Mike Russell | Monument

April 20, 2021 What I Found

What Is Monument? Tell Us About What You Do And How It Works.

Monument is an online platform for anyone looking to change their relationship with alcohol. We empower our community to reach their goals by connecting them to peer support, expert resources, and affordable medical care.

The free Monument Community includes access to a 24/7 anonymous forum, daily therapist-moderated support groups, and a collection of resources that provide answers and encouragement. Members seeking personalized treatment are connected to a Care Team to create a plan tailored to their needs and goals. Depending on their plan, members will connect with a physician about medication to stop drinking, and can add on weekly or biweekly online alcohol therapy with a specialized therapist.

We worked with industry-leading experts to craft a treatment approach based on the preeminent research in alcohol use disorder treatment, and set out to make it as affordable and accessible as possible.

What Is Your Background? Tell Us About Your Journey To Starting A Company And How You Ended Up In This Space.

After spending years in the nightlife promotion world after college, I began my entrepreneurial journey in earnest. I’ve been fortunate to work with incredible people to build startups including Bombas, Zipdrug, MyClean, and Paintzen. I keep an ongoing ideas list and am always thinking about what problem I can solve next.

With Monument, that problem was personal. As I’ve shared in my personal story, Monument is in many ways the productization of the tools that ultimately helped me stop drinking (after much trial and error), and the platform I wish I had when I began my sobriety journey. I ended up in this space because after struggling to manage my drinking in silence, I learned that there were so many other people out there like me — people who wanted to stop drinking but didn’t know where to start. People who didn’t identify with the language or principles of traditional recovery programs. People who wanted to make progress on their own terms, and own time, using evidence-based tools. So, Monument was born.

What Have Been Both Your Favorite And Least-liked Parts Of Your Entrepreneurial Journey? What Have Been Your Most Challenging And Most Exciting Moments For You And The Company?

My favorite part of my entrepreneurial journey has been meeting incredible talent and building teams that feel like family. It’s the best part of being a business leader. The biggest challenge has been finding balance, but I’ve gotten better at this over the years by setting intentions and creating boundaries.

There have been so many exciting moments at Monument. From the outpouring of support from people who identified with my personal story, to the first few members on the platform, to the amazing growth since then, it’s been a remarkable journey thus far. Now, witnessing the success of our members is the most exciting part of every day.

What Was The Fundraising Process Like For You? Tell Us About Your Investors And What You Use The Money You’ve Raised For.

In raising our seed round, I was fortunate to work with many of the same investors that invested in my previous businesses. We raised $7.5 million in seed funding from Lerer Hippeau, Collaborative Fund, Red Sea Ventures, NextView Ventures, Alpaca, and Data Point Capital. When we came out of Beta, we saw incredible growth, and the exposure put us on the radar of many top investors. After having the opportunity to meet with many firms over Zoom during quarantine, we were thrilled to announce our $10.3 million series A led by VMG Catalyst. We’ve used the funds to build our team, expand our clinical offering to 18+ states (and growing rapidly), and continue to introduce new features and services to our holistic treatment platform.

How Has COVID-19 Impacted Your Growth And Operation Over The Last Year? Have You Seen A Rise In Demand For Your Services Due To Issues Caused Or Amplified By COVID?

We publicly launched Monument in May of 2020, during COVID-19. Even prior to the pandemic, we had always set out to make Monument a telemedicine service in the spirit of access and flexibility. Now, with excessive alcohol use on the rise due to the stressors of the past year, we are grateful to be positioned to provide urgently needed virtual alcohol treatment at scale. With 40 million people drinking too much in the US per the CDC, and nearly 20,000 members in the Monument Community, it’s clear that there’s a huge population of people struggling to manage their drinking, and a huge population of people who are ready to make a change.

What Was The Inspiration Behind The Company Name?

Changing your relationship with alcohol is an incredibly significant decision, and something to be proud of. ‘Monument’ captures the life-changing nature of that journey. It speaks to the monumental change made by our members. It represents the incredible & noteworthy progress we see in our community every day.

What Does Your Typical Day Look Like?

My routine has become less interesting as of late! I’ll share what a day in the life used to look like… I have two young kids, so mornings mean getting ready for school. Then I show up to our office on the earlier side so I have a chance to catch up with the team and get started on my inbox. I spend the day in meetings, doing interviews like this one, catching up with investors, and planning what’s next for Monument. I often stay in the office on the later side, and make sure to be fully present with my kids when back home. If it’s a particularly great or challenging day, there’s likely a Dairy Queen visit in there.

What Are The Top Three Qualities or Skills You Believe Entrepreneurs Need In Order To Be Successful? Also, What Advice Do You Have For Entrepreneurs Who Are Just Starting Out?

Fearlessness
Responsiveness (the ability to adapt)
Team building & hiring

My number one piece of advice is to put in the work when it comes to hiring. It doesn’t matter how smart or visionary you are — your team is what will make or break your business. Build a culture people love, and it will show in your product or service. Also, try to maintain as much perspective as possible. Building businesses is hard, but challenges aren’t usually as severe as they first appear. Be flexible, opt for problem solving over panic, and try to enjoy it.

Tell Us A Story Of Something That Happened To You, Something You Heard, Or Something You Saw, That Either Made You Laugh Or Taught You An Important Lesson.

I was diagnosed with non-Hodgkin’s lymphoma when I was 18. That experience instilled a fearlessness in me that has guided all of my decision making since. It was a lesson in perspective I certainly didn’t ask for, but has made me the person I am today. I take risks and celebrate often.

If You Can Have A One-Hour Meeting With Someone Famous Who Is Alive, Who Would It Be And Why?

I would meet with Warren Buffett, in hopes of soaking up even a small percentage of his knowledge.

What Is Your Favorite Quote?

“Life is 10% what happens to you and 90% how you react to it.”

What Do You Do In Your Free Time?

I hang out with my kids. They’re the best. They’re why I made the choice to stop drinking, and I take every opportunity to be fully present with them. I’m also an avid fisherman and card collector. Those activities bring me so much joy, and have been a meaningful part of my sobriety journey.

What Does Success Mean To You?

At Monument, success means creating a world where a healthy relationship with alcohol is attainable and celebrated by everyone. Personally, success means being a good dad and building businesses that matter. There’s a ton of overlap there.