-20%

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

#740

Sector

HR Tech

Est. Liquidity

~3Y

Data Quality

Data: Medium

Ashby presents a compelling equity opportunity with an estimated 100.5% expected upside over a 2-year horizon.

Last updated: March 10, 2026

Bull (35%)+200%

Ashby achieves market leadership through rapid AI innovation and successful expansion into the enterprise segment, capturing significant market share from incumbents. Revenue grows to approximately $133M by 2028, justifying a $1.48B valuation at 11x revenue, representing a 200% upside.

Base (35%)+130%

Ashby continues strong growth in the HR Tech market, leveraging its AI-powered platform to capture market share from competitors like Greenhouse and SmartRecruiters. Revenue reaches approximately $113M by 2028, justifying a $1.13B valuation at 10x revenue, representing a 130% upside.

Bear (30%)-50%

Intense competition from established players like Greenhouse and Workday, coupled with a slowdown in the HR Tech market, leads to decelerated growth. Revenue reaches only $66M by 2028, and a compressed 3.7x multiple results in a $246M valuation, wiping out 50% of the current equity value for common shareholders due to liquidation preferences.

Est. time to liquidity~2.5 years

Preference Stack Risk

high

Funding Intensity

26%

Investors hold $128M in liquidation preferences, which is 26.0% of the current $492M valuation.

Dilution Risk

moderate

As a Series D company, future funding rounds could lead to additional dilution, though Ashby's strong capital efficiency may limit the need for frequent raises.

Secondary Liquidity

limited

The existence of a secondary market valuation suggests some liquidity options may be available, but it's likely not a fully active or guaranteed market for all common shareholders.

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

    “Given the increasing focus on agentic AI in HR, how is Ashby planning to differentiate its AI capabilities beyond current offerings to maintain its competitive edge against both specialized AI tools and broader HR platforms?”

  • 2

    “With 135% YoY revenue growth and a doubling of customers, what are the key strategies for sustaining this rapid growth, particularly as the company expands its enterprise segment (123% YoY growth) and navigates a competitive landscape with many established players?”

  • 3

    “Ashby recently completed a Series D round and has a significant preference stack. How does the company envision the path to liquidity for employees, and what milestones are critical for common shareholders to realize meaningful returns?”

Community

Valuation Sentiment

Our model estimates -20% 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.