-52%

est. 2Y upside i

FinTechSeries A

Rank

#93

Sector

Fintech

Est. Liquidity

~4Y

Data Quality

Data: Medium

Cache presents a moderate upside opportunity driven by its rapid AUM growth (from ~$290M to over $1.1B in 2025) and its disruptive approach to making tax-efficient exchange funds accessible to a broader market.

Last updated: March 10, 2026

Bull (35%)+400%

Cache achieves market dominance in modernized exchange funds, expanding Assets Under Management (AUM) to $8 billion and revenue to $56 million by 2028, leading to a $625 million valuation as a leader in a high-barrier niche. This represents a 400% upside from the current valuation, hitting the Series A upside cap.

Base (35%)+116%

Cache continues to grow AUM to $3 billion and revenue to $18 million by 2028, but faces sustained competition from adapting incumbents like Fidelity. This results in a $270 million valuation, reflecting a moderate 116% upside.

Bear (30%)-70%

Dominant incumbents like Goldman Sachs and Morgan Stanley aggressively launch directly competitive, lower-cost exchange fund products, severely limiting Cache's growth. AUM stagnates at $1.5 billion and revenue at $7.5 million, leading to a down round at a $37.5 million valuation, wiping out most common stock value after $21 million in liquidation preferences.

Est. time to liquidity~3.5 years

Preference Stack Risk

high

Funding Intensity

17%

Investors hold $21 million in liquidation preferences, meaning common shareholders would only see returns after this amount is paid out in an exit.

Dilution Risk

high

As a Series A company, Cache will likely require 1-2 more funding rounds before a liquidity event, leading to further dilution for existing equity holders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for Cache's equity at this early stage.

Questions to Ask at the Interview

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

  • 1

    “Given the rapid AUM growth and increasing competition from incumbents like Fidelity, how is Cache planning to maintain its competitive edge and pricing power over the next 2-3 years?”

  • 2

    “With AUM now over $1.1 billion and the company approaching profitability, what are the key milestones for achieving sustained profitability and what is the strategy for managing burn rate through future growth?”

  • 3

    “Considering the Series A funding and the typical venture capital lifecycle, what is the anticipated timeline and preferred path to a liquidity event for employees, such as an acquisition or IPO?”

Community

Valuation Sentiment

Our model estimates -52% 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.