+101%

est. 2Y upside i

CybersecuritySeries B

Rank

#404

Sector

Cybersecurity

Est. Liquidity

~4Y

Data Quality

Data: Low

Apiiro offers substantial upside potential (~101% expected over 2 years) given high growth and strong competitive moat, but the stale 2022 valuation and high preference stack temper returns.

Last updated: July 19, 2026

Bull (20%)+229%

Apiiro exits at 12x forward revenue ($1.92B) driven by an IPO window and category leadership in ASPM. Despite 20% dilution, common stock sees 229% upside.

Base (40%)+113%

Revenue reaches $160M and multiple converges to 8x ($1.28B), in line with public comps. After 20% dilution, upside is ~113%.

Bear (40%)+25%

Revenue grows slower than expected, multiple compresses to 5x ($800M) due to incumbent competition and market saturation. After dilution, upside is only 25%.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

2450%

Total funding of $135M represents 24.5% of the $550M entry valuation, meaning preferred stock would take that amount before common in a liquidity event.

Dilution Risk

high

Given the Series B was in 2022 and the company is still private with high cash burn, a further funding round within 2 years is likely, diluting common by ~20%.

Secondary Liquidity

limited

No active secondary market data; the last secondary implied valuation matched the round, suggesting limited liquidity.

Other — 8 roles

View all 8 open roles at Apiiro →

Last updated: February 22, 2026

Questions to Ask at the Interview

Strategic questions based on Apiiro's data — designed to show you've done your homework.

  • 1

    “How does Apiiro's Risk Graph differentiate from legacy SAST/DAST tools, and what is the customer adoption rate for this feature?”

  • 2

    “What is the path to profitability given the high growth and large enterprise focus?”

  • 3

    “How does the equity package handle dilution from future rounds, and what is the expected timeline to a liquidity event?”

Community

Valuation Sentiment

Our model estimates +101% 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.