Assertion Not checkable as stated
Limelight dropped 400 of 405 customers to focus on enterprise carriers
“We had 405 customers, 400 the broker channel and five in the carrier. So we cut off completely the broker channel, which was really scary and got rid of 400 customers. We were left with five.”
Disclosure
Limelight expects a $50M to $100M valuation for its next round
“I look at, I mean, somewhere between the low end, 50 and the high end, a hundred million. So, you know, if you talk about rainbow, a hundred million.”
Assertion Partly supported
Limelight generated nearly $12M revenue at acquisition, 50% services
“We were then, you know, acquired, we were doing about almost twelve million in 20, 21 on our way to about nineteen million. And so, you know, we were having some growth, but we had about 50% of that was services revenue. The other 50% was recurring ARR.”
Disclosure
Limelight sold because scaling its immature product independently was unviable
“And then I started doing a ton of market research, assessing the risk and realize again that we had a very immature product and looking at the competition that just the life cycle for us to be able to scale to the next level and get where we thought we were go…”
Insight
Insurance software firms typically operate at 60% SaaS and 40% services
“They're probably 60 SAS and 40 services. And that's the way this industry really works for bigger companies.”
Disclosure
Limelight Health is targeting a $30M funding round
“About thirty million.”
Assertion Partly supported
Limelight Health achieved a $93M exit after multiple pivots
“So so today I'm going to talk about how we pivoted multiple times to about a ninety three million dollar exit.”
Assertion Not checkable as stated
Limelight took six years to figure out product-market fit
“How we found a product market fit, which actually took us about probably six years, almost till we sold the company, actually figure out product market fit.”
Disclosure
Limelight pivoted at 13 employees for a $1M enterprise contract
“And we had 13 people in the company at the time. And we really decided if we do this, we're going to have to take our baby, which we just built, put it out on the doorstep in the rain, ignore it and go all in on this insurance carrier, which is going to pay us…”
Disclosure
Ex-Guidewire executive joined Limelight and recruited his entire former team
“He ended up then coming on as an advisor, helped me hire his entire previous enterprise sales team, and then made an introduction to an executive at Ernst & Young, who was instrumental in us raising our future round, as well as being able to build out the mode…”
Assertion Not checkable as stated
Limelight faced competitors averaging 27 years in market and $100M raised
“As I looked at our competitors, they had all on average been in the market for about 27 years and had raised on average about a hundred million dollars compared to at that time we had raised about 10.”
Disclosure
Limelight Health's revenue is 60% services and 40% recurring SaaS
“We're at 6040 right now. So 60 60% of service and 40% of revenue recurring. That's increasing, you know, every month.”
Disclosure
Limelight charges up to $100,000 per month for enterprise deployments
“In our broker channel they're paying about 1800 dollars per month. Roughly if it's just one license, it's about a hundred dollars a month. But typically we've got multiple users there in our enterprise deployments it's closer between 80 to a 100,000 dollars a …”
Disclosure
Limelight's enterprise sales cycle is 12 to 16 months
“Most of our focus on our enterprise business. And those are longer sales cycles and you know, somewhere between 12 and 16 months in terms of sales cycle.”
Assertion Contradicted
Limelight Health has raised just shy of $11 million
“Just shy of eleven million.”
Assertion Not checkable as stated
Limelight serves 300 broker firms including six top-10 US brokerages
“So right now in our broker channel, we've got about 300 different independent and regional national broker firms, six of the top 10 in the U S are using my light.”
Assertion Not checkable as stated
Limelight Health generates $420,000 per month in SaaS MRR
“Right now with all the bookings for ARR sorry, with MRR, we're doing about 420,000 a month.”
Assertion Not checkable as stated
Limelight grew SaaS MRR from $50K to $400K in 18 months
“So January of 2017, we're at 50,000. January of this year, we were 200,000. As of July, we were 400,000.”
Assertion Not checkable as stated
Annual logo churn on Limelight's broker side is under 3%
“So it's, you know, probably around less than three percent on the broker side.”
Assertion Not checkable as stated
Limelight Health has experienced zero enterprise customer churn to date
“On the enterprise side. We've had zero churn today.”
Disclosure
Limelight Health raised $44M across four funding rounds
“So full disclosure, we raised about forty four million dollars over four rounds of funding.”
Disclosure
Limelight frequently converted advisors into full-time employees
“So we went to companies that we wanted to imitate and brought them on either to our board and as advisors, end up often hiring advisors as employees that were super helpful and had the roadmap and how to grow.”
Assertion Supported
Brokers drive 80% of small business employee benefits
“Typically about 80% of that business is driven by a broker selling to an employer.”
Assertion Not checkable as stated
Limelight Health employs approximately 100 people
“Oh, we've got about a hundred people today.”
