Pros
Most of the people are friendly and want to make the company a success. Free lunches every Thursday. Relatively laid back environment. You are allowed to work from home 1 day per week.
Cons
There is no share of equity in the company. The three founding members want to sell the company to an investor before sharing equity. Employee turnover (especially in engineering) is extremely high. Engineering is viewed by the leadership team as a "regrettable necessity". The product (mobile app and web products) are not well received by users. Product management needs to start listening to the users. The development team is run by a operations person who does not like developers. The good developers have all left. Junior developers have been promoted to seniors without deserving it to get them to stay. The foundation of the product (the API) is bug ridden and needs to be scrapped and started over.