Gem

-96%

est. 2Y upside i

Series C

Talent engagement platform

Rank

#3740

Sector

Talent Acquisition Software

Est. Liquidity

~3Y

Data Quality

Data: Medium

Equity upside is severely negative (-96% expected) due to a stale 2021 valuation of $1.2B on only $31M revenue (38.7x multiple).

Last updated: July 21, 2026

Bull (10%)-58%

Exit multiple holds at 20x on $44.4M projected revenue, yielding $888M exit. After $148M preference and 20% dilution, common returns -58.3%.

Base (55%)-100%

Exit multiple converges to 8.5x comp average, exit $377.4M. Preference and dilution drive common to -100%.

Bear (35%)-100%

Exit multiple compresses to 5x, exit $222M. Preference absorbs $148M, common gets $74M; after dilution, -100%.

Est. time to liquidity~3.0 years

Preference Stack Risk

moderate

Funding Intensity

47700%

Total preferred overhang of $148M represents 12.3% of entry valuation; common recovery is subordinated.

Dilution Risk

high

No funding since 2021 and $148M raised; likely to raise within 24 months, diluting existing holders by 15-25%.

Secondary Liquidity

none

No secondary market observed; liquidity depends on IPO or acquisition.

Other — 2 roles

Last updated: March 10, 2026

Questions to Ask at the Interview

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

1
“How does Gem plan to differentiate against LinkedIn's AI recruiter and Greenhouse's platform consolidation?”
2
“What is the company's path to profitability given slowing growth and past layoffs?”
3
“Can you share the most recent internal valuation or 409A, as the public round valuation is from 2021?”

Our model estimates -96% upside. What do you think?

Anonymous. Do not share material non-public information.

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.