-6%

est. 2Y upside i

HR TechSeries D+

Rank

#1711

Sector

HR Technology / HCM

Est. Liquidity

~4Y

Data Quality

Data: Medium

Strong growth at $121M ARR with genuine platform expansion (payroll+finance). $2.7B valuation sets high bar.

Last updated: March 22, 2026

Bull (25%)+180%

$250M+ ARR by 2027; IPO at 10-12x.

Base (50%)+55%

$180-200M ARR; IPO/acquisition at 8-10x ($1.5-2B).

Bear (25%)-60%

Rippling/Workday accelerate; down round $700M-1B.

Est. time to liquidity~3.5 years

Preference Stack Risk

high

Funding Intensity

21%

$574M on $2.7B (21.3%).

Dilution Risk

moderate

May need 1 more round; 15-20% dilution.

Secondary Liquidity

limited

Pre-IPO on Forge but no formal tender.

Questions to Ask at the Interview

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

  • 1

    409A vs Series D preferred?

  • 2

    Burn rate and profitability timeline?

  • 3

    How differentiate vs Rippling head-to-head?

Community

Valuation Sentiment

Our model estimates -6% 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.