As three co-founders resign from their positions, Pipe Technologies enacts a number of strategic position changes. The recurring revenues trading platform also begins its search for a new veteran CEO.
Three of Pipe’s co-founders have simultaneously resigned. Harry Hurst (Co-CEO), Josh Mangel (Co-CEO) and Zain Allarakhia (chief technology officer) all depart their positions, signalling new growth plans for the company.
Harry Hurst explained the joint decision for the sudden resignations. Hurst said: “While the three of us will still all be involved in Pipe, of course, we acknowledge the company needs a veteran and experienced operational CEO to drive the business forward to even greater heights.”
Citing the company’s need for a CEO with more experience than the three co-founders could offer, Pipe announced numerous strategic decisions. The three co-founders assume new positions, aiming to enable further growth of Pipe.
- Harry Hurst becomes vice chairman of Pipe
- Josh Mangel assumes the role of CEO, until the recruitment of a more experienced CEO. Following this Mangel becomes executive chairman
- Zain Allarakhia also remains heavily involved in his role as senior advisor and at the board level
- Usman Masood (previously the EVP of Engineering at Pipe) becomes the new CTO
Josh Mangel explained the aims of the co-founders and how resignations look to further those aims. He said: “Harry, Zain, and I launched Pipe because we knew there was another way, a better way, for businesses with recurring revenue to secure financing. In partnership with our amazing team at Pipe, we’ve put recurring revenue financing on the map. Today we are excited to announce our strategy to achieve our next phase of sustained, long-term growth.”
Pipe looks to build on existing success
Since the company’s foundation in 2019, Pipe has created the ‘recurring revenue’ asset class and built its active trading platform. Over 22,000 companies have signed up for Pipe in that time, with $7billion of ARR being connected to the platform.
Pipe’s trading platform treats revenue streams as assets. This was done to enable companies to instantly turn their revenue into up-front capital.
In February 2022, Pipe also completed its acquisition of media and entertainment financing company Purely Capital. The company now supports producers, rights owners, and distributors to drive immediate up-front revenue from their long-term licensing contracts from investment-grade streaming services and broadcasters, including Amazon, Netflix, and Disney.
Harry Hurst commented on what the company has achieved up until this point. He said: “We have achieved a tremendous amount as a company in a short period of time and have helped entrepreneurs scale and grow their businesses on their terms,”
“Pipe is well positioned, and unlike many companies in this challenging environment, we have the resources and half a decade of runway to make long-term, strategic decisions from a position of strength to ensure we are continuing to drive further value to our customers and investors.
“At this stage in Pipe’s lifecycle, it is critical that we have an operational leader with the experience to drive Pipe’s ambitions and long-term vision to scale, and I am excited for that person to usher in the next stage of growth and innovation for Pipe.”
