-49%

est. 2Y upside i

CybersecuritySeries C

Filigran, founded in October 2022, stands out in the cybertech ecosystem for its commitment to revolutionizing cyber threat management with a proactive approach. Its mission is to develop innovative open-source solutions designed to anticipate cyber threats, identify security gaps, and strengthen organizational security posture

Rank

#1117

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Medium

Filigran is a fast-growing cybersecurity company targeting €100M ARR by 2028 from €20M in 2025, driven by its open-source XTM suite and new AI-powered platforms.

Last updated: March 10, 2026

Bull (30%)+200%

Filigran's OpenGRC and XTM One AI platform gain significant traction, driving revenue to ~$65M ARR by end of 2027 with a premium 20x multiple, resulting in a $1.3B valuation and a 200% upside for equity holders.

Base (35%)+100%

Filigran continues strong growth, reaching ~$43M ARR by end of 2027, maintaining a 15x ARR multiple for a $650M valuation, delivering a 100% upside.

Bear (35%)-40%

Intense competition from incumbents like Crowdstrike and Microsoft Defender ATP, coupled with challenges in monetizing open-source offerings, slows growth to ~$19.5M ARR by end of 2027. A multiple contraction to 10x ARR leads to a $195M valuation, resulting in a -40% downside for common equity holders, significantly impacted by the preference stack.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Investors hold $115M in liquidation preferences. In an exit at or below the current estimated $325M valuation, common stock holders would see their returns significantly reduced, potentially receiving nothing if the exit is below $115M.

Dilution Risk

high

Filigran has raised $115M across 4 rounds and is not yet profitable, indicating a potential need for further funding rounds and associated dilution if profitability is delayed or growth requires more capital.

Secondary Liquidity

none

There is no public information indicating an active secondary market or tender offers for Filigran's shares.

Finance — 1 role

Global — 1 role

View all 22 open roles at Filigran →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How is Filigran planning to differentiate its OpenGRC and XTM One AI platforms to effectively compete against established incumbents like Crowdstrike and Microsoft Defender ATP, especially given their extensive market share and resources?”

  • 2

    “With a target of €100M ARR by the end of 2028 from €20M in 2025, what are the key strategic initiatives and milestones Filigran is focusing on to achieve and sustain this aggressive growth rate, particularly regarding monetization of its open-source offerings?”

  • 3

    “Given the Series C funding and the goal of profitability by 2028, what is the anticipated timeline and strategy for a liquidity event (e.g., IPO or acquisition) for employees, and how does the company plan to manage potential dilution and the existing preference stack?”

Community

Valuation Sentiment

Our model estimates -49% 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.