Senior Accountant

The $2.1 Billion "worst idea ever": How Gamma built a profitable empire with 50 people. August 19, 2026 - 3:14 pm Grant Lee still remembers the investor's verdict. "Yeah, so the investor said it was the worst idea he had ever heard". The call came in 2020, when Grant Lee and co-founders Jon Noronha and James Fox started Gamma in San Francisco. Six years later, that "worst idea" is a $2.1 billion company, a profitable AI-powered visual communication platform used by over 100 million people, that has spent the past few years positioning itself as the answer to PowerPoint and Google Slides. In an era where AI startups torch hundreds of millions chasing growth, Gamma has crossed $100 million in annual recurring revenue with roughly 50 employees and has been profitable for over 15 consecutive months. This summer, as competitors slash headcounts and hunt for funding, Gamma is opening a London office, expanding into APAC, and launching its most ambitious product yet. The problem bobody wanted to fix. Grant Lee didn't set out to build an AI company. He set out to fix a problem that had plagued him for years. "We decided to build Gamma because we really believe that we want to help change how people communicate their ideas. PowerPoint as a tool has been around for many years, but many of us have spent late nights trying to format or design a presentation rather than focus on the idea or the content itself. We really believe that Gamma can be the sort of visual language that makes it much easier for people to get their ideas out there. It's a mission that we're very excited to continue building on", he said. Grant Lee and co-founders Jon Noronha and James Fox started Gamma in late 2020, before ChatGPT, before the generative AI gold rush. Their early product focused on what Grant Lee calls "the building blocks, the primitives, where you can just really quickly write something and Gamma would help you kind of try out different designs and different layouts." Then came 2023: "We introduced AI as an ability to really do that just much faster. We were able to get your first draft almost immediately because AI could pre-assemble those building blocks in a way that a human would still take a lot of time, and so we existed before AI, AI accelerated everything we were trying to do anyways," Grant Lee says. The team integrated large language models, and suddenly users who once stared at a blank page could type an idea and watch it become a designed presentation in seconds. The anti-blitzscale playbook. What happened next defies every Silicon Valley growth narrative. While competitors like Tome raised $81 million and hired 60 people only to pivot away, Gamma raised cautiously about $90 million total and kept its team lean. The result: roughly $2 million in revenue per employee, about four times the efficiency of Salesforce. "We really kept the team lean for a long time," Grant Lee explains. "That allowed us to kind of move quickly and adapt." "Many companies just start growing their teams really, really fast. And then that almost ends up slowing you down because you get distracted by many different things," he says. "I think we focused on what we wanted to be exceptional at and just really made sure that we didn't get too distracted by competing products or competing categories." By late 2025, Gamma had passed $100 million ARR profitably, raised a $68 million Series B led by Andreessen Horowitz at a $2.1 billion valuation, and given early employees a $20 million secondary liquidity event, all without a traditional sales team for most of its existence. Why Gamma isn't worried about ChatGPT. The obvious question in 2026 is why anyone needs Gamma when ChatGPT, Claude and Gemini can all generate slides. Grant Lee has a clear answer: LLMs give you scaffolding; Gamma gives you the finished product. "Within those platforms, you can often get an OK first draft, right? It allows you to just see the sort of scaffolding of what that presentation might look like," he says. "But if you really want to do a lot of editing and get it to the point where that first draft can be your final draft, you still need a tool like Gamma to really help shape the idea and really get it to the point where the design matches your expectations, it is on brand, and it's something you'd actually share and present to others." This "last mile" thesis is why Gamma thrives in the LLM era. The company orchestrates over 20 AI models under the hood. "We are definitely a multi-model business," Grant Lee says. "We orchestrate a lot in the background, 20-plus models across images and LLMs, video as well. We're also training our own models". The business model is also shifting. Gamma began as product-led growth for individuals and small teams. Now enterprise accounts are scaling. "We started selling into large enterprises, and now we have customers that have tens of thousands of users all in the same company. We believe that, in the long term, it should be a balanced approach. We should have our consumer business continue to grow and expand, and our B2B business should also complement that. It should allow us to kind of enter into businesses that we weren't able to reach before." Grant Lee argues the total market is enormous: PowerPoint and Google Slides together have more than a billion monthly active users, many inside large organizations. For a company that has reached 100 million users with about 50 employees, Gamma is a test case for AI-enabled leanness. Grant Lee said the team uses agentic coding internally and AI in customer support, but he framed it as speed rather than radical automation. "I think in the age of AI, every function has a chance of streamlining what they're doing and we're trying our best to integrate it across the board." Beyond slides. In March 2026, Gamma made its biggest strategic move yet. The company launched Gamma Imagine, an AI-native design tool for logos, infographics, and social posts, alongside Smart Charts and enterprise connectors. The message was clear: Gamma isn't just coming for PowerPoint anymore. It's coming for Canva and the entire visual design stack. "Today, most slides are very static and 16 by 9. We think in the future they'll probably be much more interactive and multimedia-rich, and you should be able to share them in many different ways," Grant Lee says. "I think it will be on us to kind of really innovate in that space so that users around the world can benefit from it." Gamma's user base is also becoming more global. "Over 80% of our paid users are outside of the US, so Europe as a region is growing really fast, LATAM as a region is growing fast," Lee said. "Now we're starting to expand. So we'll be building an office in London, building a team likely soon in APAC." On jobs and saying no to acquirers. Grant Lee is measured on AI job displacement. Despite building a tool that automates design work, he doesn't believe designers are going extinct. He noted that designers made up a quarter to a third of Gamma's early team. "The role of the designer has just changed. Instead of being the one that's formatting and moving pixels around in the deck, they can focus on even higher value tasks." Grant Lee offered a more measured take than many AI founders: "I don't think we've yet seen true job elimination. I think we will start seeing some sort of job displacement, which is like jobs changing or evolving... I don't believe that anytime soon we're going to see sort of this collapse of jobs and roles across the board. I think it's just going to evolve. And I actually think it's going to take longer than most people think." The most striking news for investors may be what Gamma is not doing: raising. Grant Lee said the company is profitable and does not need another round. Asked whether he would accept an acquisition offer, he was clear. "I don't think so. I mean, we're building for the long haul. Obviously, you can never say never if we join a company that really aligns with your mission long term. There's always a possibility, but our team is so focused on that long-term, that long-term vision of changing the way humans communicate that we think we can keep building. We're a profitable business, so we don't need to raise again. We have the chance of just really focusing on what we want to do and hopefully serving our users for as long as possible." From "worst idea" to the default. The challenge, Grant Lee acknowledged, is that the product still needs to get faster and more expressive. "Today it still takes a lot of time, and I think we're working hard to rebuild the platform in a way that can deliver on that promise of being fast, effortless, all these things that we really want to do." For a company that was once told it was the worst idea ever, Gamma's next act is less about survival than about whether it can become the default visual language for a billion users.

Cellhire bumps up headcount as partner network grows. Cellhire is expanding its channel operation after growing its partner network by nearly half and making plans for new mobile and IoT propositions. The York-based mobile and IoT connectivity specialist has made four new appointments as it responds to growing demand for wholesale mobile and IoT connectivity. The new recruits bring experience from Vodafone, Gamma, Onecom and Giacom. Managing Director Matt Bennett said recruiting experienced channel professionals from these companies has been a deliberate strategy. "We wanted people who understand the channel from the inside, who know what partners actually need because they've lived it at some of the industry's best-known names." "I think they've seen a business with strong network relationships, genuine momentum and the agility to do things others can't. Cellhire is at that sweet spot where there's real scale and heritage behind you, but you can still move fast and shape something. That's a compelling place to be for ambitious channel people." Julia Paterson joins as Channel Development Manager following roles at Gamma, Vodafone and Onecom Partners. Eleanor Langan joins as Campaign Manager to strengthen Cellhire's marketing activity across mobile and IoT. Danielle Morris becomes Channel Development Manager, while Ellie Whytock joins as Channel Business Development Executive with responsibility for recruiting new channel partners. Cellhire says the expansion reflects rising demand from resellers and managed service providers seeking greater flexibility, stronger margins and broader connectivity options than traditional providers can offer. The company also revealed it is preparing to launch new UK mobile network propositions and additional IoT solutions over the coming months. The recruitment drive coincides with the launch of Cellhire's channel proposition, "Three Pillars" - People, Platform and Profitability" designed to strengthen support for partners as the business continues to expand. Bennett said the investment marks the next phase of the company's channel growth strategy. "The timing reflects where the market is, and where we are as a business." "Demand for wholesale mobile and IoT connectivity through the channel has accelerated significantly. Resellers increasingly want a partner that can move quickly, offer genuine flexibility on commercials and back them with real technical capability." He added that partners are increasingly looking for a supplier capable of delivering both mobile voice and data and IoT connectivity across multiple UK mobile networks. Heart of growth. Bennett said the indirect channel now sits at the centre of Cellhire's expansion plans. "We have increased the number of partners that we work with by 45 per cent over the past 12 months. These appointments give us the capacity to onboard and support more partners without diluting the level of service existing partners receive." He added that the partner model extends across Cellhire's wholesale mobile, IoT and satellite connectivity businesses. "The channel is how we scale. Our partners have the customer relationships and the local market knowledge, and our job is to give them connectivity propositions and support that help them win and grow their businesses."