-63%

est. 2Y upside i

Media & CommsSeries C

Rank

#4114

Sector

Media and Information Services (B2B)

Est. Liquidity

~0Y

Data Quality

Data: Low

Do not accept any offer framed as 'Factual' equity — Factual ceased to exist as an independent company when it merged with Foursquare in April 2020, over six years before this analysis date.

Last updated: May 14, 2026

Bull (5%)+30%

The April 2020 Foursquare merger included favorable common-stock conversion terms, and the combined entity's ~509-person location data platform ultimately attracted a premium acquirer or achieved a public exit above implied Series C valuation. This scenario has largely already been determined historically and is not actionable for a 2026 offer.

Base (20%)-40%

The all-stock Foursquare merger converted Factual common equity at a significant discount after $105M in liquidation preferences were satisfied, and post-merger Foursquare has not achieved a public exit six years on, leaving any residual value approximately 40% below grant-price equivalent.

Bear (75%)-75%

Common stockholders were effectively zeroed out by $105M in preferred liquidation preferences absorbed in an all-stock merger at undisclosed terms; post-merger Foursquare has faced intensifying competition from Google Maps Platform, Apple Maps Connect, and Meta's location-ad infrastructure, depressing the combined entity's strategic value by an estimated 75% relative to Factual's implied Series C price.

Est. time to liquidity~0.0 years

Preference Stack Risk

high

Funding Intensity

24%

Factual raised $105M in total funding against an undisclosed valuation; estimating a ~$420-450M implied Series C valuation yields a ~23-25% preference stack, firmly in the 'high' risk tier where liquidation preferences absorb nearly a quarter of any exit proceeds before common stockholders see a dollar.

Dilution Risk

high

Multiple rounds through Series C with undisclosed cap table details, compounded by merger conversion to Foursquare shares at unknown exchange ratios, makes effective dilution for original common holders structurally high.

Secondary Liquidity

none

Factual is no longer an independent company and no secondary market exists for Factual equity; any residual interest is locked into Foursquare's private, illiquid cap table with no disclosed tender offer or secondary program.

Questions to Ask at the Interview

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

  • 1

    “The merger with Foursquare closed April 6, 2020 — what has been the combined entity's ARR trajectory since then, and what is the current 409A valuation and cap table structure for legacy Factual common shareholders?”

  • 2

    “How does the combined Foursquare entity differentiate its location data licensing business from Google Maps Platform and Apple Maps Connect, which offer comparable POI data essentially for free to enterprise advertisers?”

  • 3

    “What specific equity instrument are you offering — Foursquare RSUs or options — at what strike price, and what is the most recent preferred round or 409A appraisal that sets the fair market value?”

Community

Valuation Sentiment

Our model estimates -63% 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.