-27%

est. 2Y upside i

E-CommerceSeries A

Baton is a marketplace for buying and selling small businesses. We guide small business owners through the complex challenge of selling their business. Sellers appreciate how our platform helps them seamlessly go from listing to closing with support from our team whenever they need. Buyers know us for our quality of listings, our innovative features, and our speed to close.

Rank

#105

Sector

E-commerce & Marketplaces

Est. Liquidity

~5Y

Data Quality

Data: Medium

Baton presents a moderate upside opportunity for a job seeker.

Last updated: March 10, 2026

Bull (40%)+400%

Baton leverages its strong competitive moat, proprietary AI-driven valuations, and network effects to significantly expand its market share, reaching $100M+ in annual revenue by 2028. This leadership position in the SMB acquisition market, coupled with continued high close rates, justifies a $1.5B+ valuation, representing a 5x return from the current estimated valuation.

Base (35%)+50%

Baton continues its strong growth trajectory, albeit at a more normalized pace after the initial hyper-growth phase. It maintains its leadership in the SMB acquisition market, growing revenue to $40M-$50M by 2028. The company achieves a successful Series B or C round, leading to an acquisition or IPO at a valuation of $450M, a 1.5x return.

Bear (25%)-80%

Increased competition from well-funded players like Acquire.com and Microacquire, combined with a downturn in SMB M&A activity due to macroeconomic factors, slows Baton's growth significantly. The company struggles to raise subsequent funding rounds at a favorable valuation, leading to a down round or a distressed acquisition at a valuation of $60M, wiping out most common stock value given investor preferences.

Est. time to liquidity~5.0 years

Preference Stack Risk

moderate

With $16M in total funding and an estimated current valuation of $300M, the investor take ratio is approximately 5.33%, indicating a moderate preference stack ahead of common shareholders.

Dilution Risk

moderate

As a Series A company, Baton will likely undergo several more funding rounds (Series B, C, etc.) before an exit, which will lead to further dilution of common stock.

Secondary Liquidity

none

There is currently no indication of an active secondary market or tender offers for Baton's shares, which is typical for a company at this stage.

Other — 2 roles

View all 2 open roles at Baton →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the cautious but constructive outlook for SMB M&A into 2026, how is Baton strategically adapting its product roadmap or go-to-market approach to navigate potential headwinds like tighter lending standards and elevated valuation discipline?”

  • 2

    “With 750% revenue growth and $1.5B+ in platform value reported in August 2025, what are the key metrics the company is currently prioritizing to sustain this momentum, and how does the hybrid revenue model (subscription + commission) scale with these metrics?”

  • 3

    “As a Series A company, what is the anticipated timeline for a liquidity event, and what are the company's plans to manage employee equity dilution through future funding rounds or potential secondary liquidity programs?”

Community

Valuation Sentiment

Our model estimates -27% 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.