+19%

est. 2Y upside i

HR TechSeries D+

Ashby operates as a developer of recruitment software used for high-growth companies. It develops usable, enterprise-grade employment software that enables company leaders, recruiters, and hiring managers to run their hiring process significantly better.

Rank

#1647

Sector

HR Tech

Est. Liquidity

~3Y

Data Quality

Data: Medium

Ashby presents a moderate upside opportunity (19.2% expected) over 2 years, but with high risk from incumbent competition and preference stack.

Last updated: July 19, 2026

Bull (20%)+80%

Bull case assumes successful IPO window allowing multiple to hold at 16.4x forward revenue. Projected revenue of $106.2M yields exit value of $1.74B, but stage cap limits upside to 100% before 20% dilution, net 80% upside.

Base (35%)+53%

Base case assumes multiple converges to public comp average of 8x on $106.2M revenue, giving exit value of $849.6M. After 20% dilution, net upside 52.5%.

Bear (45%)-34%

Bear case sees multiple compression to 4x due to competitive pressure from incumbents, yielding $424.8M exit. After preference stack and 20% dilution, net downside -33.74%.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

2894%

Total funding of $142.5M represents 28.9% of current valuation, creating a high preference overhang that could significantly reduce common stock proceeds in a down-round exit.

Dilution Risk

moderate

Given high growth and recent acquisition, a future fundraise within 24 months is likely, leading to an estimated 20% dilution.

Secondary Liquidity

none

No secondary market activity detected; latest round valuation matches secondary implied value, suggesting limited liquidity.

Engineering — 21 roles

Design — 2 roles

Legal — 2 roles

Data — 1 role

Marketing — 1 role

Security & IT — 1 role

View all 63 open roles at Ashby →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Ashby plan to differentiate from Greenhouse's established brand and integration ecosystem?”

  • 2

    “What is the unit economics (LTV/CAC) for your customers, given competitive pricing pressure?”

  • 3

    “Given the preference stack and dilution risk, what is my expected ownership retention at exit?”

Community

Valuation Sentiment

Our model estimates +19% 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.