Terms of Service

Last updated 11 July 2026

Who we are

Kaeda (kaeda.co) publishes research on how real web businesses make money. Using the site means you accept these terms.

What you get

On every case, the facts are free and stay free: what the company does, how the money moves, the key numbers, and the full source list behind them. A paid membership adds our analysis — the CENTS weight class, the founder's key move, where the moat sits, how the business could die, how it compares to rivals — and the launchpad prompt that turns a case into a plan for your own business.

What it costs

A membership is $99 per year, billed annually and renewing automatically until you cancel. You can cancel at any time from your account; you keep access until the end of the period you paid for. See our refund policy.

Payments are handled by Polar, which acts as the merchant of record. Polar processes the payment, issues the invoice, and handles any sales tax or VAT. Your payment details are never seen or stored by us.

What our research is — and is not

Every figure we publish carries a badge that names its source: Filed (it appears in a regulatory filing), Stated (the company or founder said it publicly), or Estimate (we derived it, and we show the arithmetic). The judgment sections — the moat, how it dies, the CENTS grades — are our opinion, and we label them as such.

Kaeda is research and commentary. It is not financial, investment, legal, or tax advice, and it is not a promise that any business model will work for you. Companies change, numbers go stale, and sources can be wrong. Decide for yourself, and check the sources — that is exactly why we publish them.

We are not affiliated with, endorsed by, or speaking for any company we write about. Company names and logos belong to their owners and are used to identify the subject of the research.

What you may do with it

Read it, quote it with credit and a link, and use what you learn to build your own business — that is the whole point. What you may not do is republish the teardowns wholesale, resell them, or scrape the library to rebuild it elsewhere. One membership is for one person.

Ending it

You can cancel whenever you like. We may suspend an account that shares credentials, scrapes the library, or abuses the service. If we ever shut Kaeda down, we will refund the unused part of any active membership.

The boring but necessary part

Kaeda is provided as-is. To the extent the law allows, our liability is limited to what you paid us in the previous twelve months. These terms are governed by the laws of the Republic of Korea.

Reaching us

Everything — billing, refunds, a number you think we got wrong — goes to contact@kaeda.co. A person reads it.

Questions about any of this? Write to contact@kaeda.co and a human answers.