Pitch script · 5 minutes
English on stage. Your Italian underneath.
Same script as the Italian one, block by block. Read the English out loud; the grey line underneath is what you are saying, in Italian, so you always know where you are. SpinUP Award: five minutes, three of you on stage, international investors.
5 minat a calm pace, not a race
33/32/35Francesco, Daniele, Simone
3microphone handovers, no more
Quattro blocchi, tre soli passaggi di microfono. Ogni passaggio costa circa
cinque secondi: per questo non sono di più. Apre e chiude Francesco, perché il richiamo della
mano alzata funziona solo se lo fa chi ha fatto la domanda.
Pitch script · 5 minutes
All the slides, none skipped. 669 words in 4:45 of speech plus 15 seconds of handovers = 5:00. Split: Francesco 33% · Daniele 32% · Simone 35%. Each block is one continuous run: the deck only moves forward.
1Slides COVER and 02
Francesco0:00 – 0:52
Before we start, raise your hand: how many of you have been to a physiotherapist at least
once? [wait] Now be honest: how many kept going after the massages? And how many, at
home, actually did the exercises? [wait] There you go. We are Ri-Hub:
physiotherapy without everything that makes you quit.
Your physiotherapist, wherever you are. Live for a year now.
[02] When I say physiotherapist, you picture hands. More than half of Italian
physiotherapists don’t use them: 60% work with exercise, fewer than one in a
hundred with massage. The real work is done by the patient, at home. [pause]
In Europe 400 million people need rehabilitation and two out of three stop early:
six to nine months of waiting in the public system, 40 to 50 euros a session in a
clinic, with parking to find.
Alzate la mano: quanti sono stati da un fisioterapista? E quanti, a casa, hanno fatto gli
esercizi? Ecco: noi siamo Ri-Hub, la fisioterapia senza tutto quello che ti fa mollare. Il tuo
fisioterapista ovunque tu sia, operativi da un anno. Perché per noi il movimento è vita.
2Slides 03, 04 and 05
Daniele0:52 – 2:25
[03] In my work I see patients every day: they come in, after three sessions they feel
better, and they vanish. Recovery is done by movement, and at home people drop it:
rehab doesn’t fail for lack of care, it fails for lack of continuity. For us,
movement is life: a still life shuts down the body and the mind with it. And the timing
is right: since 2021 it is in the national guidelines, and two bills would make it
doctor-prescribable.
[04] This is where we come in: a real physiotherapist, one to one, by video call,
watching how you move and correcting you while you do it. And this is not a fallback: 60% of Italian physiotherapists work mainly with exercise, not with the treatment table. The physiotherapy people picture is not the one that is actually practised. Not recorded videos, not a prototype:
an app in the stores, professionals on the national register, 26 languages. And the
limit, from me: manual therapy needs presence. It starts with a free assessment, then two or three sessions a week, always the same physiotherapist. And you do it from wherever you are. But the real question is this: with us, do people finish the course? [pause] Four in five see it through: eighty-one closed programmes.
[05] And that is not all: 879 sessions, 58 customers, 215 euros average per patient, and one in two who finish a programme buy another. 4.9 satisfaction score.
400 milioni in Europa, quasi metà della popolazione, due
su tre si fermano, nel pubblico sei-nove mesi, in studio 40-50 euro in media. Noi: un fisioterapista vero uno a uno
in videochiamata, app negli store, 26 lingue. Il limite: la terapia manuale richiede la
presenza. Non ci sono liste d’attesa, costa 29,90 euro a seduta e la puoi fare ovunque tu sia. Ma la domanda vera: con noi i pazienti la cura la finiscono? Quattro su cinque arrivano in fondo, su ottantuno percorsi chiusi.
E non e' solo quello: 879 sedute dal
lancio, 59 clienti, uno su due riacquista, 215 euro a paziente, 4,9 in app.
3Slides 06, 07, 08 and 09
Simone2:25 – 3:58
[06] Is anyone else doing it? Look at the map: on one side self-service apps, cheap but
with no physiotherapist; on the other the clinic, which costs and means travelling; and
rehabilitation hardware worth thousands. We combine what matters: a real professional,
and all you need is your phone.
[07] The market: 270 billion globally, 5 billion in Europe. The concrete part is the
Italian slice, 20 million, almost empty.
And people think physiotherapy is hands: most of it is exercise, and almost nobody delivers it remotely.
[08] Our advantage is not the technology: we already own the demand. 4,822
keywords on page one of Google, clicks up 1,056% since April: people
looking for help find us, and we did not pay for it. Plus a community of 4,200 people. And
physiotherapists come to us too: 500 applications from the first post, 35 selected.
[09] And the model stands up. A single session is 29.90, thirty minutes in which the physiotherapist
looks only at you, or 49.90 for the fifty-minute session. Tax-deductible: The physiotherapist earns what an in-clinic associate earns, 14.90 stays with us. The groups are already in the product: same condition, same time slot, up to six patients.
Already at two the margin becomes 24.80, and with a full group, 99. And we are opening Ri-Hub Junior,
physiotherapy for children and teenagers: fifty minutes at 59.90, with a specialist in
developmental age — in Italy that session costs between 80 and 120 euros.
Chi altro lo fa? Da una parte le app self-service, senza fisioterapista; dall'altra lo studio, che costa e ti tocca spostarti; e l'hardware da migliaia di euro. Noi uniamo le due cose: un professionista vero, e ti basta lo smartphone. Il mercato: 270 miliardi nel mondo, cinque in Europa; il pezzo concreto è il SOM italiano da 20 milioni, quasi vuoto: lì consolidiamo adesso, in Europa da fine 2027. E il momento è giusto: dal 2021 nelle indicazioni nazionali, due DDL in Senato. Il vantaggio non è la tecnologia: la domanda ce l'abbiamo già. 4.822 keyword in prima pagina, click +1.056%, community da 4.200, 500 candidature e 35 fisioterapisti scelti. E il modello sta in piedi: 29,90 per trenta minuti o 49,90 per l'ora intera, detraibile, a noi restano 14,90; i gruppi sono già nel prodotto: in due danno 24,80, col gruppo pieno 99. E c'è Ri-Hub Junior a 59,90, quando in Italia costa fra gli 80 e i 120.
4Slides 10, 11 and CLOSING
Francesco3:58 – 5:13
[10] Three years, built on those margins and not on multiples: from 300 to 2,000 sessions
a month, revenue from 100 to 670 thousand, and EBITDA crossing zero in 2029. Years four and five take us to 2.6 million: those two are indicative, the first three are the ones we commit to.
[11] There are three of us: Daniele the clinical
protocols, Simone operations, I product, business and growth.
[12] We built the product and paid for it ourselves, and today the service covers its own
costs: the capital is not to stay alive, it is to make it known. We are raising
400 thousand euros on a SAFE, 2.5 million cap, 20% discount, roughly
16% of the company. Half into acquisition and education, half into
team and operations. And it has to buy this: groups in January 2027,
a hundred paying patients a month, the first EU country by late 2027.
[closing] And I close the way I opened. At the start almost all of you raised your hand, because almost all of us, sooner or later, dropped physiotherapy along the way.
Ri-Hub exists for that: so that hand never has to go up again. Thank you.
Siamo in tre e ci completiamo: Daniele i protocolli clinici, Simone le operazioni, io prodotto,
business e crescita. Il prodotto l'abbiamo costruito e pagato noi e oggi si mantiene: il capitale
serve a crescere. Cerchiamo 400 mila euro con un SAFE, tetto 2,5 milioni, sconto 20%, circa il
16%: metà in acquisizione ed educazione, metà in team e operatività. E chiudo come ho aperto: quasi tutti avete alzato la mano perché quasi tutti prima o poi la
fisioterapia l'abbiamo mollata. Ri-Hub esiste perché quella mano non si rialzi mai più.
Likely questions · 22 answers ready
For the B2B session after the pitch. Not to be memorised: they are here so nothing
catches you off guard. Whoever has the competence answers, not whoever is holding the microphone.
Two things never said on stage or in the room. The name of the foundation behind the grant
and any of its contract terms are confidential: say «a philanthropic grant, terms confidential»
and stop there. And never quote a competitor’s prices unless you have verified them yourself.
1How much have you actually collected, B2C and B2B separately?
B2C is about 6.7k collected from private patients. B2B, one corporate client, is 456 sessions at 24.90 = about 11,354 euros: a five-month pilot, delivered and paid. It closes in September; the client wants to renew, budget permitting, and is introducing us to other clinics. Around 16k collected in total.
2What is the CAC of a paying customer, not of a first visit? And the real margin?
On acquisition cost we only quote what we can prove: 1,547 euros spent over three months (864 Google, 683 Meta), 48 leads, 28 first visits booked, 2 purchases. That is 55 euros per first visit booked, our own figure. We don't use the platforms' numbers: Google counts leads, not purchases, and on Meta the tracked conversion measures a panel opening, not a booking. On margin: at the new list price a single session will leave us 14.90; group sessions, already built, would leave 39.70 at three patients. Blended is still below zero, but only as legacy: the first cohorts were discounted and first visits are free. Recent customers pay full price from organic and are already profitable per session.
3How do you scale to 220 sessions a month if only the two of you deliver them?
Careful: B2C we deliver ourselves today, but the 456 B2B sessions are already delivered by our external physiotherapists, at a positive margin. So external supply is proven, not theoretical. 220 sessions a month is one to two full-time physiotherapists: the bottleneck is demand, not supply.
4What is the 2.5M cap anchored on?
It is a cap on a SAFE, not a price: the valuation is set by the next round, with a 20% discount. We don't justify 2.5 million with 58 customers, but with what exists: live product, strong organic presence on Google, clinical team, a four-month B2B pilot delivered and paid. For an Italian pre-seed with these assets it is in line. And there is room to negotiate.
5Who is clinically responsible? Who answers if a patient gets hurt during a video session?
Liability sits with Ri-Hub; the physiotherapists are on the national register and insured. First visit and triage are done only by the most senior ones; out-of-scope cases go in person. Data on GDPR-compliant infrastructure. It is human-in-the-loop, not a medical device. The liability model has been checked with our lawyers and with the professional body.
6Repeat purchase on a small base: why isn't it just noise?
It is one in two of those who completed a programme (16 out of 31). These are early directional signals, not projections, and we say so. The round is there to take them onto a base three to five times bigger. The strong signal is convergence: retention, SEO, satisfaction and B2B all point the same way.
7What protects you from a large mental-health platform adding physiotherapy?
Time. Twelve months of compounding SEO (4,822 keywords on page one, 1,917 of them in the top three) can't be bought. Plus adherence data and vertical clinical focus. Honestly: there is no regulatory moat and no exclusivity. But whoever educates the market and owns the demand starts ahead, and at that point we are more an acquisition target than a competitor.
8Does the grant put constraints on you, or set a price?
No. It is philanthropic capital, it does not dilute us today, it converts only if they decide to, and it is not a market round, so it does not set a price. It gives us two things: validation from a serious institution, and funds to prove the unit economics with capital that isn't ours.
9Group sessions: how do you group patients, and what do they yield?
By condition. SEO already brings us patients labelled by problem: someone searching «exercises for a lumbar disc protrusion» has that condition. Groups can be fixed or variable, so we don't need to lock a class. With one physiotherapist following up to six patients, contribution goes from 14.90 to 39.70 already at three: the patient pays less, we earn more. Already built into the app: it switches on when the pool exists.
10How do you scale demand cheaply?
Community and groups. We have our own group of 4,200+ people, built organically, with very high engagement: they message us constantly asking for help. And on Facebook there are tens of thousands of people in condition-specific groups, abandoned by the system and already segmented. With the round we hire a community manager who reignites the group and turns requests into first visits: warm acquisition at near-zero cost.
11Who are your competitors?
A few live online physiotherapy apps are appearing. We differ on three things: accessible price (29.90), continuity of the programme rather than one-off consults, and above all distribution: on physiotherapy searches we are #1 on Google, so hot demand reaches us at almost zero cost. Honestly: a market that fills up is a good sign, it means it exists.
12Are the sessions reimbursable or tax-deductible?
Both. We issue a medical invoice: it is deductible as a health expense, and health insurers, corporate and private, reimburse it exactly like an in-person physiotherapy session, because that is what it is. We already have cases reimbursed at 100%. So the real cost is often well below 29.90, sometimes zero. For corporate welfare it is a strong hook.
13Why should I pay your salaries with my investment?
The round does not fund our lifestyle: it buys 24 months of three full-time founders building the company instead of delivering sessions by the hour. A CEO who spends the day doing sessions at 14.90 of margin is the last thing you want. We pay ourselves about 1,500 net a month each: the minimum to be here full-time, and for each of us it is a significant cut from what we earn today. The bulk of our upside isn't salary, it's equity, exactly like yours.
14Isn't XR / Apple Vision a distraction from the core?
Ri-Hub works entirely from a smartphone. XR is optional, for patients who already own a headset: we neither buy nor distribute hardware, and it is not on the critical path. It is long-term vision, not spend from this round.
15What is a SAFE, and why isn't it a loan?
It is an agreement: the investor gives money now and receives equity later, at the next real round. It is not a loan (we don't pay it back) and it does not set a price today: it defers it. It is a fast, simple way to raise while the company is still young.
16What is the «cap», and why 2.5M?
The cap is the valuation ceiling at which that money converts into equity: the lower the cap, the more equity the investor gets. It is not «what we are worth», it is a guarantee for whoever comes in early. We set 2.5M because that is what our assets support: live product, SEO, a four-month B2B pilot delivered and paid, clinical team.
17Why do you ask for 400k and not 500 or 600?
It's arithmetic, not modesty. At a 2.5M cap, every euro raised is a slice of the company: 400k on 2.5M is 16%. We didn't want to give up more than about 16%, so the number is 400k: the minimum to reach the proofs that matter. Raising 600k would mean giving up 24%, and that is too much now. Better to prove the unit economics and then do a real seed at a much higher valuation, where money costs far less company.
18What is the «20% discount»?
It is the reward for taking the risk first: at the next round the SAFE investor converts paying 20% less per share than whoever comes in later. It costs us no cash. Note: cap and discount don't stack — the investor takes whichever is better.
19Group sessions as the margin lever
One-to-one we make 14.90 a session. In a group, same condition, one physiotherapist follows up to six patients: already at three patients, contribution rises to 39.70, and with a full group to 99. The patient pays less (24.90 instead of 29.90) and we earn more. It is already in the app and switches on with volume. It is the advantage a mental-health platform cannot copy.
20Why is «asking for less in order to prove» a strength?
We are proving now, with money that isn't ours, that at full price we make a margin. With that proof we are not asking for money to find out whether it works, but to grow something that works, which is worth far more. Asking for the minimum needed to prove is discipline, and that is what an investor wants to see.
21With you, do people finish the course?
The literature says two in three don't complete their course of care. For us: of 81 closed programmes, 66 were seen through — 81.5%, four in five. Counted on actual sessions: 418 bought, 332 delivered. The figure holds if you move the drop-out threshold from 30 to 120 days (80.5% to 82.5%). And among those who finished at least one programme, one in two buys another (16 of 31). Base: 46 B2C patients, data since September 2025.
22The European figure is from 2022 — isn't it out of date?
It is the most recent analysis WHO has published on Europe: there is nothing newer. And the global picture, which is up to date, says the need is growing: the WHO fact sheet updated in April 2024 gives 2.4 billion people worldwide, and the GBD 2021 analysis published in 2025 reaches 2.56 billion, with 2.64 billion expected by 2035. The European number is the one that ages, and it ages on the low side.
23Why does traction say 45 minutes and the model 30?
The 879 sessions were delivered at 45 minutes: that was our format until September 2026. Under the new price list the standard session is 30 minutes at 29.90, with a full hour at 49.90 when the case calls for it: the physiotherapist picks the length. The price to the patient did not change: 29.90 is still 29.90.