+89%

est. 2Y upside i

HR TechSeries A

Cocoon is a leave management software that uses first-of-its-kind technology to take the work out of leave. The process of taking and managing leave is often confusing, arduous, and stressful for everyone involved. Cocoon automates the complexities of compliance, claims, and payroll so People teams can focus instead on caring for their people.

Rank

#531

Sector

HR Tech

Est. Liquidity

~2Y

Data Quality

Data: Low

Cocoon was acquired by TriNet in April 2026, providing a clear liquidity event.

Last updated: July 19, 2026

Bull (15%)+248%

If Cocoon achieves 8x revenue multiple (top HR comps) on $25.1M ARR, exit is $200.8M; net of 20% dilution, upside 248%. Driver: TriNet acquisition provides distribution.

Base (55%)+110%

Base case: 5x multiple on $25.1M ARR yields $125.5M exit (130% pre-dilution); net of 20% dilution, upside 110%. Reflects niche leave management platform.

Bear (30%)-28%

Bear case: 2x multiple on $25.1M ARR gives $50.2M exit (-8% pre-dilution); net 20% dilution, -28% downside. Preference stack further reduces common recovery.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

48%

Total funding $26M vs valuation $54.5M indicates a 48% preference overhang, meaning common stock sees severely reduced proceeds if exit is below ~$52M.

Dilution Risk

high

Given no raise since 2021, a 20% dilution in 2 years is assumed; actual could be higher if cash burn continues.

Secondary Liquidity

none

No secondary market reported; equity is illiquid until exit.

Other — 3 roles

View all 3 open roles at Cocoon →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “How does the TriNet integration affect the leave management product roadmap?”

  • 2

    “What is the current revenue growth rate and path to profitability?”

  • 3

    “How will the company handle competitive threat from Rippling and Gusto?”

Community

Valuation Sentiment

Our model estimates +89% 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.