Joshua Kalms, building on his family's advertising roots, successfully grows Multiply, a bootstrapped agency, now set to establish a U.S. headquarters.
Joshua Kalms, at the helm of Multiply, has crafted a business that thrives against the backdrop of nearly a century of family history in advertising. His journey began with a legacy dating back to when his great-grandfather established an advertising agency in London, gaining exclusive rights to advertise on the London Underground. However, Kalms' path diverged significantly from that of his ancestor as he carved out his niche in the modern advertising ecosystem, particularly in the digital realm.
Kalms’ initial exposure to advertising wasn’t just familial — it became personal. “Advertising was always somewhere in the background because of my family history,” he reflects. “What made it personal for me was realizing how interested I was in the craft of capturing attention and figuring out what makes someone notice an idea.” This passion drew him into early digital media. Kalms became a pioneer among YouTube partners, established his own brands, and managed high-profile campaigns for clients like Warner Brothers, McDonald’s, and Pepsi, all while honing his understanding of consumer engagement.
In 2020, Kalms launched Multiply alongside a co-founder, embarking on their entrepreneurial path with no external funding or clients. Fast forward six years, and Multiply has surpassed $15 million in revenue while remaining entirely bootstrapped and operating with a remote workforce that spans 13 countries. “With no funding, no clients, and no safety net, we had to build from the work we could win and deliver,” Kalms explains, highlighting the challenges of beginning from scratch.
One pivotal moment for Multiply came when Kalms and his partner decided to refine their operational scope. Initially, the agency accepted a wide array of projects to maintain cash flow. However, they soon realized that without a focused strategy, the depth and quality of their work suffered. “Saying yes felt productive for a long time because work was coming through the door," Kalms admits. "The harder realization was that being busy and becoming better at something are not necessarily the same thing.” Narrowing their focus to creative performance specifically for fintech and AI companies allowed them to cultivate deeper expertise and become more appealing to their target clients. They attracted a range of notable companies, including over 10 unicorns, and established relationships with well-known brands like Monzo and Emirates NBD.
This refined focus has become crucial as Kalms expressed, “Once we narrowed the field, we were solving related problems again and again. That repetition gave us a depth we could never have developed while trying to serve every type of company.” Kalms acknowledges that while embracing opportunities was necessary in the agency’s formative years, defining what Multiply wanted to be known for ultimately propelled its growth. “Turning away revenue was uncomfortable, but specialization gave us a much clearer direction.”
Kalms opted for a fully remote company structure, harnessing the flexibility to source talent globally, which he views as a significant competitive advantage. “Being remote means location does not decide who can join the team,” he notes. However, this approach does come with its set of challenges, including the importance of maintaining culture, effective communication, and ensuring consistent quality in output across various countries. Specific strategies are necessary for keeping the team aligned and focused, particularly when physical proximity is absent.
With its remote model proving to be functional, Multiply is now poised for further expansion, notably with plans to establish a direct presence in the U.S. Given that a majority of its clientele operates in the United States, Kalms believes this geographical move will enhance client relationships while solidifying the company's footing in the market. “The business was built internationally from the start, and that remains part of how we operate,” he asserts. “The U.S. move is about being closer to the companies we already work with and building a team that can be in the same room with them.”
Each decision during Multiply’s growth — from its inception without capital to a concentrated service offering and now the push for an American office — reflects Kalms’ evolving vision for the agency. The digital advertising arena that Kalms navigates is starkly different from that of his great-grandfather, who dealt primarily with traditional media on public transport. Nevertheless, Kalms emphasizes that transformative periods warrant a closer look at fundamental advertising principles. “The tools change, the platforms change, and where people spend their attention changes,” he says. “What keeps me interested is the question underneath all of it: how do you make something worth someone’s attention? That is the part of advertising I have never stopped wanting to understand.”
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