-53%

est. 2Y upside i

HealthcareSeries C

Rank

#1517

Sector

Healthcare & Digital Health

Est. Liquidity

~3Y

Data Quality

Data: Medium

Empathy demonstrates strong growth (300% YoY revenue to ~$25M) in a large, underserved market, bolstered by significant partnerships with major financial institutions and employers, including a recent Workday Wellness integration.

Last updated: March 10, 2026

Bull (35%)+150%

Empathy continues its exceptional growth, leveraging its Workday Wellness partnership and international expansion into the UK and Canada to significantly increase its reach and revenue. By 2028, revenue could exceed $100M, justifying a valuation of $950M (25x revenue) as it solidifies its market leadership in bereavement and digital estate planning.

Base (45%)+50%

Empathy maintains strong partnerships and steady growth, expanding its customer base among financial institutions and employers. Revenue grows to approximately $60M by 2028, leading to an acquisition or IPO at a $570M valuation (9.5x revenue), reflecting solid execution but a more conservative market multiple.

Bear (20%)-50%

Increased competition from incumbents or new entrants, coupled with slower-than-expected adoption of its B2B2C model, causes growth to decelerate significantly. Regulatory hurdles or data privacy concerns could also impact operations. A down round or acquisition at a reduced valuation of $190M (7.6x revenue) would result in common stock value being heavily diluted due to the existing $162M in liquidation preferences, leaving minimal return for employees.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

43%

Investors hold $162M in liquidation preferences ahead of common stock. In a $190M exit (bear case), common stock would be worth only $28M, a significant loss from the current $380M valuation.

Dilution Risk

high

As a Series C company, Empathy will likely undergo additional funding rounds before a potential IPO or acquisition, leading to further dilution for existing common stock holders.

Secondary Liquidity

limited

There is no indication of an active secondary market for Empathy's common stock, meaning liquidity for employee equity is likely limited until a major exit event.

View all 20 open roles at Empathy →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the recent Workday Wellness partnership, how is Empathy thinking about leveraging this integration to accelerate market penetration and differentiate from potential incumbent threats in the HR benefits space?”

  • 2

    “With 300% YoY revenue growth to ~$25M, what are the key strategic priorities for scaling operations and maintaining this growth trajectory over the next 2-3 years, particularly in expanding the LifeVault product?”

  • 3

    “Considering the Series C funding and the current valuation, what is the company's anticipated timeline and strategy for a liquidity event (e.g., IPO or acquisition), and how does the preference stack impact the expected returns for common stock holders?”

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Valuation Sentiment

Our model estimates -53% 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.