+39%

est. 2Y upside i

Legal TechSeries A

Easiest way for companies to process data requests from governments

Rank

#2107

Sector

LegalTech, GovTech, RegTech

Est. Liquidity

~4Y

Data Quality

Data: Low

Kodex offers genuine upside underpinned by a16z conviction and a defensible compliance niche, but the opportunity carries materially elevated risk that demands scrutiny before signing.

Last updated: May 14, 2026

Bull (25%)+150%

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.

Base (45%)+40%

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.

Bear (30%)-55%

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.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

33%

$33.3M in total preferred funding against an estimated ~$100M Series A post-money valuation implies a ~33% liquidation preference overhang — assuming standard 1x non-participating preferred, any exit below ~$133M returns nothing incremental to common shareholders.

Dilution Risk

high

A 39-person Series A company will almost certainly require 1–2 additional funding rounds before any liquidity event, implying cumulative additional dilution of 25–40% to common before an exit occurs.

Secondary Liquidity

none

No secondary market activity or tender-offer history is apparent for a 39-person Series A company; employees should model a 4–6 year illiquid hold with no realistic interim exit.

Sales 2 roles

Operations 1 role

Product 1 role

Software Engineering 1 role

View all 5 open roles at Kodex

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    Following the reported dark-web sale of verified police department credentials and Kodex platform access, how many enterprise customers have churned or paused renewals, and what specific changes to your authentication, access auditing, and penetration-testing cadence have been implemented since the incident?

  • 2

    What is current net revenue retention across your customer base, and is growth being driven primarily by new logo acquisition or expansion within existing private-sector customers already connected to your 15K+ agency network?

  • 3

    What is the current 409A fair-market value relative to the Series A post-money valuation, does the company have any secondary liquidity program or tender-offer history, and how does the board think about the path and timeline to a liquidity event?

Community

Valuation Sentiment

Our model estimates +39% 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.