# Orba pre-seed deck v0.9

https://decks.orba.health/pre-seed/

Last updated 10 October 2026

This is the text version of the deck for reading and AI tools.

## Slide 1. Orba Health

_slide_key: cover · [Slide 1](https://decks.orba.health/pre-seed/#p1)_

Orba

### Building Thailand’s health membership.

Regular blood testing, a concierge care team, and a plan that evolves with your results.

Pre-seed · Bangkok / Singapore · Last updated 10 October 2026 · [william@orba.health](mailto:william@orba.health)

## Slide 2. Slowing your pace of aging is happening now.

_slide_key: vision · [Slide 2](https://decks.orba.health/pre-seed/#p2)_

Pace of aging scale

One horizontal scale of the pace of aging from 0.4 to 1.2. The average, 1.0, is marked: a year costs a year. Left is slower, right is faster. Seven dots between 0.50 and 0.60 are the Rejuvenation Olympics leaders. Two have a portrait joined to their dot: Bryan Johnson at 0.50 and Annie Nosh at 0.52. An orange marker, you with Orba, starts at the average and slides left to 0.80 over five seconds while its number counts down.

**Pace of aging**

How fast your body ages for each calendar year. At the average, a year costs a year. Below one, you age less than your real age.

[Rejuvenation Olympics](https://www.rejuvenationolympics.com/dunedin-pace) · [DunedinPACE reference](https://elifesciences.org/articles/73420)

Pace of aging: Rejuvenation Olympics leaderboard, read 4 Oct 2026. Photos: M Robertson (CC BY 4.0), New Zapiens.

## Slide 3. Asia-Pacific spends $71B a year on supplements. We start in Bangkok.

_slide_key: opportunity · [Slide 3](https://decks.orba.health/pre-seed/#p3)_

$71B a year

01 Asia-Pacific

supplements alone, 2025 estimate

Five-year path: Singapore, then Kuala Lumpur and Hong Kong. [See A9](https://decks.orba.health/pre-seed/#a9)

$4.5B a year

02 Thailand

testing $1.7B + supplements $2.8B

Bangkok

$28.0M a year

03 Bangkok · where we start

25,300 people already spending on their health, × $1,105. Our two-year objective: 5,000 of them, $5.53M a year.

2025 publisher estimates. Asia-Pacific is dietary supplements only (another estimate: $57B in 2024); no Asia-Pacific figure exists for testing, GLP-1 or peptides. $1,105 is $542 membership (฿17,900) + $327 supplements + $145 GLP-1 with medicine + $91 peptides, at ฿33 per US$, rounded; the last three are planned add-ons. Singapore, Kuala Lumpur and Hong Kong are scenarios, not a verified market. Circles are map windows, not market sizes, and not to scale. Detail and sources in A6–A9.

## Slide 4. Interest is booming in Thailand. Our moat: first-mover advantage.

_slide_key: why_now · [Slide 4](https://decks.orba.health/pre-seed/#p4)_

Google searches in Thailand for longevity and its neighbours, September 2023 to September 2026.

**×11** searches for **longevity** in three years

Switching cost is the moat: **years of medical history** , a plan and a care team that restart from zero anywhere else.

Monthly relative Google search interest in Thailand, 3-month average, each line on its own scale: longevity 3 in September 2023 to 32 in September 2026; peptide 13 in September 2023 to 62 in September 2026; supplement 27 in September 2023 to 65 in September 2026; GLP-1 0 in September 2023 to 16 in September 2026.

Searches: Google Trends, Thailand, monthly relative search interest, September 2023 – September 2026, exported 2026-09-21; 3-month average, each line on its own scale; growth compares the first and last months.

## Slide 5. How healthy is this person?

_slide_key: checkup_gap · [Slide 5](https://decks.orba.health/pre-seed/#p5)_

A page of a lab report: a complete blood count, four columns of results against reference ranges, a few values flagged H or L, no patient details

1 No one explains it.

2 No plan comes with it.

3 No one to ask.

And they already pay

**52%** spend **฿40,000+** a year on their health

**26%** spend **฿100,000+** a year

Orba survey on orba.health, April–July 2026: 113 self-selected respondents, mostly affluent expats in Bangkok; 103 answered on spend. Full results in the appendix, [see A3](https://decks.orba.health/pre-seed/#a3).

## Slide 6. From blood test to action plan, in one membership.

_slide_key: thesis · [Slide 6](https://decks.orba.health/pre-seed/#p6)_

AI does the reading. A human doctor does the deciding.

- **100+ biomarkers** Carlton, a member, smiling while a nurse draws his blood at home

- **A health record** The Orba app showing results by body system

- **On-demand care team** Doctor speaking with William on a video call

- **Personalized action plan** William lifting a dumbbell at the gym, following his plan

- **Supplements & medications** A supplement jar and capsules

Retest

How we make money: the membership first, then what the plan prescribes, sold again after every retest. Market model and add-on prices: [A6](https://decks.orba.health/pre-seed/#a6), [A7](https://decks.orba.health/pre-seed/#a7).

## Slide 7. How we get members.

_slide_key: growth_channels · [Slide 7](https://decks.orba.health/pre-seed/#p7)_

Done / Face to face
**80**

attendees at our first event

Now / Founder-led video
**9**

professional videos produced

Next / With the raise
**1,000**

members in 2027

Audience watching the panel at Aspire Connect: The Future of Health and AI

**Founder network and events**
Aspire Connect · The Future of Health & AI

[William in an Orba founder interview on Instagram](https://www.instagram.com/p/Da6sU80gzvA/) [Anton in an Orba founder interview on Instagram](https://www.instagram.com/p/DamMinygeyE/) [Zeth in an Orba founder interview on Instagram](https://www.instagram.com/p/Dbj0P0Ivp6H/)

**Two to three hours of shooting per founder, professionally edited**
Founder interviews · William, Anton and Zeth · click to watch

[Jeeja Yanin, actress, in an Orba interview on Instagram](https://www.instagram.com/p/DdXpcfHP-cV/) [Danny D., Orba customer, talking about his health goals on Instagram](https://www.instagram.com/p/Dcr9DpGgDSI/)

**Influencer marketing, ads and SEO**
Jeeja Yanin, actress · Danny D., customer · click to watch

## Slide 8. In Thailand, you choose between an expensive clinic and doing it yourself.

_slide_key: competitors · [Slide 8](https://decks.orba.health/pre-seed/#p8)_

Map of competitors. Across: one-off test to ongoing follow-up. Up: PDF report to all your health in one app. From bottom left to top right: hospital checkup, VitaLab, VitalLife, BDMS Wellness, Vitals just below and left of the centre, Pathlab plus ChatGPT, then Superpower, Function Health and Orba together at the top right. Superpower and Function Health are not in Thailand.

| Company | Typical price a year | In Thailand |
| --- | --- | --- |
| **Orba** | $542 | Yes |
| **Function Health** | $365 | No |
| **Superpower** | $349 | No |
| **Vitals** | $264–567 a test | Yes |
| **Pathlab + ChatGPT** | $300–1,000 | Yes |
| **BDMS Wellness** | $880–2,800 | Yes |
| **VitalLife** | $1,500–5,000 | Yes |
| **VitaLab** | $440–2,400 | Yes |
| **Hospital checkup** | $170–1,700 | Yes |

Orba: ฿17,900 a year with two blood panels, $542 at ฿33 per US$. Vitals ฿8,699–18,699 a test, vitals.co.th; Superpower $349; Function Health $365, read 5 October 2026. BDMS Wellness Silver ฿28,900 to Platinum ฿93,500 (2022 partner price list); VitaLab blood package ฿14,500, Platinum vitamins ฿6,500 a month plus a blood test, vitalabth.com; hospital packages ฿5,500 (Bangkok Hospital) to ฿56,900 (Bumrungrad), read 8 October 2026.

## Slide 9. Orba has the app, the AI, the doctor and the retest. All in one.

_slide_key: feature_matrix · [Slide 9](https://decks.orba.health/pre-seed/#p9)_

| What you get | **Orba** membership, two panels a year | **Direct-to-lab + ChatGPT** Pathlab, N Health or Vitals, plus ChatGPT | **Clinic** BDMS Wellness, VitalLife, Healthi Life, Soma | **Hospital checkup** Bangkok Hospital, Bumrungrad, Samitivej, MedPark |
| --- | --- | --- | --- | --- |
| The test |
| One package, chosen for you from your intake | **✓** Yes | **—** No | **✓** Yes | **—** No |
| Nurse comes to you | **✓** Yes | **◐** Partial | **✓** Yes | **—** No |
| 100+ biomarkers in one draw | **✓** Yes | **✓** Yes | **✓** Yes | **—** No |
| Your results |
| Results in an app | **✓** Yes | **—** No | **—** No | **✓** Yes |
| Results as data you can chart, not a PDF | **✓** Yes | **—** No | **—** No | **—** No |
| AI assistant in the app, on your own data | **✓** Yes | **—** No | **—** No | **—** No |
| After the results |
| A doctor reads your results and writes to you | **✓** Yes | **—** No | **✓** Yes | **✓** Yes |
| Access to the doctor after the visit | **✓** Yes | **—** No | **✓** Yes | **—** No |
| Action plan made for you | **✓** Yes | **✓** Yes | **✓** Yes | **—** No |
| Fitness / nutrition plan made for you | **✓** Yes | **✓** Yes | **✓** Yes | **—** No |
| Supplement advice from your results | **✓** Yes | **✓** Yes | **✓** Yes | **—** No |
| Custom-made supplements, delivered | **○** Planned | **—** No | **—** No | **—** No |
| Retest included, trends over time | **✓** Yes | **—** No | **—** No | **—** No |
| Price | **$542 a year** ฿17,900, two panels | **≈$500 a year** two Pathlab panels + ChatGPT Plus | **≈$900 a visit** Healthi Life ฿30,000, BDMS ฿28,900 | **≈$400 a visit** Bangkok Hospital Superior ฿13,500 |

Public self-pay offers in Bangkok, read 8 October 2026. Direct-to-lab: Pathlab, N Health and Vitals sell panels from a menu and run the tests you order. Some send a nurse to you. No doctor is included. ChatGPT supplies the plans and the supplement advice. Clinic: a doctor chooses the tests, reads the results and gives the plan. Hospital checkup: a fixed package of 12 to 45 markers with results in the hospital app. MedPark’s app charts results and takes questions. Samitivej’s app has an AI Q&A. Three hospitals sell a home draw separately. Orba ฿17,900 a year with two panels, $542 at ฿33 per US$.

## Slide 10. Four founders who were the customer first.

_slide_key: team_founders · [Slide 10](https://decks.orba.health/pre-seed/#p10)_

William Guillaume

### [William Guillaume](https://www.linkedin.com/in/williamguillaume/)

Co-CEO

Experience

- Founder & CEO, CoinWallet, Beijing: Ledger and Trezor’s go-to-market in China

- 15 years in tech, ten in crypto (ARK, 1212 Ventures, Yieldnest): the attention economy is the go-to-market

Why it’s personal

- Blood tests since 2022: low T, low drive, low energy

- Dad of three running a company: energy is non-negotiable

- $10k+ on longevity clinics and products in Bangkok, past five years

Anton Vynogradenko

### [Anton Vynogradenko](https://www.linkedin.com/in/restuta)

Co-CEO

Experience

- 13 years as an engineer in Silicon Valley, senior to principal; Head of Engineering, then CTO & co-founder twice

- Founded and built Sharky.fi ($6.2M raised)

Why it’s personal

- Decided as a kid he was not going to die; now working on helping others not to

- Advanced biohacker: spent $30k at Extension Health, New York’s top longevity clinic, peptides included

- Ex fitness coach, certified nutritionist, Hyrox athlete

Dr. Zethapong Nimmanterdwong

### [Dr. Zethapong Nimmanterdwong](https://www.linkedin.com/in/zethnim/)

Chief Medical Officer

Experience

- Naluri Thailand Country Head: led B2B2C digital therapeutics (10,000+ users, health coaches), government funding and Pruksa JV plan/operations

- MD (Chulalongkorn); PhD candidate in cardiometabolic health; peer-reviewed digital health/telehealth publications

Why it’s personal

- My mother nearly died in a car crash. Medicine saved her; I work on what comes after: menopause, bone and muscle ageing, cholesterol

- Your best health should be as boring as breathing, so you can get on with your life

Daniel Remon

### [Daniel Remon](https://www.linkedin.com/in/danielremon)

Chief Commercial Officer

Experience

- Health entrepreneur, 30+ years

- Founder, Aspire / Fitcorp Group

Why it’s personal

- Dad passed at 58, cause never confirmed. Maybe Orba could have prevented that

- Nine trackers, Whoop to VO2 Master and InBody

- Called it a decade ago: fitness and performance medicine as one. Today, it’s Orba

## Slide 11. From 0 to 5,000 members. Break-even in 2028.

_slide_key: roadmap · [Slide 11](https://decks.orba.health/pre-seed/#p11)_

100 members
1,000 members
5,000 members

2026 2027 2028

Workstream / milestone

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Coding started

Recorded: Q2 2026

Closed beta

Recorded: Q3 2026

Orba engine

Build: Q2 2026 to Q4 2026; then live and running

Open the clinic

Build: Q4 2026 to Q3 2027; then live and running

Pre-seed round

Planned: Q4 2026

iOS and Android apps

Build: Q1 2027 to Q4 2027; then live and running

In-app prescription medicine

Build: Q2 2027 to Q1 2028; then live and running

In-app supplement sales

Build: Q3 2027 to Q2 2028; then live and running

Seed round

Planned: Q1 2028 to Q2 2028

Members at quarter end

0 30 101 217 407 686 999 1,482 2,302 3,478 4,998

Revenue a year at this pace (ARR)

$0 $11k $241k $381k $672k $1.04M $1.41M $2.27M $3.52M $5.09M $6.95M

Cash in minus cash out

−$34k −$18k −$43k −$81k −$69k −$24k −$24k $4k $88k $151k $183k

Cash at quarter end

$115k $98k $753k $672k $603k $579k $555k $559k $647k $798k $981k

Now

● Recorded milestone ━ Planned, by quarter ━ Live and running ┃ Now, October 2026

Assumptions: Loop ฿17,900 a year (two tests), panel ฿9,900 (one test) · 50% renew · ฿3,500 to win a customer · lab ฿7,000 a test · add-ons ฿4,575 a member a year · no second raise. Planning model, 8 October 2026, at ฿33 per US$. Detail: [A10](https://decks.orba.health/pre-seed/#a10).

## Slide 12. Where $750,000 goes.

_slide_key: use_of_funds · [Slide 12](https://decks.orba.health/pre-seed/#p12)_

Marketing $240,000, 32%

Operations $180,000, 24%

Research & development $158,000, 21%

Runway $120,000, 16%

Legal $52,000, 7%

| Allocation | Amount | Share of the raise |
| --- | --- | --- |
| **Marketing** Paid media, influencers, content agency | $240,000 | **32%** |
| **Operations** Clinic rent, doctors, nurses | $180,000 | **24%** |
| **Research & development** iOS and Android apps, engineers, AI and hosting | $158,000 | **21%** |
| **Runway** Reserve for 2028 | $120,000 | **16%** |
| **Legal** Singapore holding company, SAFE round | $52,000 | **7%** |
| Total | $750,000 | **100%** |

**฿6M** $182,000 committed by the founders before this raise

**March 2028** Break-even: monthly cash in exceeds cash out

฿24.75M in total at ฿33 per US$, rounded to the nearest $1,000. Planning model, 8 October 2026.

## Slide 13. Enter at a $4.5M cap. Early-stage peers: estimated at up to 7× that.

_slide_key: deal_terms · [Slide 13](https://decks.orba.health/pre-seed/#p13)_

**Orba** Thailand · pre-seed 2026 $4.5M cap

Health peers at pre-seed and seed · estimates · none in Thailand

**Superpower** US · pre-seed 2024 ≈$30M

**Evvy** US · seed 2021 ≈$27M

**Bisu** Japan · seed 2021 ≈$17M

**Everlab** Australia · pre-seed 2023 ≈$15M

**Mito Health** Singapore · pre-seed 2023 ≈$10M

**AI Dock** Japan · seed 2026 ≈$9M

**Ease Healthcare** Singapore · seed 2021 ≈$7M

**Madeed** Saudi Arabia · pre-seed 2026 ≈$3M

$0 $10M $20M $30M

Where the leaders went next · off this scale

**Function Health** US · Series B, Nov 2025 // $2.5B

**Neko Health** Sweden · Series B, Jan 2025 // $1.8B

**Superpower** US · Series A, Apr 2025 // $300M+

**$750,000 pre-seed** · post-money SAFE · $250k at each cap: $4.5M, $5.0M, $5.5M · Founders first: ฿6M / $182k committed

Peer values are estimates, not disclosed prices: round size ÷ assumed dilution (pre-seed 10–20%, seed 15–25%), midpoint shown. Leaders: reported later-round valuations. [Detail and sources: A8](https://decks.orba.health/pre-seed/#a8)

## Slide 14. Let’s talk.

_slide_key: call_to_action · [Slide 14](https://decks.orba.health/pre-seed/#p14)_

Message William for a live walkthrough of the product.

William on a video call, waving hello

William Guillaume · Orba

[WhatsApp William](https://wa.me/66987749277?text=Hi%20William%2C%20I%20just%20read%20the%20Orba%20deck) [Book 15 minutes with William](https://lunacal.ai/team/orba/pre-seed-intro)

or email [william@orba.health](mailto:william@orba.health)

### Know an investor who should see this?

Copy this message and send it to them.

I just read the Orba Health deck: AI plus a real care team for longevity, starting in Bangkok. Pre-seed. Worth ten minutes: https://decks.orba.health/pre-seed/?utm_source=deck_share&utm_medium=referral

Copy message

## Slide 15. Appendix

_slide_key: appendix · [Slide 15](https://decks.orba.health/pre-seed/#p15)_

The main story ends on the previous slide. What follows is detail for readers who want more.

- [**A1** · Our first 37 members: what we found, what they did](#a1)
- [**A2** · What we’re building: the engine behind the membership](#a2)
- [**A3** · The survey: what 113 people answered](#a3)
- [**A4** · The team around the founders](#a4)
- [**A5** · Making it real: John, a year with Orba](#a5)
- [**A6** · Four revenue lines: markets and what a member spends](#a6)
- [**A7** · Add-ons members can buy on top](#a7)
- [**A8** · Our price against valuation benchmarks](#a8)
- [**A9** · How we sized Bangkok, and the path into Asia](#a9)
- [**A10** · Three-year view: revenue, costs and cash, 2026 to 2028](#a10)

## Slide 16. Our first 37 members: nobody came back clean.

_slide_key: traction_customers · [Slide 16](https://decks.orba.health/pre-seed/#p16)_

What we found

**95%** were flagged for a doctor to follow up

35 of 37

**76%** had high LDL cholesterol or ApoB

28 of 37

**41%** were overweight (BMI over 25)

15 of 37

What they did

**57%** added a supplement to their plan

21 of 37

37 people who completed Orba’s own blood panel (N Health or Health Hunter) and written health review, latest panel each, April–September 2026, including eight team members who went through the same loop. Test accounts and outside lab reports excluded. Doctor follow-up is a clinical review the written health review commits to; cholesterol from results the lab itself flagged; overweight is BMI over 25 from intake height and weight; supplements are ones members added to their plan in the app. Bangkok, self-selected, not a population sample.

## Slide 17. What we're building.

_slide_key: product_engine · [Slide 17](https://decks.orba.health/pre-seed/#p17)_

One engine. Everything we sell comes out of it.

1 · What goes in

2 · The engine

3 · What comes out

### Public medical knowledge

1,568 PubMed papers · Live
526 biomarkers · Live
403 interventions · Live

### Member data

Any lab PDF → LOINC-coded data

Blood · Live
Intake · Live
Wearables · Planned
DNA · Planned
Gut · Planned
Cancer screening · Planned

Health AI harness · doctors in the loop

### Orba engine

Connected nodes illustrate member data and research flowing through the Orba engine; illustrative, not a model architecture.

Live

### Blood-test membership

Live

Blood panels, written plan, care team

### Add-on tests

Planned

Scans, glucose, gut, DNA, cancer screening

### Medication + peptides

Planned

Through the licensed clinic

### Supplements

Planned

Chosen from your results, delivered

### Personal training

Planned

Twice a week, with Aspire

### Personalized nutrition

Planned

Three meals a day, delivered

### Skin & hair protocol

Planned

Dermatology-led care, from your results

● Live ○ Planned

## Slide 18. Tested, then stuck: people want to be told what to do.

_slide_key: appendix_survey · [Slide 18](https://decks.orba.health/pre-seed/#p18)_

n = 106 · one answer

### “Have you done a blood test in the last 12 months?”

- Yes **72%** (76)

- No **28%** (30)

n = 75 · several answers allowed

### “What did you actually do within 7 days of getting your results?”

- Researched online or with AI **47%** (35)

- Changed diet or nutrition **39%** (29)

- Started or changed supplements **36%** (27)

- Did nothing — wasn’t sure what to do **23%** (17)

- Changed training or exercise **23%** (17)

- Booked a follow-up with a doctor **21%** (16)

n = 100 · one answer

### “What would most likely make you take action on your health right now?”

- Expert guidance on exactly what to do **29%** (29)

- A structured plan I can actually follow **26%** (26)

- A clear problem showing up in my results **18%** (18)

- A recommendation from a doctor I trust **14%** (14)

- Someone holding me accountable **13%** (13)

n = 103 · one answer

### “If you had a personal team - doctor, nutritionist, and coach - available to you by message, working together around your data and your goals, how interested would you be?”

- Interested - I’d want to know more first **52%** (54)

- Very interested - I’d want this now **34%** (35)

- Not sure **9%** (9)

- Not interested - I have what I need **5%** (5)

n = 103 · one answer

### “How much do you spend on your health per year?”

- ฿100,000+ **26%** (27)

- ฿40,000–100,000 **25%** (26)

- ฿15,000–40,000 **17%** (18)

- ฿5,000–15,000 **16%** (16)

- Less than ฿5,000 **13%** (13)

- Nothing **3%** (3)

n = 104 · one answer

### “When you need guidance on your health, what’s your preferred way to get it?”

- AI I can ask anything, anytime **39%** (41)

- In-person visit at a clinic **23%** (24)

- Message a real person and get a thoughtful response within a few hours **16%** (17)

- A detailed written report I can read at my own pace **14%** (15)

- Video or phone call with a specialist **7%** (7)

n = 100 · one answer

### “How soon are you looking to improve or optimize your health?”

- Immediately, I want to start now **64%** (64)

- Just exploring for now **18%** (18)

- Within 1–3 months **12%** (12)

- Within 3–6 months **6%** (6)

n = 107 · several answers · top 6 of 11

### “What matters most to you right now?”

- Longevity / prevention **49%** (52)

- Performance, fitness & strength **41%** (44)

- Stress & mental clarity **37%** (40)

- Sleep & recovery **36%** (39)

- Weight loss & body composition **29%** (31)

- Metabolic & gut health **21%** (23)

Who answered: 113 people who filled in the research form on orba.health between 4 April and 22 July 2026 and answered at least one question. Self-selected prospects, mostly reached through the site and founder referrals, not a sample of Thailand. Of the 103 who gave age and sex: 69% male, median age 38. Each question uses its own respondents as the base (n); the form has no free-text question. Counted from the Tally export of 5 September 2026.

## Slide 19. The team around the founders.

_slide_key: appendix_team · [Slide 19](https://decks.orba.health/pre-seed/#p19)_

Dr. Gift Jaruwanakul

### [Dr. Gift Jaruwanakul](https://th.linkedin.com/in/dr-thanatchaporn-jaruwanakul-792ab386)

Events & Community

- Strategy & Growth Head, Fitcorp

- PhD, Technology Management

- Led PR for Thailand’s first SingularityU Summit

Pijitra Deelai

### [Pijitra Deelai](https://www.linkedin.com/in/pijitra-deelai-8035a7412/)

Nurse, patient concierge

- Ex-midwife, Churarat9 Airport Hospital

- Registered nurse

- 7 years’ care; 4 in community health

Olivier Alcouffe

### [Olivier Alcouffe](https://www.linkedin.com/in/olivieralcouffe)

Marketing

- Ex-Marketing & CRM Head, Junto

- Led CRM at Medical Departures

- Reached 60k+ leads/customers weekly

Dr. Napalai Poorirerngpoom

### [Dr. Napalai Poorirerngpoom](https://www.linkedin.com/in/drnapalai)

Clinic doctor

- Wellness physician, Samitivej

- MD, Chulalongkorn; anti-aging board-certified

- Led wellness team for 10,000+ employees at Naluri

## Slide 20. Making it real: John, 43, overweight, a year with Orba.

_slide_key: appendix_john · [Slide 20](https://decks.orba.health/pre-seed/#p20)_

Illustrative member journey · actual product screens, hypothetical member and outcomes

- 01 **John joins online.** One package, biomarkers personalized to him

- 02 **Intake form.** Goals, history, lifestyle

- 03 **Baseline blood test.** His first full panel

- 04 **Results.** Insulin resistant, cholesterol high

- 05 **Written plan.** Training, GLP-1, supplements

- 06 **Month-six retest.** Insulin resistance improved, fat mass down, muscle mass unchanged

Retest, and again

Orba dashboard showing body-system scores

His results, by body system.

Orba written health review and plan

His written health plan.

Orba biomarker data page

His biomarkers, retest against baseline.

## Slide 21. How $1,105 per member a year is built: four revenue lines.

_slide_key: appendix_markets · [Slide 21](https://decks.orba.health/pre-seed/#p21)_

| Revenue line | Market size | Orba · per member a year | Price anchor · Bangkok | Confidence and sources |
| --- | --- | --- | --- | --- |
| **Checkups and testing** Competitive at the cheap end, not saturated. | **$1.7B** **Thailand, 2025** · clinical lab testing a year 6.7% a year forecast to 2033. Another publisher puts it at $1.38B, growing 5.82%. | **$542** membership, ฿17,900 a year Orba’s membership price since 5 October 2026, at ฿33 per US$. The research models assumed $1,000. | **$91–1,058** **2026** · one hospital checkup, basic to comprehensive BNH’s basic package against Bumrungrad’s comprehensive male package; contents differ. | **Medium to low.** Both market figures are publisher estimates that include disease diagnosis; no figure exists for self-paid blood panels, and saturation or low margins are not established. Sources: [Grand View Research](https://www.grandviewresearch.com/horizon/outlook/clinical-laboratory-service-market/thailand), Thailand clinical laboratory services: $1.7B in 2025, $2.7B by 2033 · [Ken Research](https://www.kenresearch.com/industry-reports/thailand-clinical-laboratory-services-market), August 2026: $1.38B in 2025, $2.05B by 2032 · [BNH Hospital](https://mbrace.bnhhospital.com/en/product/anytime-prime-selected/), Anytime Prime checkup: THB2,990, valid through 2026 · [Bumrungrad Hospital](https://www.bumrungrad.com/en/health-blog/february-2026/the-complete-guide-to-health-check-ups), 2026 checkup guide: comprehensive over-40 male package THB34,900. |
| **Supplements** A growing add-on, guided by each member’s results. | **$2.8B** **Thailand, 2025** · dietary supplements a year 9.6% a year forecast to 2033. An older estimate: $2.31B in 2023. | **$327** supplements, base case 30% of members buy, $136 a month, for 8 paid months a year. | **$76–212** **2025** · a month for a personalised subscription The range quoted across several Bangkok brands. | **Medium for the market, low for Orba’s figure.** Uptake and paid months are assumptions to test in a paid pilot. Sources: [Grand View Research](https://www.grandviewresearch.com/industry-analysis/thailand-dietary-supplements-market-report), March 2026: Thailand dietary supplements $2.78B in 2025, 9.6% a year 2026–2033 · [Euromonitor, via Agriculture and Agri-Food Canada](https://agriculture.canada.ca/en/international-trade/reports-and-guides/sector-trend-analysis-vitamin-and-dietary-supplement-trends-philippines), 2024: $2.31B retail sales in 2023 · [Bangkok Bank](https://www.bangkokbanksme.com/sme-insights/mega-trends/sme-series-personalised-nutrition), 2025: personalised subscriptions around THB2,500–7,000 a month · Orba model, 2026: 30% of members buy, at THB4,500 a month for 8 paid months (THB10,800 a member a year). Analyst assumptions. |
| **GLP-1** A recurring care relationship, not a drug margin. | **$79B *** **Worldwide, 2025** · GLP-1 medicines a year Forecast to reach $190B by 2035. *Worldwide, not Thailand: no Thai sales figure exists. | **$145** GLP-1 care including medicine, base case 20% eligible × 20% start × 8 months at $455 a month. The care fee alone is about $20. | **$421** **2026** · one 5 mg Mounjaro pen at a Bangkok hospital A 2026 promotion; higher doses cost more. | **Low.** The $145 is billing that includes the medicine, not margin. Eligibility, uptake and Thai buying prices are unmeasured, and a licensed Thai prescriber is required. Sources: [Morgan Stanley](https://www.morganstanley.com/insights/articles/glp1-weight-loss-market-may-double-190-billion-2035), 2026: GLP-1 diabetes and obesity treatments $79B in 2025, $190B by 2035. Analyst estimate · [Samitivej Chinatown Hospital](https://samitivejchinatown.com/th/package/342/detail/6081-Save%2BLife%2BSave%2BPrice%2B%2B2026), 2026 package: Mounjaro 5 mg pen THB13,900, a promotion from THB20,000 · Orba model, 2026: 20% of members eligible, 20% of those start, 8 paid months at THB15,000 a month (THB4,800 a member a year). Analyst assumptions. |
| **Peptides** Future optionality, once Thai rules allow it. | **$141B *** **Worldwide, 2025** · peptide medicines a year Forecast $295B by 2033. *Worldwide and mostly insulin and GLP-1; longevity peptide services are not sized anywhere. | **$91** peptide care, conditional base case 5% of members, $303 a month, 6 paid months. Counted at $91 per member in the Bangkok base case. | **$242–758** **2026** · a month for a supervised programme Advertised by a Bangkok clinic; indicative, not a quote. | **Low.** Priced using GenOracle’s Bangkok clinic cost sheet (September 2026). Legal supply is conditional; demand is unproven. Sources: [Grand View Research](https://www.grandviewresearch.com/industry-analysis/peptide-therapeutics-market): peptide therapeutics $140.86B in 2025, $294.58B by 2033 · [Fortune Business Insights](https://www.fortunebusinessinsights.com/industry-reports/peptide-therapeutics-market-101420): $131.95B in 2025, $334.95B by 2034 · [Menscape clinic](https://www.menscapeclinic.com/blog/peptide-therapy-bangkok-guide), 2026 guide: supervised programmes THB8,000–25,000 a month · [Thai FDA](https://en.fda.moph.go.th/entrepreneurs-medicines/category/how-to-apply-for-drug-approval): drug supply needs product registration; none verified for the named compounds · Orba model, 2026: 5% of members, THB10,000 a month, 6 paid months (THB3,000 a member a year). Assumed patient price cross-checked against GenOracle’s September 2026 clinic costs; not a patient-price quote. |

**$542 + $327 + $145 + $91 = $1,105 per member a year** , rounded. Every baht figure is converted at ฿33 per US$, the fixed rate of the pre-seed.

## Slide 22. Add-ons: what members can buy on top of the membership.

_slide_key: appendix_addons · [Slide 22](https://decks.orba.health/pre-seed/#p22)_

| Add-on | Price | Where it is sold | How Orba would offer it |
| --- | --- | --- | --- |
| Advanced heart panel with ApoB and Lp(a) | **$303–364** ฿9,990–12,000 | [Samitivej](https://svh-healthshop.samitivejhospitals.com/package-detail.html?id=WhoopSVH_60) · [Bumrungrad](https://www.bumrungrad.com/en/packages/advanced-lipid-profile) | Core: added to the same blood draw |
| Glucose monitor, 7-day course | **$106** ฿3,500 | [Bangkok Hospital](https://www.bangkokhospital.com/en/bangkok/package/continuous-glucose-monitoring); no city-centre price published | Core: supervised by the doctor |
| DEXA scan: bone density or body composition | **$111–176** ฿3,650–5,800 | [MedPark](https://www.medparkhospital.com/en-US/online-store/bone-mineral-density-package) · [Samitivej](https://svh-healthshop.samitivejhospitals.com/package-detail.html?id=VitD_BoneSVH) · [Bumrungrad](https://www.bumrungrad.com/en/packages/bone-density-l-spine-and-hip-screening) | Core: selected members |
| Heart calcium scan (CAC) | **$136–242** ฿4,500–8,000 | [Samitivej](https://svh-healthshop.samitivejhospitals.com/package-detail.html?id=SVH_CTcalcium) · [MedPark](https://www.medparkhospital.com/en-US/online-store/coronary-artery-calcium-scoring) · [Bumrungrad](https://www.bumrungrad.com/en/packages/heart-screening-calcium-scoring-ct) · [BNH](https://mbrace.bnhhospital.com/en/product/ct-calcium-score-screening/) | Core: selected members |
| Hormone blood panel | **$172–303** ฿5,690–10,000 | [BNH](https://mbrace.bnhhospital.com/en/product/basic-women-hormone/) · [Samitivej](https://svh-healthshop.samitivejhospitals.com/package-detail.html?id=LifeHormoneM) | When a result raises the question |
| Heavy metals · allergy (IgE) | **$179 · $300** ฿5,900 · ฿9,900 | [Samitivej](https://svh-healthshop.samitivejhospitals.com/package-detail.html?id=Lifeheavymental) · [MedPark](https://www.medparkhospital.com/en-US/online-store/food-allergy-screening-program-blood-test) | When exposure or symptoms suggest it |
| Gut microbiome | **$545–652** ฿18,000–21,500 | [Samitivej](https://svh-healthshop.samitivejhospitals.com/package-detail.html?id=GutmicroSVH) · [MedPark](https://www.medparkhospital.com/en-US/packages/gut-microbiome-testing-program) | Optional |
| DNA | **$303–772** ฿10,000–25,490 | [BNH](https://mbrace.bnhhospital.com/en/product/nutrigene-basic-panel/) · [Bumrungrad](https://www.bumrungrad.com/en/packages/my-dna-medication-test) · [MedPark](https://www.medparkhospital.com/en-US/online-store/gene-testing-for-cancer-risk-package) | Optional, once per member |
| Cancer screening blood test | **$530–970** ฿17,500–32,000 | [BNH (SPOT-MAS)](https://mbrace.bnhhospital.com/en/product/spot-mas-package/) · [Bumrungrad](https://www.bumrungrad.com/en/packages/muti-cancer-early-detection); Galleri has no verified Thai route | Optional |
| Whole-body MRI | **$1,818** ฿60,000 | [Prachachuen Imaging](https://mrithailand.com/en/online-booking/); no city-centre price published | Not modelled |
| Wearables: Oura, WHOOP | **$265–606** ฿8,750–19,990 | [Central](https://www.central.co.th/th/campaign/99) | Members connect their own; no resale modelled |
| Personal training, twice a week | **$667** ฿22,000 a month | Aspire | Referral partner |
| Meal prep, three meals a day, Mon–Fri | **≈ $106** ≈ ฿3,500 a week | Meal-prep caterer | Referral partner |

Test prices are what Bumrungrad, MedPark, Samitivej and BNH publish, read on 25 September 2026; several are promotions and a few exclude doctor fees. Training and meal-prep prices come from our partners. Baht converted at ฿33 per US$, the fixed rate of the pre-seed.

## Slide 23. A modest entry price: below six of eight early-round peers.

_slide_key: appendix_comparables · [Slide 23](https://decks.orba.health/pre-seed/#p23)_

| Company | Round | Raised | Post-money (estimate) | Method | $0 $30M $60M | Third-party estimate |
| --- | --- | --- | --- | --- | --- | --- |
| Orba · Thailand | Proposed, 2026 | $0.75M | $4.5–5.5M cap | SAFE cap; $750k buys 13.6–16.7% | | – |
| Pre-seed and seed: the stage Orba is raising at |
| [Madeed · Saudi Arabia](https://en.sharikatmubasher.com/media-hub/news/21528279/madeed-secures-400k-in-pre-seed-funding-led-by-vision-ventures?lang=en) | Pre-seed, Jan 2026 | $0.40M | $2.0–4.0M est. | Raised ÷ 10–20%; first close | | [$2M est.](https://app.dealroom.co/companies/madeed) Dealroom, current |
| [Mito Health · Singapore](https://mitohealth.com/blog/mito-health-raises-s-1-7m-to-build-ai-powered-preventative-healthcare) | Pre-seed, Apr 2023 | $1.30M | $6.5–13.0M est. | Raised ÷ 10–20% | | [$11M est.](https://app.dealroom.co/companies/mito_health) Dealroom, current |
| [Everlab · Australia](https://www.b2venture.vc/stories/everlab-secures-3-million-pre-seed-funding-to-build-operating-system-for-personalized-health-and-longevity) | Pre-seed, Dec 2023 | ≈$1.98M | $9.9–19.8M est. | Raised ÷ 10–20% | | – |
| [Superpower · US](https://insider.fitt.co/press-release/superpower-raises-4m-pre-seed-to-launch-preventative-healthcare-platform/) | Pre-seed, May 2024 | $4.00M | $20–40M est. | Raised ÷ 10–20% | | – |
| [Ease Healthcare · Singapore](https://www.businesstimes.com.sg/startups-tech/startups/femtech-startup-ease-raises-us1.3m-led-by-insignia) | Seed, Sep 2021 | $1.30M | $5.2–8.7M est. | Raised ÷ 15–25% | | [$6.5M est.](https://app.dealroom.co/companies/ease_healthcare) Dealroom, current |
| [AI Dock · Japan](https://bioengineering.capital/en/news/20260819-2/) | Seed, Aug 2026 | ≈$1.64M | $6.6–10.9M est. | Raised ÷ 15–25% | | – |
| [Bisu · Japan](https://www.newswire.com/news/healthtech-startup-bisu-raises-3-2m-in-seed-round-will-collaborate-21511864) | Seed, Oct 2021 | $3.20M | $12.8–21.3M est. | Raised ÷ 15–25% | | – |
| [Evvy · US](https://techcrunch.com/2021/07/14/backed-by-5m-led-by-general-catalyst-evvy-launches-a-vaginal-microbiome-test-to-support-womens-health-research/) | Seed, Jul 2021 | $5.00M | $20–33.3M est. | Raised ÷ 15–25% | | [$20M est.](https://dealroom.co/companies/evvy/) Dealroom, round |
| Series A in Asia: the next step, for scale |
| [HDmall · Thailand](https://techsauce.co/en/news/hd-southeast-asia-leading-healthcare-and-surgery-marketplace-secures-almost-6m-in-series-a-funding) | Series A, Apr 2024 | $5.60M | $18.7–28.0M est. | Raised ÷ 20–30% | | – |
| [Orange Health · India](https://yourstory.com/2022/06/funding-alert-orange-health-series-b-bertelsmann-india-investments/) | Series A, 2021 | $10.00M | $33.3–50.0M est. | Raised ÷ 20–30% | | – |
| [AMILI · Singapore](https://tvmcapitalhealthcare.com/article/tvm-capital-healthcare-joins-us10-5-million-series-a-round-of-amili-southeast-asias-leading-precision-health-gut-microbiome-company/) | Series A, Jun 2022 | $10.50M | $35.0–52.5M est. | Raised ÷ 20–30% | | [$52.5M est.](https://app.dealroom.co/companies/amili) Dealroom, current |
| [Fitterfly · India](https://yourstory.com/2022/07/healthtech-startup-fitterfly-12-million-series-a-amazon-smbhav-venture-fund-fireside-ventures) | Series A, Jul 2022 | $12.00M | $40–60M est. | Raised ÷ 20–30% | | [$41.7M est.](https://inc42.com/company/fitterfly/funding/) Inc42, round |
| Where the leaders went next: reported later rounds, not entry prices |
| [Function Health · US](https://a16z.com/announcement/function-health-series-b/) | Series B, Nov 2025 | $298M | $2.5B reported | Lead investor’s announcement | off scale | – |
| [Neko Health · Sweden](https://techcrunch.com/2025/01/22/neko-the-body-scanning-startup-co-founded-by-spotifys-daniel-ek-snaps-up-260m-at-a-1-8b-valuation/) | Series B, Jan 2025 | $260M | $1.8B reported | Post-money, reported by TechCrunch | off scale | – |
| [Superpower · US](https://sacra.com/c/superpower/) | Series A, Apr 2025 | $30M | >$300M reported | Post-money, Sacra; unconfirmed | off scale | – |

**Market benchmarks, all sectors.** Orba’s cap is 45–55% below the ≈$10M median post-money SAFE cap for US pre-seed rounds of $250k–1M ([Carta, 2025](https://carta.com/data/state-of-pre-seed-2025/)). Its $3.75–4.75M pre-money equivalent is 5–25% below the $5M Southeast Asia pre-Series A median ([Cento, 2024, p.17](https://cento.vc/wp-content/uploads/2025/09/Cento_SE-Asia-Tech-Investment_2024.pdf)).

est. Peer entry values are estimates, not disclosed deal prices. Implied post-money = round amount ÷ assumed dilution: pre-seed 10–20%, seed 15–25%, Series A 20–30%; bands selected for this analysis, informed by [Carta dilution benchmarks](https://carta.com/learn/startups/equity-management/share-dilution/). Third-party: “current” is today’s enterprise value (midpoint of Dealroom’s range), “round” a reported round value with no stated basis. SAFE caps, enterprise values and equity valuations differ. Round sizes and dates from the announcements linked on each name; researched 24 Sep 2026. Madeed later reported $925k total; its full-round implied range is $4.625–9.25M. The main deck’s peer chart shows each pre-seed and seed range’s midpoint.

## Slide 24. Bangkok: 25,300 people we can serve. With Singapore: 44,425.

_slide_key: appendix_bangkok_asia · [Slide 24](https://decks.orba.health/pre-seed/#p24)_

Bangkok · how we counted

**41,600**

Fitness First members in Bangkok spending $1,000+

80,000 Thailand members (2019) × 80% living in Bangkok × 65% spending $1,000+ a year on health.

**9,000**

more from Bumrungrad health checkups

60,000 screened a year × 50% Bangkok residents × 50% spending $1,000+ × 60% not already gym members.

**50,600**

already spending $1,000+ a year

41,600 + 9,000.

**25,300**

residents we can serve, base case

50% of them can move enough budget to a full membership.

| Scenario | Low | Base | High |
| --- | --- | --- | --- |
| Residents we can serve | 7,110 | 25,300 | 64,806 |

Our two-year Bangkok objective: 5,000 members — about 20% of the 25,300 base case, or 10% of the 50,600 already spending $1,000+. Our five-year path goes beyond Bangkok.

Asia · the path beyond Bangkok

**19,125 ***

Singapore: people, $10.4M a year at $542 each

50,000 gym members × 90% residents × 85% spending $1,000+ × 50% budget fit.

**44,425 ***

Bangkok + Singapore: people, $24.1M a year at $542 each

13,804 to 104,290 across the low and high assumptions. Bangkok is 25,300 of the base case.

**KL, HK**

Then, if Singapore works: Kuala Lumpur, then Hong Kong

Adding both gives 58,038 people, $31M * a year at $542 each ($8.7–82M). *Scenarios, not a verified market.

| Market | Ability to pay | Gap in ongoing care | Ease of entry | Score | What must be true first |
| --- | --- | --- | --- | --- | --- |
| Singapore | 5 | 2 | 5 | 4.1 | Local lab and doctor, and a paid pilot against Mito and existing clinics |
| Kuala Lumpur | 3 | 3 | 5 | 3.6 | A real count of people spending $1,000+ a year; none exists today |
| Hong Kong | 5 | 2 | 3 | 3.5 | Cantonese service, and a clear edge over established premium clinics |

**Confidence: low.** Every percentage is an Orba analyst assumption (Bangkok’s made on 22 September 2026). In Bangkok, other gyms, clinics and supplement buyers are not counted, and budget switching is unmeasured. The Singapore gym count is undated, and Kuala Lumpur and Hong Kong rest on assumed buyer counts. Asia is priced at $542 membership only (฿17,900 at ฿33 per US$), so it does not compare with Bangkok’s $1,105 per member. Scores out of 5 weight ability to pay 40%, gap 30%, ease 30%; another weighting puts Hong Kong ahead of Kuala Lumpur.

Sources: [Bangkok Insight](https://www.thebangkokinsight.com/news/business/branding/197398/), Fitness First Thailand, over 80,000 members, August 2019 · [Bumrungrad Hospital](https://www.bumrungrad.com/en/centers/health-check-up-center-bangkok-thailand-jci-best), over 60,000 people screened a year · [Paragon](https://paragon.com.sg/store-detail/fitness-first/), observed Sep 2026: Fitness First Singapore, 50,000 members. Undated landlord listing · [Fitness First Singapore](https://www.fitnessfirst.com/sg/en/membership), 2026: membership from S$200 a month · [Fitness First Malaysia](https://www.fitnessfirst.com/my/en/membership), 2026: 9 clubs; members per club assumed at 1,000–2,000 · [Humansa, Hong Kong](https://www.humansahealth.com/humansa-membership-programme/), 2026: 80,000+ clients claimed; filtered heavily as a scenario anchor · [World Bank](https://api.worldbank.org/v2/country/THA;SGP;HKG;MYS;IDN;VNM;PHL;KOR;JPN;AUS;ARE/indicator/NY.GDP.PCAP.CD?date=2024&format=json&per_page=100), 2024: GDP per person, used for ability to pay · Orba model, Sep 2026: shares and market scores. Analyst assumptions.

## Slide 25. Three-year view: revenue, costs and cash, 2026 to 2028.

_slide_key: appendix_financials · [Slide 25](https://decks.orba.health/pre-seed/#p25)_

US$ thousands at ฿33 per US$, from the planning model of 8 October 2026. Memberships are paid upfront and earned over twelve months, so cash runs ahead of revenue. Cash in exceeds cash out from March 2028; the earned net result stays negative through 2028 because each month's ads are paid at once while the cohort's membership is earned over twelve months.

| | Q4 2026 | Q1 2027 | Q2 2027 | Q3 2027 | Q4 2027 | 2027 | Q1 2028 | Q2 2028 | Q3 2028 | Q4 2028 | 2028 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| New customers: a panel or a membership | 150 | 200 | 350 | 500 | 615 | 1,665 | 985 | 1,645 | 2,315 | 2,975 | 7,920 |
| Members at end of period | 101 | 217 | 407 | 686 | 999 | 999 | 1,482 | 2,302 | 3,478 | 4,998 | 4,998 |
| Membership revenue, earned | 35 | 56 | 105 | 163 | 220 | 543 | 339 | 550 | 801 | 1,088 | 2,778 |
| Add-on sales: GLP-1, supplements, tests | 3 | 19 | 37 | 64 | 98 | 218 | 142 | 219 | 335 | 489 | 1,185 |
| Total revenue | 38 | 75 | 141 | 227 | 318 | 761 | 482 | 769 | 1,136 | 1,577 | 3,963 |
| Lab bills and add-on costs | (35) | (56) | (120) | (177) | (253) | (606) | (384) | (610) | (891) | (1,242) | (3,126) |
| Team: clinical, nurses, founders, product | (6) | (39) | (41) | (44) | (61) | (184) | (70) | (86) | (109) | (132) | (397) |
| Marketing: ads at ฿3,500 per buyer, agency, specialist | (29) | (32) | (48) | (63) | (76) | (218) | (115) | (185) | (256) | (326) | (882) |
| Clinic rent, software and apps, legal, overhead | (38) | (62) | (54) | (27) | (28) | (172) | (29) | (29) | (29) | (30) | (116) |
| Net result | (71) | (113) | (121) | (84) | (100) | (419) | (116) | (140) | (149) | (153) | (557) |
| Cash collected from members | 66 | 107 | 194 | 288 | 394 | 982 | 602 | 997 | 1,435 | 1,912 | 4,946 |
| Operating cash: in − out | (43) | (81) | (69) | (24) | (24) | (198) | 4 | 88 | 151 | 183 | 426 |
| Raise, deposit and renovation | 736 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at end of period | 753 | 672 | 603 | 579 | 555 | 555 | 559 | 647 | 798 | 981 | 981 |

Price

Loop membership ฿17,900 a year ($542): two blood tests and a year of the app. Panel ฿9,900: one test and a year of the app; two thirds of new customers start there and 40% upgrade to Loop the next month. 1,665 new customers in 2027, 7,920 in 2028.

Costs

Lab ฿7,000 a test. Two doctors and two nurses are fixed; more care staff are hired as members grow, to 12 nurses and 8 doctor equivalents by December 2028. Marketing ฿3,500 per new buyer plus a content agency. Clinic rent ฿80k a month, ฿100k from November 2027. Legal $10k a month to January 2027, then $2k.

Retention and add-ons

50% renew after a year (not yet measured). Lifetime value per new member ฿33,600 ($1,018), 9.6× the ฿3,500 to win one; 3.6× on contribution after lab bills and add-on costs. Add-ons from December 2026: GLP-1, supplements, DNA, imaging and extra panels, ฿14,450 of sales and ฿4,575 of contribution per member a year.

Cash

Opening cash about ฿2M. $750k raise received November 2026; no second raise modelled. Lab bills are paid from membership fees; the deposit and renovation from founder cash. Cash low point $37,333 in October 2026, before the raise.