-29%

est. 2Y upside i

Rank

#3960

Sector

Food & Beverage Marketplace

Est. Liquidity

~5Y

Data Quality

Data: Low

Foraged is a micro-stage marketplace (~15 employees, founded 2021) with unverified financials operating in a hyper-niche $750M SAM with a thin competitive moat.

Last updated: April 3, 2026

Bull (12%)+120%

Foraged becomes the dominant B2B supply chain for high-end restaurants and specialty grocers, capturing 5%+ of its $750M SAM (~$37M+ GMV) by 2028, attracts a strategic acquisition from a specialty food distributor or gourmet marketplace at 3-4x revenue — yielding a modest but positive return for early common shareholders.

Base (48%)-20%

The company grows steadily but slowly in a niche market, reaching $5-8M GMV by 2028 with thin marketplace margins; without a clear path to $20M+ revenue, valuation stagnates or declines modestly, and any new funding round is flat-to-down, compressing common equity value further.

Bear (40%)-85%

A larger incumbent like Goldbelly, Baldor, or an Amazon Fresh specialty vertical absorbs the foraged-foods niche, or the company simply fails to achieve sufficient GMV to sustain operations; with only ~15 employees and likely sub-$3M in annual revenue, the company shuts down or is acqui-hired at a price that returns nothing to common stockholders.

Est. time to liquidity~5.0 years

Preference Stack Risk

moderate

Funding stage and total raised are unknown — if the company has raised even $2-5M on a $10-15M valuation, the preference stack consumes 15-30%+ of any exit proceeds before common shareholders see a dollar.

Dilution Risk

high

A 15-person company founded in 2021 almost certainly needs multiple additional funding rounds to reach liquidity, likely diluting current common holders by 40-60% before any exit.

Secondary Liquidity

none

No secondary market exists for a company of this size and stage — employees should expect zero liquidity until a formal exit event, which could be 5+ years away or never.

Questions to Ask at the Interview

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

  • 1

    “Goldbelly and Baldor Specialty Foods already have established relationships with high-end restaurants and significant logistics infrastructure — what specific advantages does Foraged have that would prevent them from simply expanding into wild and foraged ingredients if the category proves out?”

  • 2

    “With ~15 employees and a marketplace model dependent on perishable goods, what does the unit economics look like per order — specifically average order value, take rate, and contribution margin after fulfillment costs?”

  • 3

    “Given the company is still early stage, what does the cap table look like in terms of liquidation preferences from existing investors, and what milestones would trigger the next funding round or a potential acquisition conversation?”

Community

Valuation Sentiment

Our model estimates -29% 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.