Business Builders

From Zero Customers to a €200m Business: Nick Keegan’s Startup Story (Mail Metrics)

Conor Kearney

Mail Metrics co-founder Nick Keegan shares a raw and revealing account of what it really takes to survive the early years of a startup — from three years with no customers to building one of Ireland’s largest customer communications businesses through bold pivots and high-risk acquisitions.

Nick speaks candidly about the naïve mistakes made at the start, burning through investor capital, letting staff go, and being months from running out of cash — before a single RFP became the lifeline that changed everything. He also explains how stumbling into a regulated, enterprise-grade business model unlocked long-term growth, and why learning by doing was the only way forward.

🎧 In this episode, you’ll learn:
– What it’s like to build a startup with zero customers for years
– Why building before talking to customers nearly killed the business
– How one tender became a turning point
– The reality of enterprise sales and long growth cycles
– Why Nick used acquisitions to scale faster than organic growth
– The personal and psychological toll of the early survival years

Whether you’re a founder, operator, or investor, this episode offers a rare, honest look at the gap between startup mythology and startup reality — and what it really takes to get through it.

🎧 Listen now on Spotify, Apple Podcasts, or YouTube.
👇 Full episode link in the comments.