Flexishare is released, page-35

@long_haul
flexiroam have already released their iOS eSim product. In many ways, eSim actually makes distribution a lot easier (the most annoying thing about the flexiroam customer experience is sticking the microchip on).

This has a long and chequered history- pivoting into the microchip space with flexiroam X approximately 2 years ago. In that time they have made a huge number of improvements to both the product and the experience and you can reliably see that interest in the product has grown. They have so far been largely a niche product, focusing distribution initially through cabin crew but have continued to put new distributors on board over the last year. The local plans increase the stickiness of the product as well.

They only properly became investable last year after the capital raise, which derisked the balance sheet. It is now a matter of execution, which they have been doing for 5-6 quarters consistently now (loading more microchips on/ eSims on, getting people to use product recurrently etc)

I can’t really predict what’s going to happen, but Jeff has skin in the game, the business has survived a number of tough years and there actually isn’t that much risk when you are paying peanuts for the business. I find these sorts of businesses actually ok as long as the position is sized appropriately (=big enough that 5-10x return is meaningful, small enough that 100% loss doesn’t matter)...I have a 2-3% stake here, but I am somewhat bullish about this, because if it succeeds, the business model is evidently very scaleable (asymmetry in the upside scenario). There isn’t much liquidity - my stake built over a very long time