-48%

est. 2Y upside i

Series C

Envoy provides the leading full-service workplace visitor and employee workspace management platform.

Rank

#3256

Sector

SaaS

Est. Liquidity

~4Y

Data Quality

Data: Low

The equity offer from Envoy is expected to lose value over 2 years given a stale $1.4B valuation that implies a 14.6x multiple on $96M ARR, while public comps trade at 6-10x.

Last updated: July 3, 2026

Bull (10%)+37%

IPO window opens, allowing multiple to stay at 14.6x. Projected revenue $144M yields exit value $2.1B, common value $1.93B after preference, giving 57.1% pre-dilution, 37.1% post-dilution.

Base (45%)-40%

Multiple converges to comp midpoint 8x. Exit value $1.15B, common $0.98B, -20.2% pre-dilution, -40.2% post-dilution. Moderate growth and competition sustain this path.

Bear (45%)-75%

Multiple contracts to 5x due to incumbents (Microsoft, JLL) compressing the market. Exit value $0.72B, common $0.55B, -55.3% pre-dilution, -75.3% post-dilution. Preference stack provides only modest downside protection.

Est. time to liquidity~4.0 years

Preference Stack Risk

moderate

Funding Intensity

1220%

Total preference of $170.2M is 12.2% of current valuation; common retains significant value but stacks high relative to down-round scenarios.

Dilution Risk

high

With last round 4+ years old and no profitability, a new round within 2 years is likely, diluting common by ~20%.

Secondary Liquidity

none

No secondary market activity detected; employees likely cannot sell pre-IPO.

Sales & Marketing — 23 roles

Research & Development — 13 roles

General & Administrative — 3 roles

View all 39 open roles at Envoy →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Envoy plan to defend against enterprise incumbents like Microsoft and JLL that are building integrated workplace solutions?”

  • 2

    “What is the biggest driver of net revenue retention and how does it trend across customer segments?”

  • 3

    “Given the stale valuation and no imminent exit, how does Envoy ensure employee equity retains motivational value?”

  • 4

    “What refinancing or capital efficiency levers exist to delay the next funding round?”

Community

Valuation Sentiment

Our model estimates -48% 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.