-77%

est. 2Y upside i

Series B

Rank

#3980

Sector

GovTech, Election Technology

Est. Liquidity

~3Y

Data Quality

Data: Medium

Clear Ballot operates in a critical, highly regulated GovTech niche with a modern product and demonstrated regional customer adoption.

Last updated: March 10, 2026

Bull (10%)+150%

Clear Ballot's modern, EAC-certified ClearVote system gains significant traction in key states, displacing legacy systems due to its transparency and ease-of-use. Strong adoption of the 'Election as a Service' model drives revenue to $30M+ by 2028, leading to an acquisition at a $125M valuation (2.5x current).

Base (45%)+30%

Clear Ballot continues to grow steadily in existing markets, securing new county contracts and expanding its vote-by-mail and audit solutions. Revenue reaches $16M-$18M by 2028, maintaining its niche but struggling to significantly challenge dominant incumbents, resulting in a modest valuation increase to $65M.

Bear (45%)-70%

Dominant incumbents like ES&S and Dominion leverage their established relationships and resources to stifle Clear Ballot's expansion. High regulatory hurdles and intense competition limit new customer acquisition, leading to slower-than-expected growth or even stagnation. A down round or acquisition at a distressed valuation of $15M (70% below current) would wipe out most, if not all, common stock value due to the severe liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Investors hold $18M in liquidation preferences, representing 36% of the estimated $50M current valuation.

Dilution Risk

high

Given the last funding round was in 2017, further funding rounds are likely needed, posing a high risk of additional dilution.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for Clear Ballot shares.

View all 6 open roles at Clear Ballot →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “Given that Election Systems & Software, Dominion Voting Systems, and Hart InterCivic control nearly 90% of the election technology market, what is Clear Ballot's specific strategy to displace these dominant incumbents and achieve significant market share gains?”

  • 2

    “Clear Ballot's revenue is estimated at $12M. What is the company's detailed plan for accelerating revenue growth beyond regional successes and scaling its 'Election as a Service' offering to capture a larger portion of the $194M SAM, especially considering the high regulatory barriers?”

  • 3

    “With the last institutional funding round being Series B in 2017 and a significant liquidation preference for existing investors, how does Clear Ballot envision its path to a liquidity event (e.g., IPO or acquisition) within the next 2-4 years, and what steps are being taken to ensure meaningful returns for common stock holders?”

Community

Valuation Sentiment

Our model estimates -77% 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.