (06:27) - Product-Led Growth Strategy (11:25) - Competing in a Crowded Market (18:54) - The Role of AI in Business Operations (22:08) - Efficiency and Execution in Small Teams (27:48) - Making Tough Decision (31:17) - Revenue Metrics (32:10) - Speed of Decisions (38:43) - Challenges and Benefits of Founder-Led Companies (40:49) - Joining a Bootstrapped Company  Never miss a new episode, join our newsletter on revenueformula.substack.com