First Startup, Big Exit: How Hugo and Jack Sold SinCode AI to HubSpot’s Dharmesh Shah

A Startup’s Humble Beginnings

Hugo Rosensköld Stengert and Jack Österberg started SinCode AI with little more than determination and a knack for no-code. Jack first dabbled with no-code tools like Bubble during high school in 2018, while Hugo joined him soon after. When they spotted the growing potential in AI, they jumped in, building a platform that let users generate high-quality copy before ChatGPT entered the scene. “We didn’t have big budgets,” Hugo shares, “so no-code was our way in. We had to be scrappy and creative.”

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Going Viral with Tiktok and Tackling Major Challenges

Going Viral with TikTok and tackling major challenges by launching SinCode AI in early 2023, the duo relied on short videos across YouTube and TikTok to drive attention. “We ended up with 50,000 users in February alone,” Hugo recalls. But with rapid growth came unanticipated obstacles, particularly in security. “People figured out ways to exploit our system, racking up thousands in extra costs on our end,” says Jack. The hacking, fake accounts, and payment issues forced them to build new layers of security and adapt quickly, a process Hugo describes as “a really tough but eye-opening experience.”

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The Minc Influence

Minc played a crucial role in shaping their journey. Introduced by a mutual friend, Hugo and Jack joined Minc’s incubator, seeking both support and office space beyond their couch. “Minc gave us the space to focus and the guidance to keep going,” Jack shares. Mentorship from advisors like Jonas helped them navigate the challenging moments, especially when finances ran tight. “It made a big difference having experienced voices to lean on,” adds Hugo.

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Exiting to HubSpot’s Dharmesh Shah

In 2023, SinCode AI caught the attention of Dharmesh Shah, co-founder of HubSpot. Reflecting on the exit, Hugo mentions the ease of working with a founder who understood the challenges: “It was a smooth process—professional and straightforward.” The founders had maintained complete control by bootstrapping, which made the decision to sell more straightforward. “We were happy we didn’t take VC money early on,” Jack reflects. “Being bootstrapped meant we could choose our own path.”

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Advice for Aspiring Founders

Their advice for other young founders? “Just do it. Don’t overthink it,” says Jack. And for those dreaming of their own exits, Hugo suggests patience, “It took months and countless conversations to finalize our sale.”

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As they move on, Jack is exploring his passion for aviation, while Hugo dives into a new platform to enhance productivity for iPhone users.

About Minc

At Minc, we believe in creating something bigger than yourself. We offer everything an entrepreneur needs to go from concept to market in-house. Our international network of advisors and award-winning programs will help your startup scale faster and smarter. Welcome to the startup house of Malmö.

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