Reframe (Glucobit)
+24%
est. 2Y upside i
App to help people quit or cut back on alcohol use
Rank
#2756
Sector
Digital Health
Est. Liquidity
~4Y
Data Quality
Data: LowReframe is a legitimate business — $13M ARR and 150,000+ paying subscribers on 80% gross margins is real — but the 4+ years since its Series B ($17.4M, January 2022) with no subsequent round is the dominant risk signal; either growth has plateaued or the company is quietly cash-flow neutral, and neither scenario accelerates a near-term liquidity event.
Last updated: May 14, 2026
Reframe accelerates to $22M+ ARR by 2027, the non-alcoholic beverage line gains distribution traction as a second revenue stream, and a wellness or pharma acquirer buys the company at ~8x revenue (~$175M+). At an estimated current implied valuation of ~$55M, this represents ~2.2x for common equity holders after clearing the $19M preference stack.
Revenue grows modestly to $16–18M ARR by 2027, the company raises a flat-to-modest-up Series C at $65–75M valuation, and common equity holders see limited but positive returns. The $19M preference stack means common participation is thin below a ~$55M exit floor.
Growth stagnates after the April 2024 $13M ARR milestone with intensifying competition from Sunnyside and Monument; the company cannot raise a Series C on favorable terms after 4+ years without new funding, and exits or restructures at $25–35M — below or at the $19M preference threshold, leaving common shareholders with little to nothing.
Preference Stack Risk
severeFunding Intensity
35%$19M in total liquidation preferences on an estimated ~$55M implied current valuation represents a 34.5% ratio, meaning preferred investors are fully repaid before common equity receives any proceeds in the majority of realistic exit scenarios.
Dilution Risk
moderateA future Series C or bridge financing — likely required unless the company is profitable — will dilute common holders, though total funding raised ($19M) is modest and limits the magnitude of existing overhang.
Secondary Liquidity
noneNo secondary market activity, tender offers, or structured liquidity signals detected; at ~80 employees and 4+ years post-Series B with no IPO path visible, secondary sales are highly unlikely without a formal company-sponsored process.
Questions to Ask at the Interview
Strategic questions based on Reframe (Glucobit)'s data — designed to show you've done your homework.
- 1
“It has been over four years since your Series B — is the company profitable or cash-flow positive today, and what is the current capital strategy: raise a Series C, pursue profitability, or explore strategic options?”
- 2
“What are the current app subscription churn rate, LTV-to-CAC ratio, and net revenue retention, and how has ARR trended since the $13M milestone reported in April 2024?”
- 3
“What is the strike price or 409A valuation for new equity grants, and has the company created any secondary liquidity windows for employees or early shareholders?”
Community
Valuation Sentiment
Our model estimates +24% upside. What do you think?
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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.