Bootstrapping a Marketplace: MicroAcquire’s No-VC Playbook

Two-sided marketplaces don’t fail because the idea is bad. They fail because founders underestimate the ugly middle: the months where you have neither enough supply to attract demand nor enough demand to attract supply.

MicroAcquire is a useful case study for this “US Startup Marketing Without VC” series because it shows what actually works when you don’t have venture dollars to paper over that gap. Andrew Gazdecki launched MicroAcquire in January 2020 (yes, right before COVID) and pushed it to 300+ acquisitions and $100M+ in closed deal volume in roughly the first 18 months—largely by doing the unsexy work most people avoid.

This post breaks down the tactics and positioning choices behind MicroAcquire’s early growth, and how you can apply them to your own bootstrapped marketplace (or any startup that needs a community to form around it).

MicroAcquire’s positioning: free for sellers, direct access for buyers

MicroAcquire’s core wedge wasn’t a clever growth hack. It was a clear stance: founders can list for free, with no commissions, no exclusivity, and direct buyer access.

That matters because in small-business M&A, the default experience often feels like this:

• Long intake processes (weeks to months)
• Middlemen controlling communication
• Fees that feel disproportionate on smaller deals

MicroAcquire flipped that.

Snippet-worthy stance: If your marketplace is competing in a crowded space, you don’t win by being “another option.” You win by being the option that removes the most painful friction.

In this case, friction wasn’t “discoverability.” It was process drag and loss of control.

Sweet spot: profitable, bootstrapped businesses in the 6–7 figure range

MicroAcquire’s early marketplace sweet spot was mid-six to low-seven-figure profitable businesses, with some deals reportedly exceeding $5M. That’s notable because many founders assume marketplaces must start at the low end. MicroAcquire proved that if you can aggregate attention and reduce time-to-market, you can compete even where brokers already exist.

The bet: founders will choose speed + optionality, especially if they can add high-touch help later.

The cold-start reality: the “hustle phase” isn’t optional

The most valuable part of Rob Walling’s conversation with Andrew Gazdecki is also the least glamorous:

• Cold email campaigns to seed both sides of the marketplace
• Direct outreach to angel investors, seed funds, corporate dev teams (buyer side)
• Direct outreach to startup founders (seller side)
• “Talk to people” volume: calls, feedback loops, live chat, email—repeated daily

This is the part that’s easy to skip if you’re reading growth threads and hoping SEO will save you.

Here’s the reality: SEO is a compounding asset, not a marketplace starter motor. In the early days, you need targeted supply and targeted demand now, even if it doesn’t scale.

A practical cold-start sequence you can steal

If you’re building a bootstrapped marketplace, I’ve found this order works well because it creates proof faster:

1. Recruit “credible supply” first (not maximum supply)
   • You want listings/providers that a buyer would brag about finding.
2. Recruit 25–50 serious demand-side users
   • Not email subscribers. People who will transact, trial, or negotiate.
3. Hand-match the first deals manually
   • “Wizard of Oz” the workflow until you know what must be productized.
4. Only then run a public launch
   • Product Hunt, partnerships, podcasts, communities—whatever fits your niche.

MicroAcquire did exactly this: seed with outreach, then amplify with Product Hunt once the marketplace wouldn’t look empty.

Why Product Hunt worked (and why it usually doesn’t)

A lot of founders treat Product Hunt like a vending machine: submit product, receive customers.

MicroAcquire treated it like an amplifier.

Andrew had already done the groundwork—then Product Hunt created momentum because the marketplace had enough initial density to feel alive.

If you’re bootstrapping a startup marketplace, a launch platform works when:

• Your value proposition is instantly understandable (“buy and sell startups”)
• The marketplace has credible inventory on day one
• The next action is low friction (browse, sign up, message)

One-liner: Launches don’t create traction—they expose whether traction is already forming.

The trust problem: marketplaces aren’t about features, they’re about risk

Marketplaces in M&A have a special constraint: the product isn’t a widget—it’s a high-stakes decision.

Rob and Andrew both point out the “hand-holding” reality as deal size grows:

• Due diligence requests get messy
• Financials have edge cases (Stripe anomalies, invoices, one-offs)
• Buyers need verification and confidence
• Sellers need emotional support, negotiation help, and process clarity

MicroAcquire’s long-term answer wasn’t “automate everything.” It was:

• Build data-driven valuations (the “Zillow of M&A” idea)
• Add optional services and advisors through a directory/marketplace layer
• Improve painful infrastructure: escrow, asset transfer, due diligence workflows

This is a strong pattern for startup marketing without VC: you win by creating trust at the edges, not by shouting louder.

Trust-building tactics you can apply without funding

Even if you’re not in M&A, you’re still selling risk reduction. Practical moves:

• Publish standards (what qualifies, how you verify, how disputes work)
• Show market signals (benchmarks, ranges, comps, transparent pricing)
• Add optional human help (office hours, vetted partners, paid advisory)
• Instrument the scary steps (checklists, templates, “what happens next” guides)

If you can make the user feel “I know what’s coming,” conversion goes up.

The business model lesson for bootstrappers: start simple, monetize adjacent

MicroAcquire started with a straightforward revenue stream: buyer subscriptions (noted in the episode as $290/year for premium access at the time).

But Andrew was direct about the limitation: subscriptions alone likely won’t build a massive business.

The plan was to monetize adjacent to the core transaction:

• Advisor/broker directory: take a cut of service revenue
• Legal and packaged services: optional support for founders
• Financing partnerships: expand buyer pool via lending, earn referral fees

This is a useful bootstrapped marketing lesson: your wedge product doesn’t have to be your biggest revenue line. It just needs to be the easiest way to gather the market.

Snippet-worthy stance: The best bootstrapped models often start “free + simple,” then charge for speed, certainty, and expert help.

What made MicroAcquire’s early growth believable

A marketplace can claim traction forever. MicroAcquire had numbers that are easy to repeat and easy to understand:

• 300+ acquisitions
• $100M+ closed deal volume
• 70,000 registered buyers (at the time of the episode)
• ~300 new buyers/day (at the time of the episode)

Whether your startup is B2B SaaS or a services marketplace, you should aim for one primary metric that signals value created. Not vanity traffic.

Examples you can use:

• “X paid introductions per month”
• “Y projects completed”
• “Z hours saved”
• “$ volume processed” (only if it’s real and meaningful)

Those numbers become your marketing.

People also ask: common marketplace bootstrapping questions

How do you market a two-sided marketplace without VC?

You market it by hand-building liquidity: targeted outreach, manual matching, and tight positioning. Paid ads can help later, but early traction usually comes from direct relationships and credibility.

Do you need to pick one side first?

Yes. Pick the side that creates the strongest “reason to show up.” For MicroAcquire, that meant credible listings that made buyers pay attention.

Should you charge commissions or subscriptions?

If trust and deal size vary, subscriptions can reduce seller friction. Commissions can work, but they slow adoption when sellers are skeptical. Many marketplaces land on free listing + paid upgrades + paid services.

A bootstrapped founder’s checklist: apply this next week

If you’re building in the US and trying to grow without venture capital, here’s a practical checklist inspired by MicroAcquire’s approach:

1. Write your wedge in one sentence.
   • “Free for sellers, direct access to buyers” is memorable.
2. Do 30 conversations in 10 days.
   • Not surveys. Calls or real-time chats.
3. Seed supply manually.
   • Use cold outreach and referrals until the marketplace looks alive.
4. Hand-hold the first transactions.
   • You’re learning the workflow you’ll eventually productize.
5. Launch only when your marketplace won’t feel empty.
   • Public attention is a spotlight—don’t waste it.

Where this fits in “US Startup Marketing Without VC”

MicroAcquire is a clean example of the series theme: you can market and grow a startup without VC by creating trust, density, and community before you try to scale. The playbook isn’t mysterious. It’s just demanding.

If you’re staring at your own cold start—marketplace or otherwise—take the uncomfortable hint from this case study: the fastest path is usually the one that involves talking to people today, not polishing your onboarding flow for next month.

What would change in your growth if you treated “hustle to first liquidity” as the product, not a temporary phase?