+40%

est. 2Y upside i

AI & MLSeries A

Building the marketplace that powers America’s most essential assets

Rank

#2066

Sector

Government Technology, Marketplace, AI

Est. Liquidity

~6Y

Data Quality

Data: Low

Garage is a high-risk, early-stage bet: founded in 2023 with $18M raised, no disclosed revenue, and a 2-year horizon that is far too short for a realistic liquidity event in government tech.

Last updated: May 5, 2026

Bull (18%)+200%

Garage lands 50+ municipal departments within 18 months, demonstrating repeatable marketplace economics at ~50% gross margins and raises a Series B at $180-200M post-money by mid-2027. Common stock appreciates roughly 3x from the estimated $60M Series A post-money baseline, before accounting for new-round dilution.

Base (52%)+50%

Garage builds a defensible niche in fire apparatus and public safety equipment, reaching ~100 customers but constrained by slow government procurement cycles. A Series B at $90-100M valuation by late 2027 yields roughly 50% common stock appreciation with no near-term liquidity event.

Bear (30%)-75%

Government sales cycles exceed plan, the $13.5M Series A runway is consumed by late 2026, and Garage closes a down-round or bridge at $25-35M that severely dilutes common equity. With $18M in liquidation preferences ahead of employees, common holders recover little to nothing in a distressed outcome.

Est. time to liquidity~6.0 years

Preference Stack Risk

high

Funding Intensity

30%

$18M in total liquidation preferences sit ahead of common equity against an estimated ~$60M Series A post-money valuation, representing roughly 30% of enterprise value consumed before employees see any recovery.

Dilution Risk

high

As a Series A company requiring multiple additional financing rounds before any liquidity event, employees should expect 40-60%+ cumulative dilution from future preferred share issuances.

Secondary Liquidity

none

No secondary market exists for a 25-person, sub-3-year-old GovTech startup; equity is fully illiquid until a Series C or exit event, realistically 4+ years away.

Engineering — 2 roles

Growth — 2 roles

General — 1 role

View all 5 open roles at Garage →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “What is your current GMV run-rate and take rate, and how do those metrics track against the model you presented to Series A investors?”

  • 2

    “How long is the average sales cycle from first contact to a completed transaction, and what is net revenue retention among your existing municipal customers?”

  • 3

    “What is the current fully-diluted cap table structure, will this grant be options or RSUs, and if options, what is the 409A strike price relative to the Series A preferred price?”

Community

Valuation Sentiment

Our model estimates +40% 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.