Haven

Haven lands 3–5 major mortgage servicer contracts, demonstrates $5M+ ARR, and raises a Series B at a $120–150M valuation by 2028. A strategic acquisition by a large fintech or title/insurance player at 5–8x revenue provides meaningful but still modest absolute returns given the dilution from prior rounds.

Haven continues building partnerships (Ownwell, Kastle) and achieves modest ARR, but growth is constrained by long enterprise sales cycles and servicer budget caution in a normalized rate environment. A flat-to-modest Series B at ~$45–55M post-money in 2027–2028 leaves employee common equity roughly at cost.

Haven exhausts its $13.5M in total funding — with 29 employees and ~3.5 years post-Series A and no public revenue signal — and is unable to raise further capital, resulting in a distressed sale or wind-down. Common equity holders receive little to nothing after the $13.5M preference stack is satisfied ahead of them.