etn.
00:10:17 · Sam, Ed Leon Klinger, William Loveday Powell
[00:10:17] S1: Yeah. Last one. Yeah. One more one more question. [00:10:19] S3: Let's say let's say we we speak in six months, and you're like, Ed, my business is dead. I couldn't get it off the ground. Yeah. Let... Let's say you even managed to raise money, but you just you just couldn't get it to work. In in your mind, what what are, like, a two or three reasons why you're why you're saying that? What what what's gonna kill the business? [00:10:39] S2: Sure. So the main thing is like becoming regulated. So there's a big kind of question mark on how quickly can we get the FCA authorization. It's a key piece. Can't I feel like if we just sell software to risk managers, there's real cap on the size of how big that business could be. So one piece is really being able to operate as a real intermediary. That's a real deciding factor in the next six months. Equally, it will probably be a case of seeing how much of a placement we can take. If economics aren't really at the scale we have real skin in the game, it might not even be worth a client switching part of their placement over to us. So, it's really finding how we can be a significant kind of help in them finding their insurance. If either of those things don't really work in our favor, that could kill the business for sure. But let's hope not. [00:11:24] S3: I lied. I've got one more question. [00:11:26] S1: One more? Sure. [00:11:29] S3: Give us like, know, strike, talk about the size of their mission. Like changing... [00:11:34] S2: The sense of GDP. Here we go. [00:11:36] S3: What's yours?
00:11:36 · Ed Leon Klinger, William Loveday Powell, Sam, Fabian
[00:11:36] S3: What's yours? [00:11:38] S2: Sure. So, first kind of ambition is to be as big as one of the main kind of global brokers. I mean Marsh are doing 11,000,000,000 in captive reinsurance alone. So, they're reinsuring books of companies that are self insuring. If we can get to the scale where we've done captives but then eventually the primary might become easier to place, we have a $4,000,000,000,000 global market without life insurance considered. So being kind of part of that digital quoting infrastructure and managing to connect clients to capacity at that scale is hopefully a really big opportunity. I won't correlate it to GDP for now, but you have to put [00:12:13] S1: the trillion dollar he's weighing. Yeah, yeah. [00:12:15] S3: You're $5,000,000,000,000 industry and it's only going to grow, so there's all sorts of new complicated risks emerging, especially in the world of AI. Yes. So you're you're tapping into a very, very big rapidly growing market. It sounds like you're you're exploring quite an interesting space. So I wish you the best of luck, and may the odds be in your favor. [00:12:33] S1: Thanks a lot, Ed. We'll connect you guys offline. Perfect. You can spar offline, maybe. [00:12:37] S6: Yes. Here we go. [00:12:39] S2: Do it. [00:12:40] S1: You're a legend. [00:12:40] S3: I will. [00:12:41] S2: Thanks a lot. Speak soon. [00:12:42] S6: Bye bye. [00:12:42] S3: Thanks, etn, boys.
00:12:42 · Ed Leon Klinger, Sam, William Loveday Powell, Kosta
[00:12:42] S3: Thanks, etn, boys. [00:12:44] S1: Thanks, Ed. We'll see you soon. That's Crab Pint. That is the James Bond of the insurance. Okay. Right there. Thanks, Ed. That's it. Thank you so much. Yeah. Thank you for pitching live. Appreciate it. We'll see you soon. [00:12:55] S2: See you [00:12:56] S0: soon. Nice one, mate. Ciao. Go well, buddy. First ever live pitch on etn. Our next guest, I believe Is an absolute legend. He's so good. These questions are great. Got James Lowe coming into the studio. James James, coming to you. Cofounder of ethos. [00:13:15] S1: I'm so good. I'm so good. [00:13:16] S0: So good to see you, bro. You well? Please take a seat. Put yourself with these headphones. There [00:13:22] S1: you go. There you go. [00:13:23] S0: Okay. Go. James. I think we have to start with [00:13:26] S1: a quick how are you? The last time we saw you, our jaws were on the floor with how insane this company is. Give us a... Yeah. We need a temp check. What's the update from me, Kosta, and you?
00:13:26 · Sam, James Lowe, Kosta
[00:13:26] S1: a quick how are you? The last time we saw you, our jaws were on the floor with how insane this company is. Give us a... Yeah. We need a temp check. What's the update from me, Kosta, and you? [00:13:37] S4: Yeah. It's been a crazy, crazy six months. Oh, no surprise. So we have actually roughly 200 x ed in the last six months. Which is crazy. We pay out more than a million dollars per day to experts around You the world know, we've passed around 500,000,000 ARR. We generate around a 100,000,000 in net cash annualized a year as well. And so it's just gone completely crazy. We are serving experts all around the world in like over 45 professions. And so lots of people benefiting from this. We actually have a documentary crew all around the world that are following the stories of these experts. Wow. Clever. In Amsterdam, in Nigeria, in The US, everywhere. And so we're gonna be telling those stories very soon in probably a month's time. [00:14:21] S0: Could give us a sense of the speed of the scale. Right? Because I mean, we've been we were with... You came on the show, I think, for the seed round and then for the a and, like Mhmm. I mean, I don't even know where you guys are right now. It's growing so fast. But just talk to us about the speed at which things have scaled. [00:14:34] S4: Yeah. So, you know, I think when we did our a back in probably roughly March, we were at roughly 2,000,000 ARR at that time. Yeah. And so we've gone past 500,000,000 now, and so it's 250 x in that, you you know, six months or so.
00:14:34 · James Lowe, Sam
[00:14:34] S4: Yeah. So, you know, I think when we did our a back in probably roughly March, we were at roughly 2,000,000 ARR at that time. Yeah. And so we've gone past 500,000,000 now, and so it's 250 x in that, you you know, six months or so. [00:14:47] S1: You have to be one of the fastest growing companies ever. [00:14:49] S4: Yeah. I think we're we're we're trying to get compliance approval to say whether this is the fastest growing company ever in Europe. Okay. Okay. But but but, yes, certainly, we're we're probably in that camp. [00:15:00] S1: Okay. In terms of hitting... In terms of running a business that is hitting those milestones, I mean, you mentioned 1,000,000 a day in payouts. How do you guys operate as a team building a company that fast and building a sustainable business? We talked to it was yesterday we talked to the CEO of Lemlist who are a bootstrap company and they're building, you know, an incredibly sustainable company. And we asked him, you know, what what... What's the difference there with an incredibly fast growing VC backed company and and a company that's been bootstrapped and maybe growing slower, but, you know, I guess growing more kind of sustainably. What is that kind of difference? How do you guys grapple with building a sustainable company while you're growing so quickly?
00:15:00 · Sam, James Lowe
[00:15:00] S1: Okay. In terms of hitting... In terms of running a business that is hitting those milestones, I mean, you mentioned 1,000,000 a day in payouts. How do you guys operate as a team building a company that fast and building a sustainable business? We talked to it was yesterday we talked to the CEO of Lemlist who are a bootstrap company and they're building, you know, an incredibly sustainable company. And we asked him, you know, what what... What's the difference there with an incredibly fast growing VC backed company and and a company that's been bootstrapped and maybe growing slower, but, you know, I guess growing more kind of sustainably. What is that kind of difference? How do you guys grapple with building a sustainable company while you're growing so quickly? [00:15:38] S4: Yeah. So interestingly, there are things that we didn't expect to scale so smoothly, which is mostly in the network growth. Okay. So the network is compounding almost on its own, where, you know, roughly 24% of our new users now come from referrals. And when you look at those referrals, like 32% of them were referred themselves before. And so basically, this is cascading referral that's growing in this network really, really fast. [00:15:58] S1: Yeah.