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"We had cash and cash equivalents of $34 and $38 as of September 30, 2024 and December 31, 2023, respectively. We have incurred net losses since our inception. For the nine months ended September 30, 2024 and 2023, we incurred net losses available to common stockholders of $6,667 and $25,970, respectively. At September 30, 2024, had a working capital deficit and a total stockholders' deficit of $31,439 and $17,554, respectively. Our operations used cash of $995 and $6,165 for the nine months ended September 30, 2024 and 2023, respectively. We are expecting the Myrtle and RCHI businesses to be cash flow neutral through the remainder of 2024.
Our current revenue is not adequate to fund our operations in the next twelve months and requires us to fund our business through other avenues until the time we achieve adequate scale. Securing additional capital is necessary to execute on our business strategy. We are currently negotiating additional funding with multiple sources."
- FOXO Technologies Inc.'s Form 10-Q filing for the period ending September 30, 2024.
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Sponsored |
New study: How UBI engagement reduces road risk |
CMT's new study offers a comprehensive look at how driver engagement in UBI programs can reduce road risk. CMT researchers found that the most engaged risky drivers dramatically improved their driving performance in distracted driving, speeding, and hard braking. By analyzing telematics data against 1,500 insurance claims, CMT researchers found that these engaged risky drivers reduce their bodily injury claims by 5.5%.
Get the study.
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💰 Federato |
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Federato, an underwriting platform for insurance, has raised $40 million in a Series C round, bringing its funding to date to $80 million.
Founded in 2020, Federato claims to have already helped thousands of underwriters focus on the highest-value business across global carriers, MGAs, and mutuals. Some of its solutions include taking submissions from the underwriter's inbox and prioritizing them based on appetite and likelihood of winning the account.
QBE North America is a client.
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Next step |
Small business insurance startup Coverdash is partnering with financial services marketplace LendingTree ("not an insurance agency") to provide LendingTree customers with access to business insurance.
"We've always played an integral role in helping small businesses get off the ground with our loans and financing programs, so offering business insurance was the natural next step." – Jenn Ash, General Manager, Small Business & Student Loans at LendingTree.
"The insurance industry is in a very good spot..." - LendingTree COO Scott Peyree (Oct 31, 2024).
Companies that stand to benefit include AmTrust, Arch, CNA, Employers, Hartford, Next, and Progressive; however, this is still small business insurance we're talking about.
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Travel insurance and assistance provider Allianz Partners USA has launched a new service that allows customers traveling in 85+ foreign countries to access both virtual and in-person medical care.
Doctor appointments can be scheduled via an easy-to-use digital booking tool embedded into the Allyz app. The solution is powered by Air Doctor.
Speaking of travel, Zurich appointed over 30 travel insurance agencies this year, including Carol Walton Expeditions LLC, Boston Store Dry Goods Co, MBF Enterprises Inc., Magically Ever After LLC, MyBucketListEvents LLC, Chatham Travel Corporation, World Travel Inc., Africa Adventure Consultants Inc., Lozano Travel LLC, Cruise Journeys and Tours Inc., C.A. Robinson Interest LLC, AJM Global Inc., Global Underwriters Agency Inc., Specially Designed Travel LLC, Giltedge Travel LLC, All Aboard Travel Inc., Strong Travel Services Inc., Leaders in Travel Ltd., Rezconnect Technology Inc., Travel Planners International Inc., Squaremouth Inc., Cruises Etc. Travel LLC, Digiventures Holdings LLC, Off to Neverland Travel LLC, W.A.W. Travel Services Inc., Home Based Travel Experts LLC, Travelex Insurance Services Inc., Global Transportation Group Ltd., Travel Beyond Inc., MVW US Services LLC, Eros Tours & Travel Inc., and W.V.T. Inc.
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🦄 🦄 🦄 🦄 🦄 |
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Odoo, a Belgium-based provider of integrated business software, announced a €500 million transaction led by CapitalG and Sequoia Capital, with participation from AXA Venture Partners (in transition), and others. Odoo's valuation is now €5 billion.
Founded in 2002, Odoo provides open-source business applications, including CRM, ecommerce, accounting, and inventory. It serves over 13 million users and gains 7,000+ new clients monthly.
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$ |
bolttech has secured a $50 million venture debt facility from HSBC. The funding is intended to support market expansion, technology development, and operational flexibility.
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