Ad-tech startup Spotfront had attracted interest from investors but the firm decided to remain self-funded. Co-founders Alex Sherman and Peter Schwartz turned down seed funding to give themselves more freedom in experimenting, according to Forbes.

Sherman explained: "We looked at both paths but we wanted to really build a product that customers were looking for and to make sure we could work at our own pace... There's a big difference between taking a risk with someone else's money and your own. We valued our independence and our ability to make mistakes."

Spotfront became profitable within a year and until now, has survived on cash flow. Bootstrapping the company gave the co-founders a sharper focus on their business plan from the very beginning. In addition, the ownership remained solid, the report explained.

The New York sartup is already planning to double their workforce in the next six months. Sherman is also considering starting a Series A financing round to scale the company, Forbes reported.