+21%

est. 2Y upside i

FinTechSeries B

Served up in 2022 by Ben Leventhal, co-founder of Eater and Resy, Blackbird offers a fully customizable loyalty programming platform for restaurants and a consumer app designed to make every guest feel like a bonafide VIP no matter where they dine.

Rank

#1567

Sector

Hospitality Technology, Fintech

Est. Liquidity

~5Y

Data Quality

Data: Low

Blackbird offers a compelling Web3 loyalty platform with a cost advantage, but the lack of financial disclosure and high valuation uncertainty make this a high-risk equity.

Last updated: July 19, 2026

Bull (20%)+170%

IPO window opens, multiple expands to 20.8x forward revenue, exit valuation $625M; net 170% to common after 20% dilution.

Base (55%)0%

Revenue grows to $30M, multiple stabilizes at 6.67x (par with entry), exit $200M; net 0% after dilution.

Bear (25%)-50%

Adoption stalls, multiple compresses to 2.5x, exit $75M; preference overhang leaves common with -50% return after dilution.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

4250%

Total preferred stock of $85M against estimated $200M valuation gives a 42.5% overhang, meaning common stock returns are highly sensitive to exit values below ~$285M.

Dilution Risk

high

Likely need additional funding within 24 months given early stage; estimated 20% dilution from future rounds.

Secondary Liquidity

none

No secondary market detected; liquidity only upon exit (IPO or acquisition).

Questions to Ask at the Interview

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

  • 1

    “How does Blackbird's unit economics per restaurant evolve as you scale?”

  • 2

    “What is the customer acquisition cost and lifetime value for a restaurant partner?”

  • 3

    “Given the 2% payment fee, how does Blackbird make money if restaurants also pay a subscription? What is the revenue mix?”

Community

Valuation Sentiment

Our model estimates +21% 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.