The Ledger
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Beckett: Brex's $5B exit is a great outcome despite $12B peak
“The Brex outcome was a great outcome. Like the reality is that was a great outcome. That was a win. They sold a company for five billion dollars in like eight or 10 years. They crushed it. You know, it's not their fault that they raised a twelve billion dollar…”
Beckett: Almost all peak 2020-2021 venture investors will not do well
“Almost everybody who invested in 20, 20, 21 at the peak is not going to do well. That's just the reality.”
Beckett: Dental Insurance Is Not Worth It Financially
“Dental insurance is really not worth it when you look at the numbers.”
Beckett predicts Flossy will win the dental market by year-end
“I mean, I think we are rapidly becoming the dominant platform in dental And I think we will be, I think by the end of this year, it'll be clear that we've, you know, won in dental.”
Flossy built its AI receptionist to replace internal call agents
“And then we started building this AI receptionist with the idea that we could replace some of the call agents that we were using on our team, and that's what really set us down the path.”
Beckett borrowed $500K from acquirer Everyday Health to close the deal
“When we sold to Everyday Health, we had to borrow 500,000 dollars from them, so we didn't run out of cash, and we could actually close the transaction.”
Flossy charges roughly $500 per location monthly for AI receptionists
“It's about 500 bucks a month per location. That can go up or down depending upon usage.”
Flossy signs multiple enterprise DSOs with over 100 locations each
“So, you know, we've signed, you know, multiple, you know, hundred location plus DSOs that are then doing, like, varying degrees of roll-out, sometimes in chunks, sometimes location by location.”
Beckett: Flossy serves at least 300 to 500 dental brand customers
“Yeah, higher than yeah, probably at least three to 500, maybe more.”
Beckett: Everyday Health acquired Equal for around $30 million
“It was around thirty million dollars.”
All Equal investors made at least a 2X return upon exit
“We had some, we had a, some investors at 10 X their money, everybody made two X or more.”
Every company Beckett founded has delivered net positive investor returns
“Every, every, so, you know, knock, knock on wood, every company so far has been a net positive for investors, and some, you know, better multiples than other, and everybody's done well on the team.”
Silversheet achieved a larger exit than Equal despite lower revenue
“Equal, which we sold to Everyday Health, was quite a bit bigger in revenue than Silver Sheet, which we sold to AMN Healthcare, but the Silver Sheet was a much bigger exit.”
Flossy is growing 60% to 70% month-over-month since launch
“We're, and again, we're growing like, you know, we're growing like 60, 70% month over month since launch.”
Flossy adds $50,000 to $100,000 in net new ARR monthly
“Yeah, it's actually, in some months, it's been more than that, yeah. I mean, it's accelerating. It's growing very, very, very fast.”
Flossy raised a $3M seed round at the start of COVID-19
“So we raised a seed round for the original business in Right when the pandemic hit, we actually closed on the financing. We actually didn't do anything with the money, so we went the, like, literally, four or five million, or? It was, like, three million.”
Beckett: Flossy was originally conceived as a full dental insurer
“And actually when we had raised the money, the original model was to be like a better type of dental insurance, but we were actually going to be an insurer.”