Kodex

Kodex leverages the a16z network to deepen penetration across its 15K+ agency relationships, compounding ARR at 60%+ YoY to reach ~$15M by mid-2028 and raising a Series B at ~$220–230M post-money; from an estimated $100M Series A baseline, common equity appreciates ~150%. The $33.3M preference stack is dilutive but manageable at this exit size, consuming roughly 14–15% of proceeds before common participates.

Steady 35–40% annual ARR growth brings Kodex to ~$11–12M ARR by mid-2028, supporting a Series B mark-up to ~$135–145M post-money and a ~40% theoretical gain over the Series A valuation — but this remains fully illiquid for at least 2–3 additional years. The severe preference stack ($33.3M vs. ~$100M baseline) means common shareholders only begin accreting value meaningfully above the $133M threshold.

The documented dark-web sale of verified U.S. police credentials triggers enterprise customer churn and a federal security inquiry, stalling ARR growth below 20% YoY and forcing a flat or down-round Series B at ~$45–60M. At that level the $33.3M liquidation preference stack absorbs the majority of proceeds, leaving common equity worth approximately 45% of the current Series A strike price.