In this engaging episode of the DevReady Podcast, host Andrew Romeo welcomes Timothy Toner, Founder and CEO of Affinda Group, to delve into the remarkable story behind the company’s creation and growth. Tim shares his journey from a demanding investment banking career to building a globally successful tech enterprise alongside his brother, Dr. Ben Toner. Starting in a small two-bedroom apartment near Melbourne University, the duo channelled their frustration with inefficient document management into a thriving business. Over 12 years, Affinda has grown to serve 1,500 clients across 75 countries, demonstrating resilience, innovation, and the power of assembling a skilled and values-aligned team.
Tim outlines Affinda’s product-led growth strategy, which eliminated the need for a traditional salesforce for seven years. Drawing inspiration from Atlassian, the company prioritised user-friendly products, robust online support, and seamless customer experiences to reduce friction in the sales process. By leveraging a strong Google PageRank and intuitive web design, Affinda attracted clients globally, proving that a well-crafted product and thoughtful digital presence can drive customer acquisition at scale. This approach highlights the significance of listening to customer feedback and adapting products to meet their needs while navigating challenges like privacy and data security.
At the heart of Affinda’s success lies its focus on cultivating a values-driven team. Tim emphasises the importance of complementary skills and maintaining a scalable, engaging culture. As the company grows, he stresses the need for hiring experienced professionals to tackle complexities and prepare for future challenges. Nurturing learning and development within the team has been a key factor in fostering engagement and aligning the workforce with the company’s long-term vision, ensuring sustainable growth and adaptability.
Funding has been another critical element in Affinda’s journey. Tim reveals their unconventional strategy of bootstrapping for the first ten years through a capital markets advisory business, Vesparum, which provided free cash flow to fuel R&D and growth. When they later raised $25 million in external funding, they opted for a straightforward structure with high-net-worth individuals and family offices, ensuring sustainable scaling. Tim underscores the importance of measured growth, cautioning against rapid expansion without the right infrastructure or leadership in place.
Tim also discusses Affinda Group’s multi-brand strategy, which encompasses three distinct businesses: Affinda,Draftable, and Vesparum. Each brand addresses unique market needs, from document automation to legal comparison tools and tech-enabled investment banking. Tim highlights the synergy between these brands, showcasing how their combined strengths enhance investor value and drive innovation. His commitment to excellence, trust-building, and maintaining high standards across all operations reflects the principles that have guided Affinda’s success.
In closing, Tim reflects on the evolving nature of leadership and the balance between personal and professional life as a business owner. He shares the advantages of having a co-founder with complementary skills, which has been instrumental in navigating the complexities of running a company. Through strategic vision, a strong team, and a customer-focused approach, Affinda continues to carve out its place as a leader in document automation and innovation.
Topics Covered
- Origin story of Affinda Group and its founding journey
- Transition from investment banking to entrepreneurship
- Product-led growth strategy inspired by Atlassian
- Scaling globally without a traditional salesforce
- Team building, values alignment, and maintaining scalable culture
- Funding strategy: bootstrapping and raising $25 million
- Multi-brand strategy: Affinda, Draftable, and Vesparum
- Leadership evolution and balancing personal and professional life
- Sustainable scaling and addressing privacy and data security challenges
- Aligning technology with customer needs and fostering innovation
Important Time Stamps
- Why Affinda’s Beginnings in a Student Apartment Are Legendary (0:07 – 7:42)
- Building Trust Online: How Affinda Removed Sales Friction to Win Customers in 40+ Countries (7:43 – 10:51)
- Future-Proofing Software in the Rapidly Evolving AIArtificial Intelligence (AI) is a very large and broad spectrum of technologies which most people would be familiar with through... Landscape (10:52 – 16:02)
- The Secret to Scaling: It’s All About the People! (16:04 – 19:49)
- Balancing Business and Life: A CEO’s Perspective on Work-Life Blend (19:50 – 26:08)
- Bootstrapped to $25M: How Affinda Funded Growth the Smart Way (26:09 – 32:52)
- Why Affinda’s Multi-Brand Approach Is a Game-Changer in Tech (32:53 – 39:38)
