14. Financials & The Ask
Financial Model & The Ask
The model that ties acquisition pace, membership ramp, and cash-pay gross profit to platform EBITDA, and what this raise buys.
Financial model
| Model component | What it drives |
|---|---|
| Store acquisition pace by phase | Capital required per unit |
| Blended entry multiple | Basis for the acquisition economics |
| Membership ramp per store, cohorted | Revenue timing per unit |
| Revenue by line | Dispensing, membership, product, clinical services, prescribing |
| Cash-pay % of gross profit over time | The headline chart |
| Platform EBITDA bridge | To $30–60M+ |
| Exit scenarios | Across a range of multiples, including the compression case |
The ask
- Amount raising
- Amount raising, and structure.
- Use of proceeds
- Acquisitions / platform build / clinical hires / working capital.
- Milestones this capital buys
- Specifically: prove cash-pay revenue per store across N anchor units.
- What the next round funds
- What the next round funds.
This capital is priced to prove one thing: that cash-pay wellness revenue per store is real, repeatable, and worth underwriting at scale; the evidence that sets the exit multiple.