-38%

est. 2Y upside i

Series D+

Digital insights platform with automatic event tracking and analytics

Rank

#3184

Sector

Product Analytics Software

Est. Liquidity

~2Y

Data Quality

Data: Low

Given a stale valuation, missing growth metrics, and acquisition uncertainties, the 2-year equity outlook is negative with a -38% expected return.

Last updated: July 19, 2026

Bull (20%)+49%

AI CoPilot and strong demand sustain a 13.9x multiple. Revenue grows 20% YoY to $99.6M in 24 months, yielding a $1.325B exit. Common shares (post-preference) rise 49%.

Base (55%)-52%

Multiple compresses to 6x (public comp average). Revenue grows to $95.5M, exit value $573M. After $216M preference, common recovers $357M, a 52% loss.

Bear (25%)-78%

Growth slows, multiple falls to 4x. Exit value $382M. Common receives $166M after preference, a 78% loss from entry common value.

Est. time to liquidity~2.0 years
Adjusted for competitive dynamics: -44% (raw: -38%, adjustment: -6%)

Preference Stack Risk

high

Funding Intensity

2250%

Total funding of $216M represents 22.5% of the $960M valuation, meaning preferred stock has a significant claim on exit proceeds.

Dilution Risk

low

No further dilutive raises anticipated due to acquisition by Contentsquare, which likely provides capital support.

Secondary Liquidity

none

No secondary market exists; equity is illiquid until an exit event (e.g., parent IPO or sale).

View all 12 open roles at Heap →

Last updated: July 3, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Heap's automated capture create a defensible moat against Amplitude and Mixpanel?”

  • 2

    “What is the current revenue growth trajectory and how has it changed post-acquisition?”

  • 3

    “With Contentsquare acquisition, what is the integration plan and how does it affect employee equity liquidity?”

Community

Valuation Sentiment

Our model estimates -38% 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.