Craft
-62%
est. 2Y upside i
Craft is a significant evolution in the world of docs. We enable our customers to create an entirely new type of document format, which is powerful, beautiful, and shareable. Our product is built with love and driven by deep collaboration, striving to provide frictionless, easy-to-use yet powerful software, empowering everyone to work the way they want.
Rank
#1606
Sector
Business/Productivity Software
Est. Liquidity
~4Y
Data Quality
Data: LowCraft.do presents a moderate upside opportunity for a job seeker, with an estimated 61% expected return over a two-year horizon.
Last updated: March 10, 2026
Craft.do's continuous product innovation, including AI tooling ('Craft Agents') and enhanced cross-platform experience, allows it to capture significant market share from less agile competitors like Evernote and Coda. This drives strong user growth and enterprise adoption, pushing revenue to over $50M by 2028 and justifying a $420M+ valuation at a healthy SaaS multiple, well above the current estimated $120M.
Craft.do maintains its position as a premium, aesthetically pleasing collaborative documentation tool, growing steadily within its niche. It continues to attract loyal users but faces strong competition from Notion and the broader productivity suites of Google and Microsoft. Revenue grows to approximately $20M by 2028, leading to a modest valuation increase to around $144M.
Dominant incumbents like Google and Microsoft, along with well-funded competitors such as Notion, aggressively expand their collaborative document and note-taking features, commoditizing Craft.do's core offerings. Growth stalls, leading to a down round or a low-multiple acquisition at approximately $48M, significantly eroding common stock value given the $21M in liquidation preferences.
Preference Stack Risk
highInvestors hold $21M in liquidation preferences ahead of common stock. In an exit at or below $21M, common stock would receive nothing. If the exit is at the estimated current valuation of $120M, investors get their $21M first, leaving $99M for common shareholders.
Dilution Risk
highAs a Series B company, Craft.do is likely to pursue additional funding rounds (e.g., Series C, D) before an exit, which will result in further dilution of existing equity holders.
Secondary Liquidity
noneThere are currently no active secondary markets or tender offers for Craft.do's equity, meaning liquidity is unlikely before a major exit event.
Questions to Ask at the Interview
Strategic questions based on Craft's data — designed to show you've done your homework.
- 1
“How does Craft.do plan to differentiate its AI tooling ('Craft Agents') from similar features offered by Google Workspace or Microsoft 365, and what is the strategy for monetizing these advanced capabilities?”
- 2
“Given the intense competition from Notion and other collaborative platforms, what are Craft.do's key strategies for expanding its enterprise customer base and increasing its average revenue per user (ARPU) over the next 2-3 years?”
- 3
“As a Series B company, what is the anticipated timeline for future funding rounds or a liquidity event, and how does the company plan to manage potential dilution for employees holding common stock or options?”
Community
Valuation Sentiment
Our model estimates -62% 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.