Founder and was CEO now Marketing Director of www.moonfruit.com
J: What interests me, first of all, is how you got to do a degree in computer science at Imperial College. What was your background as that was pretty unusual for a girl?
W: I went to a girl’s grammar school and it was in the Thatcher years so we had a belief that you could do anything and women could get out there and get on in the world. We were ball breakers, but that was OK!
J: And what about your family background?
W: My parents were immigrants to the UK, my father from Burma and my mother is Chinese from Malaysia. My maternal grandfather refused to pay for an education for my mother as in those days it wasn’t considered appropriate that a woman should have an education. He did give her the money to go and study to be a midwife in the UK, so she seized the opportunity and came to the UK. She met my father here and he sponsored her through a technical degree and she was one of the very few women at that time to work in IT.
J: So it didn’t seem too abnormal for a woman to go into computer science?
W: Yes exactly. A lot of my female contemporaries might have thought a degree in computer science a bit boring and geeky, but I thought it might be fun, and it was! For a start we were 7 women and 120 men at Imperial College! I enjoyed the degree and met people who I worked with later.
J: What happened next?
W: I left Imperial College and went to work for Arthur Andersen as a tax consultant. It wasn’t a very exciting job, I found it constraining, but having done it, it stood me in good stead later on when I wanted to raise money for my business. I stayed there a year.
J: And what did you do next?
W: I started working for a banking software company doing programming. It was actually great fun and I travelled a lot doing project management all over the world.
I really enjoyed it. After I had been there a while a client, who became a great friend and mentor, Richard Duvall, who had become IT director for Prudential decided to set up Egg, which was a very original concept at that time. Nobody was doing online banking and he brought me into Egg as head of CRM. That was ’97 and I was the youngest female manager. They were heady times as it was all a completely new concept. Richard was an inspiration and later gave me seed funding when I wanted to start my own venture.
J: So how did you come up with your own idea?
W: At Egg we were doing a lot of work around communities and the idea behind Moonfruit was really enabling people to share their passions online. A place that people could easily create online communities as we enabled them to build websites easily in a very visual way. I set it up with an old friend from Imperial, Eirik, Richard, friends and family gave me seed funding to build the prototype, while still allowing me to work part time at Egg while the company got going. I was very supported. We then joined forces with Joe and Tony who had a web agency Sixzeds. This was 1999 and we raised £500k from Bain Lab which was the incubator for Bain and Co. and we built the launch product. Before launching in 2000 we raised £5m from LVMH which had a tech fund. It was the height of the dot com boom and everyone wanted to invest in the internet.
J: But then there was the dot com crash.
W: Yes things got really tough between end 2000 and 2003. In a way we had got too much money too soon and we had too many staff, which we had to lay off. We were a company based on an advertising revenue model and the income wasn’t enough. The model simply wasn’t working and the tech world was crashing around us. From being a company with 50 employees we went back to 2 people! I was going out with Joe from Sixzeds and I had to lay him off too! We married in 2002 and after he left the company he went to work for McKinsey which turned out to be a very good thing as later on he came back to the company with greater expertise.
J: So what happened to get the company going again?
W: We had to change the model, so we started charging. We were always a community based site so tried to explain to our users why we had to start charging and it was only £4.99 a month. We slowly build it up again relying on freelancers and worked really hard. By 2005 it was profitable but I was feeling the grind so went off to Central St Martin’s to do an MA in textile design. At that time Richard set up Zopa a peer to peer lending company which I consulted on. It’s been doing very well since nobody trusts the banks anymore.
J: So how did Moonfruit develop?
W: Joe came back to the company in 2004 and together with Eirik my original partner in Moonfruit and Stephan Ramoin who was head of Lycos Europe, set-up Gandi Group, having raised 13m€. Gandi Group bought leading European domain name registrar Gandi.net and Moonfruit and I became marketing director. It has doubled in value and recently launched a cutting edge virtual hosting service for SME’s while Moonfruit has grown 70% since this time last year.
J: What are your plans for the future?
W: Possibly to sell in 3 – 5 years, if we carry on enjoying growing the business who knows! In the meantime Joe and I have had 2 children and they take up quite a lot of my time. As a woman I don’t think you can have it all, all at once, but you can phase it.
J: And how do you find being married to your business partner?
W: Joe has always been grounded and wise beyond his years, we share responsibilities. He’s 6 years younger than me and I think the fact that we shared many formative life experiences, the company getting funding, going through a very difficult phase, then building it again and raising our children has created a really strong bond.
J: Lastly, Wendy, is there one thing you would have done differently?
W: Yes I wouldn’t have scaled it so quickly and had a clear business model with income!
By Julia