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Yup more or less.

The new design is built from the ground up while the current design was a rework of a few assets and a color change

If it is a "from the ground up" redesign of the UI then the requested funds look like good value to me.
I like the look of the sample images presented above.

The funds include the design and assets but not the implementation. We will handle that afterwards and it will be covered by the regular dev expenses.

Got it, thanks!