+2%

est. 2Y upside i

HR TechSeries D+

Employee experience platform for engagement performance and development surveys

Rank

#2573

Sector

HR Tech

Est. Liquidity

~4Y

Data Quality

Data: Medium

The equity opportunity offers limited upside (2.3% expected) over 2 years, with high risk from incumbent competition (Workday, Microsoft Viva), slowing 19% growth, and a secondary valuation 25% below the last round.

Last updated: July 3, 2026

Bull (9%)+62%

With an IPO window opening, valuation multiple expands to 6x forward revenue, driving enterprise value to $2.05B. Net of 20% dilution, common stock value grows 62%.

Base (50%)+17%

Multiple converges to 4.5x, in line with public HR-tech peers. Projected revenue of $287M yields enterprise value $1.54B. After 20% dilution, 17% upside.

Bear (41%)-29%

Multiple compresses to 3x due to incumbent pressure and slowing growth. Enterprise value of $1.03B barely above total funding, and after dilution and preference, common stock declines 29%.

Est. time to liquidity~4.0 years
Adjusted for competitive dynamics: 10% (raw: 2%, adjustment: +8%)

Preference Stack Risk

high

Funding Intensity

24%

Total funding of $269.6M represents 24% of the current common valuation, creating a significant overhang that reduces common returns in downside scenarios.

Dilution Risk

moderate

With ~$270M raised and continued burn, a new round is likely within 24 months, diluting existing holders by ~20%.

Secondary Liquidity

limited

Secondary transactions at $1.125B imply limited liquidity, and Blackbird's markdown suggests further downside risk.

View all 62 open roles at Culture Amp →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Culture Amp's data moat protect against Workday bundling engagement features?”

  • 2

    “What is the company's path to profitability given 19% growth and $227M ARR?”

  • 3

    “How does the secondary valuation discount affect the equity grant's strike price and expected value?”

Community

Valuation Sentiment

Our model estimates +2% 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.