+24%

est. 2Y upside i

Vertical SaaSSeries A

Banner makes software for CRE owners to manage capital spend

Rank

#2160

Sector

Proptech

Est. Liquidity

~5Y

Data Quality

Data: Low

The equity upside is modest at 24% expected over 2 years, with significant risk due to a stale valuation, high incumbent threat, and severe preference overhang.

Last updated: July 3, 2026

Bull (10%)+112%

IPO window opens and Banner achieves category leadership in proptech spend management, driving multiple to 5x on $7.1M revenue, yielding $35.5M exit value and 112% upside net of dilution.

Base (55%)+42%

Multiple converges to 3.5x on projected revenue of $7.1M, exit value $24.9M, resulting in 42.4% upside after 20% dilution.

Bear (35%)-27%

Incumbent pressure from Yardi and MRI compresses multiple to 2x on $7.1M revenue, exit value $14.2M; after 20% dilution, upside is -27.2%.

Est. time to liquidity~5.0 years

Preference Stack Risk

severe

Funding Intensity

25500%

Preferred stock (1x non-participating) totals $13M, representing 85% of the $15.3M valuation, leaving only $2.3M for common equity.

Dilution Risk

high

Given the last round was 2.5 years ago and low revenue, a dilutive round within 2 years is probable, potentially reducing common ownership by 20-25%.

Secondary Liquidity

none

No secondary market activity reported.

Questions to Ask at the Interview

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

  • 1

    “How does Banner plan to differentiate from Yardi's investment suite and MRI Software given their dominant integrations?”

  • 2

    “What is the current customer acquisition cost and lifetime value, and how does the $49/month starter price affect unit economics?”

  • 3

    “What is the current option pool size and what is the historical dilution per round?”

Community

Valuation Sentiment

Our model estimates +24% 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.