How to Build a Global Business Without Raising VC

Episode Summary

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In this episode of #Value! podcast, host Graham Davies sits down with Lena Andersson, founder of Go! Running Tours, a global guided running experience business operating in over 80 cities worldwide.

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Lena shares how she built and scaled her company over 12+ years without raising a single round of funding. From failed investor meetings to pitching on Denmark's Dragon's Den during COVID with zero revenue, Lena's journey is filled with honest insights, gritty resilience, and a deep commitment to doing business on her own terms.

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Graham and Lena dive into what it really costs to chase investment, how to stay financially confident when you're bootstrapped, and why tracking your numbers daily (even when they haven’t changed) is the mindset that separates the serious from the scattered.

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Whether you're a founder tired of pitching or a business owner looking to grow with clarity (not chaos), this episode is a must-listen.

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Guest Profile: Lena Andersson

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Lena built Go! Running Tours from a solo side hustle in Copenhagen to a global community of running guides across 80+ cities. 

Her model combines local connection, operational efficiency, and word-of-mouth magic to deliver unforgettable travel experiences for runners. 

Without external capital, Lena has created a profitable, purpose-led brand known for authenticity and adventure.

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Key Takeaways

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• Bootstrapping Beats Burnout: Chasing investment drained Lena’s energy and distracted her from building. Once she focused on revenue and operations, growth followed.
  
  
• Investor Ready ≠ Decision Ready: Graham unpacks how founders confuse fundraising prep with business readiness, and how clarity beats a flashy deck.
  
  
• Track What Matters: Lena checks key metrics daily: revenue vs last year, gross margin, and number of bookings. Her obsession with numbers keeps the business lean and focused.
  
  
• Not Every Booking Needs to Make Profit: Graham and Lena explore the power of lifetime value and why some bookings are strategic losses.
  
  
• Your Gut Still Matters: Despite her spreadsheet smarts, Lena admits many decisions are made because they "just feel right." Graham backs this up as part of founder instinct.
  
  

Chapters & Timestamps

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• [00:00] Intro & Lena’s journey into running tours
  
  
• [03:46] The reality of building over 12 years
  
  
• [05:02] Failed raises and Dragon’s Den during COVID
  
  
• [07:14] When chasing investment starts hurting the business
  
  
• [09:23] Why Graham thinks bootstrapping wins more often
  
  
• [11:44] Passion vs pressure, what really motivates founders?
  
  
• [14:37] Tracking bookings, revenue, margin & repeat customers
  
  
• [18:46] What to do when numbers go down
  
  
• [22:06] The tension between finance logic and marketing growth
  
  
• [28:42] Managing cash flow when customers pay in advance
  
  
• [40:17] Should you reinvest everything?
  
  
• [43:45] Building buffers to test new channels
  
  

FAQs

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1. What is Go! Running Tours?

A global network offering guided running tours for travellers in over 80 cities. Each tour is led by a local guide and blends sightseeing, safety, and storytelling.

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2. Has Go! Running Tours raised investment?

No. Lena attempted to raise capital but ultimately chose to bootstrap. She now sees that choice as one of the company’s greatest strengths.

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3. How does the business stay profitable?

Lean operations, strategic pricing, and obsessive tracking of key metrics. Lena uses a combo of Stripe, Wise, Google Looker, and Google Sheets with macros.

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4. Why didn’t investment work out?

Lena faced vague feedback from investors and misalignment around scalability. Graham highlights how many founders over-prioritise funding over fundamentals.

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5. What tools does Lena use to manage finance?

Stripe (payments), Wise (multi-currency banking), Google Sheets (cash flow), Google Looker (performance dashboards), and a Danish accounting system.

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6. What’s the refund policy and cash handling strategy?

Guests can cancel up to 72 hours before. Lena keeps 100% of the refundable amount available to maintain trust and protect the brand.

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7. What’s Lena’s biggest financial lesson?

Sometimes you lose money on the first booking — and that’s okay. What matters is repeat business, brand love, and long-term growth.

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8. What does Graham think founders get wrong about raising?

They raise too early. Graham believes most founders would be better served by validating with real customers before chasing capital.

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9. How often should founders check their numbers?

Graham says regularly. Lena checks hers daily. Knowing your numbers = confidence.

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About the Podcast

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#Value! is hosted by Graham Davies, Fractional CFO and founder of Addition Finance. 

Each episode blends candid founder stories with actionable financial strategy. No jargon. No fluff. Just clear advice to help you master your numbers, raise money, and grow with confidence.

If you would like to be a guest on the show please reach out HERE.

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