-11%

est. 2Y upside i

Series B

Any business – from travel startups to financial enterprises - can build with Duffel to search and book flights, stays add ancillaries, charge customers, manage orders and more.

Rank

#2558

Sector

Travel Technology

Est. Liquidity

~3Y

Data Quality

Data: Low

Duffel's secondary market entry at $25.2M is deeply overcapitalized with $56.4M in preferred liquidation preference, making common stock effectively worthless in a bear case.

Last updated: July 3, 2026

Bull (10%)+151%

If Duffel capitalizes on an IPO window and positions as category leader, exit multiple could expand to 5x, yielding a 171% gain before 20% dilution.

Base (45%)+43%

Multiple remains at current 3x on projected revenue of $13.65M, delivering a 62.5% gain before 20% dilution haircut.

Bear (45%)-100%

Exit value below $56.4M liquidation preference renders common stock worthless, as implied by multiple compression to 1.5x.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

224%

Total funding of $56.4M (<2.24x valuation) creates a severe 1x non-participating liquidation preference overhang.

Dilution Risk

high

No funding since 2019 suggests a dilutive raise is likely within 24 months, reducing upside by an estimated 20 percentage points.

Secondary Liquidity

moderate

Secondary market at $25.2M provides some liquidity, but trading volume is limited.

Questions to Ask at the Interview

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

  • 1

    “How does Duffel plan to differentiate against Amadeus's NDC portal and maintain its API-first advantage?”

  • 2

    “What is the unit economics per booking and how do they scale with higher volume?”

  • 3

    “Given the preference stack, how do you value the common stock and what is your realistic timeline to liquidity?”

Community

Valuation Sentiment

Our model estimates -11% 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.