Seed Round · Fall 2026
We build celebrity-owned telehealth companies on institutional infrastructure.
Owned distribution in the one category where the cost of acquiring a patient decides who wins.
Seed Round · Fall 2026
We build celebrity-owned telehealth companies on institutional infrastructure.
Owned distribution in the one category where the cost of acquiring a patient decides who wins.
The Market
Global DTC telehealth pharmacy.
The United States is 42.6% of it and growing at 12.2%.
Where the revenue sits today
GLP-1 drives 60% of weight management, making it the category's largest and most contested profit pool.
The thesis is a defined, prescription-backed market entered at the point where the economics are won: patient acquisition. Source: Global Market Insights, DTC Telehealth Pharmacy Market, 2026-2035.
The Binding Constraint
$86.3M net loss for the quarter, against 64% gross margin. Down from 76% a year earlier.
WHAT A PATIENT COSTS TO BUY
GLP-1, branded $250–400
GLP-1, compounded $180–320
Mental & behavioral health $200–400
Hormone therapy $180–300
Hair restoration $90–170
Sexual health $70–140
Meta carries 60–75% of every paid patient. Operators bid for the same patient on the same platforms. · Sources: Hims & Hers Q2 2026 results (10 Aug 2026); published 2026 fully-loaded telehealth CAC benchmarks.
The Undeployed Asset
WHAT EXISTS TODAY
"Celebrity patient ambassador": Ro's own words for its August 2025 GLP-1 partnership with Serena Williams. The category's most visible celebrity deployment, and still a paid role. No equity, no ownership, no operating position.
WHAT DOES NOT EXIST
Co-founder: Not one telehealth company has been built with the talent as an owner of the operating entity, carrying the launch, holding equity and participating in the exit. The most valuable distribution asset in consumer healthcare is being rented by the campaign.
It ends. It is expensed. It converts at agency rates against a rented audience.
The launch is theirs. The renewal risk is theirs. The equity is theirs. They keep showing up.
In a category where a third of revenue is spent buying patients, owning the channel is the margin.
Why Now
Care delivery became rentable: Physician networks, licensure, compliance, pharmacy coordination and patient support are now purchasable as a service. A telehealth company launches on proven rails in months.
Acquisition costs kept climbing: Every operator competes for the same patient on the same platforms. Paid media is now the largest line item in the category and a direct cause of leader-level losses.
Regulation is consolidating the field: FDA enforcement through 2025 and 2026 has narrowed the compliant path. Operators with real clinical governance win; arbitrage models are being removed.
Talent stopped accepting fees: The generation that watched celebrity brands create billionaires will not trade a health audience for a campaign check.
Rentable infrastructure and unaffordable acquisition, in the same market, at the same moment.That is the opening.
The Engine
The launch costs nothing: The talent's owned audience converts through an authentic launch: a live patient panel in the tens of thousands, at zero acquisition cost, in a category where that panel would cost $180 to $400 a head to buy.
Clinical value earns the stay: Patients renew for prescriber and medication access, outcomes, affordability and continuity of care, delivered by a licensed operator and measured monthly.
Equity compounds: Recurring revenue funds growth; equity accrues to talent, operator and IAM; a liquidity event pays everyone who built it, not the platform that rented the face.
Members pay for care, not content. These companies own distribution from day one.
Capital Architecture
| PARTICIPANT | CONTRIBUTES | PARTICIPATES VIA |
|---|---|---|
| IAM platform | Underwriting, formation, governance, portfolio management | Fees + 50% venture equity |
| Talent | Name, IP, audience, ongoing distribution | 30% venture equity + milestone payments |
| OpenLoop (operator) | Physicians, licensure, compliance, pharmacy, telehealth delivery, venture working capital | Operating economics + 20% equity |
| Seed investors | Capital to build the company-formation platform | Ownership of IAM: fee income and portfolio equity |
| The venture | Patient subscription revenue | Funds its own reinvestment and growth |
What the seed does not fund: talent guarantees, signing payments and clinical delivery are operator-funded at the venture level.Growth is funded by venture revenue. This round funds the platform that forms and governs the ventures.
The Operating Unit
On a Tier-1 venture we operate a live organic panel of roughly 20,000 patients and replace about 3,000 a month. That is the claim the business rests on, and it is testable before launch.
The $3.6M figure is 19,980 patients at $180, the low end of published GLP-1 acquisition cost.Next: a paid conversion test against the talent's own audience, ahead of launch, which turns the funnel from an assertion into a measurement. Source: IAM Financial Model v4. All figures gross of COGS.
The Paid Engine
Where we are conservative, and where we are not: Our $111 modeled CAC sits below the published 2026 category range of $180–320 for compounded GLP-1. A celebrity-led venture should acquire more cheaply than a cold-traffic operator. Until the pre-launch test returns, we treat that as an assumption to measure, not an advantage to claim.
15% of the prior month's venture revenue, on a one-month lag
$750,000 per venture per month, regardless of revenue
No paid spend before a venture's seventh month
Growth is funded by venture revenue, not by this round.
Proof in Motion
B HEALTHY × CARDI B: TERM SHEET & MODEL COMPLETE: Tier-1 artist-led consumer health platform, 180M cross-platform reach. Term sheet, three-scenario earnings model and narrative prepared; the cohort model has been independently diligenced and stress-tested. First launch in the sequence.
YZY HEALTH × KANYE WEST: TERMS AGREED IN PRINCIPLE: 50 / 30 / 20 split framed with the artist's management, July 2026. Founder-contribution framework prepared; MOU in drafting. Definitive documents are the next step.
OPENLOOP HEALTH · OPERATOR: MOU IN NEGOTIATION: Nationwide physician network, licensure, compliance and pharmacy coordination, the governed clinical layer this category now requires. Funds venture working capital and talent signing payments. Separately offering IAM a $6M facility; term sheet pending.
Behind these: a 30-partner pipeline mapped by tier, clinical vertical, audience fit and operator readiness. Three additional Tier-1 partnerships are in diligence and are not named in this document.
The Portfolio
Modeled 24-month gross revenue
Portfolio composition
B Healthy · Cardi B$5.5M
YZY Health · Kanye West$9.9M
Tier-1 · beauty & wellness$20.8M
Tier-1 · athlete$28.5M
Tier-2 · country music$35.6M
Five further slots (T2–T4)$72.6M
Downside case, brought unprompted: Retention −10%, CAC +50%, organic base 15,000. Single Tier-1 venture still reaches $45.6M over 24 months and 24,609 active patients at Month 24.
Verticals are matched to audience need, not talent preference: weight management, sexual and reproductive health, mental health, hair restoration, hormone therapy, dermatology, primary care.All revenue figures are gross; no cost of goods, clinician, pharmacy or platform cost is represented. Source: IAM Financial Model v4, 31 Aug 2026.
What The Investor Owns
WHAT THAT PRODUCES AT THE PLATFORM, THROUGH MONTH 24
Fees fund the platform. Equity carries the outcome. The seed buys both. · Gross of venture-level cost of goods. Source: IAM Financial Model v4.
Use of Funds
Launch execution 25%
Underwriting & analytics 20%
Legal & entity formation 15%
Operator diligence 15%
Talent acquisition 15%
Working capital 10%
Talent signing payments and clinical delivery are operator-funded at the venture level and draw nothing from this round.
What We Do Not Yet Know
Every figure in this deck is gross. The operator owns the cost build; margin is published before any venture launches.
Roughly 80% of a venture forecast rests on the organic panel. A paid conversion test against the talent's own audience is the first post-close milestone.
Weight management is the largest revenue line in the category and ours. FDA restricted GLP-1 APIs for unapproved compounding in Feb 2026; 503A patient-specific compounding remains the compliant path, and our operator carries that governance.
Independent diligence, 30 Aug: under one retention basis, weaker retention raises revenue. Being corrected by pricing replacement starts before the model circulates.
One clinical partner across every venture. MOU under negotiation; diligence on a second operator begins after close.
Chief Medical Officer search is active. No venture launches without one in seat.
Disclosed upfront. Governed before launch.
The Team
Healthcare / Talent and entertainment / Venture formation / Institutional finance
Close / Back Cover
IAM starts with owned audiences, then turns them into clinically governed telehealth ventures on institutional infrastructure.
$2,000,000 seed. Convertible note. $15M post-money cap. Rule 506(b).
Ten gated telehealth ventures in 24 months. First launch at Month 7.
Patients, retention cohorts and measured CAC. The evidence file for the institutional growth round.
Figures are modeled scenarios from IAM Financial Model v4 and are gross of cost of goods. They are not projections, forecasts or guarantees of future performance. Market and competitor figures are from third-party and public sources cited in the speaker notes. This document is provided for discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security.