Pitch Deck Teardown: Fayes $10M Series A Deck

A year ago , Mike Butcher announced that he hopes Faye does on tour what Lemonade did on P&C, which is the best description of what Faye does. The company was kind enough to share their presentation (lightly edited) with me so I could see the narrative they built to close at $10 million.

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Slide on this deck

Faye kicked off her Series A round with a series of 19 slides, some of which were lightly edited to hide sensitive data:

1. slide on the back
2. summary slide
3. descending order
4. problem slide
5. Market size slide
6. Slide with an overview of the insurance market
7. Product presentation slide
8. Product Features Slide 1
9. Product Features Slide 2
10. Product Features Slide 3
11. Product features Slide 4
12. Slide Go to Market
13. decline in financial growth
14. Customer growth slide
15. Customer confirmation slide 1
16. Panorama of competitive slides
17. Slide "Ask"
18. Slide 2 for customer confirmation
19. Last mission slide

three things to love

Let's put that aside for now - it's a great deck. I'll be adding these to my deck rotation, they're great examples of turning a potentially complex story into an easy-to-follow narrative.

I like a good last slide.

As I mentioned in my article on summary slides, the combination of the summary slides and the cover set the context for the rest of the talk. Faye has done a great job of showing how a good, to-the-point slide can set the tone.

[2. Slide] Set the tempo. Image credits: Faye

The company cites traction (millions of dollars in sales) and market penetration (available in 48 countries), along with market size and market growth rates. These four numbers paint a picture of a very attractive investment opportunity.

If we take all the numbers at face value, the next step is to convince investors that they are the right group to enter this market.

That brings us to slide 3, the corporate team slide. Unfortunately, it's not that great, so we'll talk about what can be improved later in this article. In the meantime, let's move on to another slide that sums up Faye's story beautifully.

Great story about market size slippage.

[5. slide] A great way to use market valuation to your advantage. Image credits: Faye

Again, the data here has changed.

In addition to Faye's numbers, this is a rare example of a market-sized slide that also provides context. I thought it was very well done.

Pointing out that the size of the market is (supposedly) large, and basically saying, "But TAM can be bigger by expanding its service offerings and expanding internationally" is pretty obvious. This shows that there is a lot of opportunity at the moment and that opportunity can be developed further.

Data points on the left are also great because they contextualize the company within a larger market.

This slide teaches us that you can tell a whole story without obscuring the message. I think the voiceover for this slide would go something like this:

Our target market is currently $xx and may increase to $yy once we get this fixed. It's really interesting that the market is easily destroyed. There is little innovation, no dominant brands, established brands have little market penetration and the overall market is growing at 10% year-on-year.

The story ties it all together, portraying travel insurance as a very attractive option.

Comparison between markets

Faye talks about travel insurance, using various related markets (car and home insurance) as comparisons to show that travel insurance is the best option. Again, the numbers are written here, but from a storytelling perspective, this is a very good approach:

[6. Slide] Insurtech abundance. Image credits: Faye

I suspect the company added this slide to appease investors who are put off by other insurtech plays. Assuming the numbers are good, it's an inspiring way to position the market, and Fei is one of them. Very well played.

For the rest of this episode, we'll look at three things Faye could have done better or differently, along with her full presentation!

three things to improve

I've said before that a group slide could use some love, so let's start with that.