+4%

est. 2Y upside i

Legal TechSeries B

Bring Justice to Light

Rank

#1957

Sector

Legaltech

Est. Liquidity

~3Y

Data Quality

Data: Medium

Darrow's secondary valuation of $249M offers potential upside of ~4% on a probability-weighted basis, but risk is elevated due to a 25% preference overhang and recent layoffs.

Last updated: July 19, 2026

Bull (25%)+41%

Revenue grows to $43.3M by 2028 with exit multiple at 9x (top of comp range), implying $390M exit value. After 10% dilution, returns 40.9%.

Base (50%)+10%

Revenue reaches $43.3M with 7x multiple, $303M exit. After dilution, 9.6% upside.

Bear (25%)-44%

Revenue stagnates or falls, exit multiple compresses to 5x, $217M exit. Preference stack of $63M reduces common to $154M, causing 44.5% loss after dilution.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

2530%

Total funding $63M vs valuation $249M (25%), 1x non-participating preferred creates significant overhang.

Dilution Risk

low

Company is profitable and recently cut costs; no immediate need for new capital.

Secondary Liquidity

limited

Secondary market exists with recent $249M implied value, but transaction volume is likely low.

Questions to Ask at the Interview

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

  • 1

    “How does Darrow plan to expand its fee-sharing model to U.S. jurisdictions given regulatory barriers?”

  • 2

    “What is the current revenue growth rate and how has it trended over the past year?”

  • 3

    “What are the key milestones for increasing secondary market liquidity or achieving an IPO?”

Community

Valuation Sentiment

Our model estimates +4% 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.