Firefly Health, Healthtech Innovator

Once Firefly’s cap table was fully documented on the Fidelity Private Share℠ equity management platform, the team began to use the other capabilities to help enable Firefly’s growth. Firefly experienced a growth rate that would stretch many companies. Firefly’s Finance team relied on many of the platform workflows to:

• Create, sign, and collect countersigned offer letters for candidates, including promised equity details and IP Assignment agreements
• Track promised equity and pre-seed equity grants for Board Consents
• Create and update option plans and issue equity grants to employees under those plans
• Manage employee onboarding across two entities, from EEO survey to W-9, to W-4
• Draft, sign, send, and collect countersigned versions of non-disclosure agreements, Consulting Agreements (including compensation terms and statements of work)
• Amend Consulting Agreements
• Complete a stock split and 409a

Once each workflow was complete, the signed documents were saved into Firefly’s data room in the appropriate category and tagged with the relevant names, so that next time Firefly raises money to fund its rapid growth, there’s no need for the typical fundraising scramble to prepare for diligence.

The breadth and depth of Fidelity Private Shares can be extensive, but Office Manager Jaime Casale found it easy to use, “It’s a simple, straightforward interface that is so easy to learn I picked it up in a day; and support is extremely helpful. The workflows are built so that you don’t waste time chasing documents, because they’re ready to go. You can get it done in minutes instead of hours, and move on to the next thing.”

Unlike many businesses that saw a slow period when Covid began, for Firefly Health everything accelerated. The team created a brand-new return-to-work platform to combine its virtual and mobile technology and care team to support people in real time. It helped employees return to work safely, while also learning about and adapting its care model to a new world of contagion and systemic healthcare confusion. The company was able to adapt because of the strength of its vision and leadership- but it also needed to keep hiring rapidly, while 100% remote.

When Covid began, the IRS changed its rules to permit remote review of documentation for I-9s for the first time, after decades of requiring in-person review. In trying to figure out how to on board new members of the team remotely, Firefly learned that [the platform] had updated its workflow and documentation management to reflect the IRS guidance. Jaime commented that "it was great to have a platform that proactively adapted to Covid so that we could continue to focus on hiring and growth."

President and CEO Fay Rotenberg appreciates the way that Fidelity Private Shares helps the team stay focused on Firefly’s mission: “[It] drives efficiency through many day-to-day functions for Firefly as we grow. It makes it fast to create documents like NDAs, offers, and share grants; streamlines tasks that usually take reaching out to external counsel; and of course, it’s great to always have access to the latest cap table”. Fidelity is excited and proud to support that mission.