VO

Voro Financial Model

Real-identity healthcare social network. Users connect with friends and local communities to share health advice and doctor reviews. Key differentiator: real names (vs. anonymous review sites like Yelp/Healthgrades). Community groups organised by geography (neighbourhood, county) and by condition (e.g., Lyme Disease group). Appointment booking feature also present (implied by repeat-booking metric). Longer-term monetisation pivot: "Steerage" - routing patients to high-value care to improve outcomes and reduce costs, billed to payors/providers/employers.

• TAM: $300 billion - defined as total US healthcare spending on low-value or unnecessary medical care
• Note: The $300B TAM is framed around the Steerage monetisation thesis, not the consumer social network itself. The two are at different stages of development.

Two stated revenue models:

1. Transaction fee - per patient steerage/referral event (implied per-appointment or per-referral)
2. PMPM (per member per month) - recurring fee billed to insurance companies, healthcare providers, and self-insured employers

No pricing/rate card shown. No current revenue disclosed. Consumer product appears free at time of deck (no paid acquisition, no monetisation slide for the social layer).

All figures from public beta phase:

• 50k+ doctor reviews
• 50k+ users
• 30%+ MoM user growth
• No paid acquisition
• MAU chart shows consistent upward trend with acceleration in recent months; axis values unlabelled - no absolute MAU figures readable
• 50% of users have written a doctor review - very high content-creation rate
• 45% of appointment bookers return and book again - repeat booking retention
• User base: 90% women, median age 39

• CAC: Effectively $0 (no paid acquisition stated); organic/viral growth through community networks
• Note: Unit economics are pre-revenue; only engagement proxies available

• Positioning: Only healthcare social network using real identity
• Competitive axes: Real identity vs. anonymous; healthcare-specific vs. general (non-healthcare networks)
• Named competitors implied (not listed): anonymous forums/message boards, Yelp/Healthgrades (anonymous healthcare reviews), general social networks (Facebook groups)
• Moat: Network effects within trusted communities; real-name social graph creates switching cost; UGC doctor review corpus (50k+ reviews)

• Tomas Hoyos - Co-Founder / CEO; Private Equity investor at American Securities, healthcare focus; Harvard
• Drew Tunney - Co-Founder / CTO; Tech team lead at Sighten (solar marketplace), grew team 5→25; Dartmouth

• Archetype + why: Two-phase model required.
• Phase 1 (0–18 months): Consumer social / marketplace growth model - MAU/DAU funnel, organic growth rate, community/group expansion, appointment booking volume. No revenue yet; cost model only (team, infra, marketing).
• Phase 2 (18m+): B2B SaaS/PMPM + transaction revenue model - members enrolled in steerage program, PMPM rate × enrolled members + transaction fees per referral. This is the monetisation thesis and should be the primary valuation driver. Analogous to a health plan navigation / benefits-tech SaaS (e.g., Accolade, Transcarent).
• Combined: 3-statement model with a consumer funnel feeding B2B steerage pipeline.

• Forecast horizon & granularity: Monthly for Years 1–2; quarterly for Years 3–5. 5-year total horizon to show path to B2B scale.

• Key drivers & assumptions:
• Starting MAU: ~50k; defined as registered users at beta launch
• MoM user growth rate: 30% - clearly not sustainable at scale; model decay curve to ~8% MoM by month 18 and ~3% MoM by Year 3 (typical social network S-curve)
• Review-writing rate: 50% of users
• Repeat appointment booking rate: 45% of bookers
• Appointment booking penetration (% of MAU who book): 10–15%; rationale: appointment booking is an advanced action; most users are browsers/reviewers
• Geographic expansion pace: 2–3 new metro areas per quarter starting Y2; NYC metro is current base
• B2B revenue launch: Month 18–24; requires pilot contracts with 1–2 insurers or self-insured employers
• PMPM rate: $2–$5 PMPM; rationale: health navigation / steerage tools (e.g., Accolade) price in this range; no deck data
• Transaction fee per steerage event: $25–$75 per referral; rationale: comparable to care navigation referral fees; no deck data
• Enrolled members (B2B): starts at 5k–10k in first contract, scales with employer/insurer partnerships
• Headcount: small team (~5–10) at beta; model 20–30 by end Y2 as B2B sales motion builds
• Gross margin (B2B SaaS): 70–80%; rationale: software-delivered steerage, low marginal cost per member
• Gross margin (transaction): 60–70%; some fulfilment / care coordination cost

• Scenarios (Base / Bull / Bear - which variables flex):
• Bear: MoM growth decays faster (to 5% by month 12); B2B launch delayed to Month 30; PMPM at low end ($2); low employer adoption
• Base: 30% MoM decaying to 8% by M18; B2B launch M20; PMPM $3.50; 2–3 employer contracts by end Y3
• Bull: Growth sustains at 20%+ through M12 (viral word-of-mouth in new metros); B2B launch M15; PMPM $5; insurance company pilot in Y2

• Required sheets / outputs:

1. Assumptions - all drivers, toggled by scenario
2. Consumer Funnel - registered users, MAU, review volume, appointment bookings by month
3. B2B Revenue - enrolled members × PMPM + transaction volume × fee; by quarter
4. P&L (Income Statement) - revenue, COGS, gross profit, OpEx (S&M, R&D, G&A), EBITDA
5. Headcount Plan - by function, tied to OpEx
6. Cash Flow & Runway - monthly burn, cash balance, months of runway
7. Balance Sheet - simplified
8. Valuation - EV/Revenue and EV/MAU comps at exit; DCF optional given pre-revenue stage
9. Dashboard - KPI summary (MAU growth, review count, PMPM enrolled, ARR, runway)