+28%

est. 2Y upside i

FinTechVertical SaaSSeries B

Coast is a Visa fleet fuel and gas card plus expense management solution that helps fleets control and track employee spending on fuel and other expenses.

Rank

#2600

Sector

Fintech, Payments, Fleet Management

Est. Liquidity

~6Y

Data Quality

Data: Low

Coast is a credible Visa-partnered fleet fintech backed by ICONIQ Growth, but the $193M preference stack against an estimated ~$375M valuation creates a severe common-stock overhang that materially limits employee upside in any sub-$400M outcome.

Last updated: May 14, 2026

Bull (15%)+180%

Coast triples revenue to ~$65M by 2028 on the back of its all-in-one fleet platform and Visa partnership, attracting a Series C at $700-800M or a strategic acquisition by Visa or a major bank at ~10x revenue. Despite $193M in liquidation preferences, common stockholders capture meaningful value at an exit north of $700M, yielding ~180% upside from the 409A strike price.

Base (55%)+35%

Coast grows steadily to ~$42M ARR by 2028 and raises a Series C at roughly $480-520M, producing a modest paper gain of ~35% on a 409A basis. Employees remain illiquid and face incremental dilution of 15-20% from the new round, with a true liquidity event still 3-5 years away.

Bear (30%)-60%

Fleet payments adoption stalls, burn rate proves unsustainable, and Coast raises a flat or down round at $200-250M — well inside the $193M preference stack. Common stockholders are severely impaired, with employee equity down roughly 60% on a 409A basis and meaningful risk of further restructuring dilution.

Est. time to liquidity~6.0 years

Preference Stack Risk

severe

Funding Intensity

51%

$193M in cumulative liquidation preferences against an estimated ~$375M equity valuation means preferred investors claim approximately 51% of any exit before common stockholders receive a dollar — exits below ~$400M return near-zero to employee common stock.

Dilution Risk

high

A Series B company at $21M revenue will almost certainly need at least one more primary financing round before any liquidity event, diluting current common stockholders by an estimated 15-25% per round.

Secondary Liquidity

limited

ICONIQ-backed companies occasionally facilitate employee tender offers in late-stage rounds, but there is no public evidence of an active secondary market for Coast common shares at this stage.

Other — 17 roles

View all 17 open roles at Coast →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “What is Coast's current ARR and YoY growth rate, and how does the company define revenue — gross interchange, net interchange after rebates, or SaaS subscription fees?”

  • 2

    “With $193M raised and an estimated 100 employees, what is the current monthly burn and runway, and does the board have a defined path to profitability or is another equity raise already being planned?”

  • 3

    “What was the most recent 409A valuation, what percentage of the fully diluted cap table would my grant represent, and has any secondary liquidity been made available to employees in prior rounds?”

Community

Valuation Sentiment

Our model estimates +28% 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.