Flychain newsletter for Q4 2024
Finishing the year strong and an exciting start to 2025
Summary
Flychain finished the year strong doubling our platform customer base from 24 to 50 in Q4. We saw a nice seasonal push as owners were looking to make a switch entering the new year. That said, we continue to see a strengthening pipeline in our core specialties and beyond especially with tax season on the horizon.
Scaling GTM
Consultants
We’ve found that partnering with the right consultants can serve as a scalable GTM approach. While the SME healthcare industry is certainly fragmented, consultants enable us to enter these fragmented markets (both specialty + geography) through a trusted referral partner. As an example, after meeting with ABA Business Coach at the end of November, we received 10 leads in December and closed 5 of them within the same month.
Franchises
Flychain has entered into a strategic partnership with Interim HealthCare, a leading home health franchise with 330 independently owned and operated home health agencies. The goal is to roll out Flychain to their whole ecosystem in 2025.
Notable partnership updates
Flychain has received the “green light” and will be announcing this partnership in Q1
Flychain will be making an announcement regarding our Lendistry partnership next week. This messaging will go out in several stages to the 140,000 healthcare providers that Lendistry has lent to.
21st Century Consultants + Home Care Association of Florida
Flychain was invited to present to over 100 home care agency owners over a two day workshop.
Sales Cycle
Flychain’s sales cycle is at an average of 2.5 weeks. This is from the time of the first conversation to a signed contract and the customer’s first monthly payment. 50% of first calls result in a signed contract. The other 50% consist of answering a few follow-up questions via email or a subsequent 30 minute call with other owners or stakeholders.
After enough “at bats,” we’ve heard almost every possible customer question and we are confident that these sales calls are now a repeatable process. We’re excited by this as we look to develop a non-founder led sales motion.
Welcoming Grant Pierce!
We’re excited to welcome Grant Pierce to the team! Grant is a Stanford graduate who studied alongside both Jaime and Miguel and has experience as a former Product Manager at Goldman Sachs and Founding Software Engineer at Bruinen. We couldn’t be more stoked for Grant to join the Flychain team. Learn more from our LinkedIn announcement here.
Key metrics
Booked ARR
December marked our best month yet for booked ARR, with 13 new customers contributing $116,400 in additional booked ARR. This achievement reflects our ongoing optimization of our GTM strategy. We surpassed our end-of-year booked ARR target, reaching $503,400 in cumulative booked ARR at the end of December.
Financials
Net Burn
$50,000.00
Bank balance
$1,850,000.00
Runway
3.1 years