+72%

est. 2Y upside i

AI & MLSeries A

Never take notes again with the #1 AI Meeting Assistant

Rank

#682

Sector

AI Meeting Assistants

Est. Liquidity

~3Y

Data Quality

Data: Low

Fathom is an early-stage AI meeting assistant with a compelling freemium product and strong CRM integration, but the 2024 Series A mark is stale and the $27M cumulative funding creates a severe preference stack.

Last updated: August 21, 2026

Bull (15%)+173%

Fathom becomes the defacto AI meeting layer for SMB and mid-market companies, sustaining 40%+ growth. At 8x forward revenue, the $29.1M ARR implies a $233M exit, yielding ~173% net upside after 20% dilution.

Base (50%)+100%

Fathom grows to $29.1M ARR and trades near the low end of public SaaS comps at 6x revenue, a $174.7M exit. This delivers ~100% net upside after 20% dilution, aided by HubSpot integration traction.

Bear (35%)-10%

Growth stalls and the multiple compresses to 3x revenue ($87.4M) as Microsoft, Google, and Zoom ship native meeting intelligence. Net of 20% dilution, the return is -10%; this stays above the $27M liquidation preference.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

34%

Cumulative preferred liquidation preference is $27M, 34% of the $79.6M valuation, so common stock is wiped out if exit value falls below $27M.

Dilution Risk

high

The latest round was $17M in Sep 2024; with 185 employees and no profitability disclosed, a new raise within 24 months is likely, requiring ~20% dilution.

Secondary Liquidity

none

No secondary market activity or secondary implied valuation was observed; equity is illiquid until an IPO or M&A exit.

Coding Quality — 1 role

View all 1 open roles at Fathom →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “What is current net revenue retention and win rate versus Otter.ai and Fireflies.ai?”

  • 2

    “How will Fathom differentiate if Microsoft, Google, or Zoom ships native meeting intelligence?”

  • 3

    “How are option strike prices set relative to the preferred round, and is there a secondary program or 409A refresh planned?”

Community

Valuation Sentiment

Our model estimates +72% 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.