4.6 • 683 Ratings
🗓️ 7 January 2019
⏱️ 21 minutes
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CEO of Fruit Street Health a digital diabetes prevention program. Managing Director of Hippocrates Ventures - the first physician funded social impact digital therapeutics venture capital fund.
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0:00.0 | He's been patient, launched a little over, call it a year and a half, two years ago. |
0:03.6 | When he came on the show about 18 months ago, doing about $180,000 in revenue selling a |
0:07.7 | subscription model for Fruit Street, diabetes prevention. |
0:10.8 | He had about $180,000 in revenue at that point, $6-ish million raised. |
0:14.8 | He's now continuing to raise from physicians. |
0:16.9 | Interesting different model here, over 200 people, 200 physicians have invested in the company, |
0:21.0 | currently raising another $5 million of one of that committed on a $30 million pre-money valuation. |
0:25.8 | He's managed to keep the cap table in check, though, by continuing to hold all controlling |
0:29.4 | interest in terms of voting shares. So that makes obviously future events easier to manage. |
0:33.9 | Again, scaling now, working directly through physicians. They've directly now tied to a |
0:39.0 | reimbursement program, which is obviously driving great revenue tied to four benchmarks as these |
0:43.2 | folks go through their platform at about 300 bucks a pop. This is the top entrepreneurs podcast |
0:49.7 | where founders share how they started their companies and got filthy rich, |
0:56.6 | or crash and burn. |
1:06.8 | Each episode features revenue numbers, customer counts, and other insider information that creates business news headlines. |
1:10.1 | We went from a couple of hundred thousand dollars to $2.7 million. |
1:12.0 | I had no money when I started the company. |
1:15.4 | It was $160 million, which is the size of any IPOs. |
1:16.5 | We're a bit strapped. |
1:19.3 | We have like 22,000 customers. |
1:24.4 | With over 5 million downloads in a very short amount of time, |
1:29.2 | major outlets like Inc are calling us the fastest growing business show on iTunes. |
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