Hipstamatic was plagued by its own market success. Instagram had generated no revenue since it launched, yet sold at a market valuation of roughly $1 billion. Hipstamatic didn't have the same “advantage.” The self-funded startup pulled in$10 million last year, and was on track to more than double its revenue in 2012. "For us, raising money was always super awkward because we made money," Buick says. "It fucked everything up and we'd get a different valuation. Like, 'Oh you have numbers? Well, I'm going to put the X here and the Y here, and this is what you're worth.' It's like, 'No, no, no, we don't make money! I lied!'"