Update #3

Author

Marc Knowles
February 04, 2024

Your Weekly Investor Report for Ollie Health - Mental Health Credits in 18 Countries.

👋 Investors

Marc here, CEO.

Welcome back to your weekly investment performance report.

On January 31st we reached our biggest milestone since Ollie Credits launched exactly 2 years ago.

A new record month of credits redeemed for mental health sessions on Ollie:

  • Previous month's record = 630 sessions [July 2023]

  • NEW record = 1,074 sessions

  • 70.48% growth in sessions

  • 2150 credits redeemed in Jan

  • 32,250 total therapy minutes in Jan

  • The region with the highest credit usage: UAE

What is driving growth in virtual therapy sessions?

Here is what we are thinking:

  • More enterprise customers in UAE onboarding more staff members (Airfrance)

  • Hospitality industry has high usage (Singita using all credits within 2 weeks of Jan)

  • Search data shows financial stress & anxiety are big mental health issues right now

  • Group sessions have grown 3x usage

  • More sessions booked with a wider range of languages (Spanish, Arabic)

The 24/7 mental health chat feature is increasing usage and reach. Our challenge now is scaling providers for 24/7 instant access for sessions in languages such as Arabic, Hindi, and Urdu & adding more Spanish therapists.

Sales Traction

  • MRR → $42,890

  • ARR → $514,678

  • Other revenue from one-time payments → $33,748

  • Average Revenue Per User → $343.12 p/m

  • Total Paying Business Customers (TPBC) → 173

  • Customer Lifetime Value → $13,616

  • Retention Rate → 97.5%

  • Transaction Fees → - $3,222

  • Monthly Burn Rate → - $34,700

Platform Traction

  • Total Sessions → 9,212

  • Total Credits Redeemed →29,064

  • Total Mental Health Minutes → 435,960

  • Total Active Users → 7,267

  • Total Users → 10,702

  • AI therapy chat contacts → 1,390

  • Total Global Therapists → 60

  • Total Languages → 16

  • Total Countries Credits Redeemed→ 18 (UAE, Kenya, SA fastest growing markets)

Customers

Key new customers added this week:

  • Proper Living - South Africa - Credits for students - R400,000 deal size - Annual contract for credits

  • Weylandts - South Africa - $200p/m deal

Top usage customers right now:

Pipeline

30 day sales pipeline:

Our seed round is now open to ALL investors. Interested in participating in this round?

Share the deck here 👉 https://docsend.com/view/9czt7fktcskjp23t 

  • Raising $1.5m 

  • $4m valuation

  • SAFE seed financing round

  • Capital raised to date: $440,000

Customer reviews

Link to new customer reviews 👉 https://www.trustpilot.com/review/ollie.health 

Mental Health Market Movements

Our focus

  • Fundraise: full focus on opening up the round. We are looking to secure a lead investor. Our valuation is attractive, and I strongly believe the round size is ideal for family offices + earlier-stage investors to secure a spot on the cap table at a good price. All current SAFEs will now convert into full stock options issues from Ollie Health Inc. Delaware.

  • UAE market growth: growth marketing focus remains on Dubai/Abu Dhabi enterprise. Our next trip to Dubai is this month to meet with our biggest partnership deal: Alec Dubai for the launch of their mental health credits.

  • AI Product Improvement: a lot of model training improvement needs to be rolled out for the AI mental health companion product. We will continue testing the AI chat as a support system for our HR customers.

  • 24/7 Therapy Chat: focus on growing total chats per week. This is becoming a key feature when selling to larger global customers.

Thanks for reading this week. Has this performance update been valuable? Let me know in the replies would be great to get your feedback.

Thanks for backing the future of global mental health!

—- Marc Gregory Knowles ([email protected])