-26%

est. 2Y upside i

DevOps & InfraHR TechSeries A

Unified API for HR, payroll and recruiting software

Rank

#97

Sector

Developer Tools, HR Tech

Est. Liquidity

~4Y

Data Quality

Data: Medium

Kombo presents a strong upside opportunity driven by its rapid 200% YoY growth and a robust competitive moat in the specialized HR Tech API sector.

Last updated: March 10, 2026

Bull (35%)+400%

Kombo establishes itself as the undisputed leader in HR Tech API infrastructure, expanding its platform to cover a broader range of 'hire to retire' data flows and attracting major enterprise customers. This drives ARR to over $20M by 2028, justifying a $625M+ valuation at 30x+ ARR, representing significant market dominance and multiple expansion.

Base (40%)+100%

Kombo continues its strong growth, securing its position as a key player in the HR Tech API space but facing increasing competition from specialized API providers and potential expansion from broader iPaaS solutions. ARR reaches $10M by 2028, leading to a $250M valuation at 25x ARR, reflecting solid execution and market acceptance.

Bear (25%)-85%

Increased competition and slower-than-expected market adoption for unified HR APIs, coupled with a major incumbent like Workday or ADP launching a directly competing API offering, significantly slows Kombo's growth. ARR plateaus at $3M by 2028, leading to a down round or acquisition at a $40M valuation, resulting in an ~85% loss for common shareholders after accounting for investor preferences.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Investors hold $30M in liquidation preferences, representing 24% of the estimated current $125M valuation, meaning common shareholders would only see returns after this amount is paid out in an exit.

Dilution Risk

moderate

As a Series A company, Kombo will likely undergo additional funding rounds (Series B, C, etc.), which will lead to further dilution of existing equity holders.

Secondary Liquidity

none

Kombo currently has low market activity, and its stock is not actively traded in private markets, indicating no secondary liquidity for employee equity at this time.

Commercial — 5 roles

Engineering — 4 roles

Customer Success — 1 role

Product — 1 role

View all 11 open roles at Kombo →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the 'medium' incumbent threat, how is Kombo strategically positioning itself to prevent dominant players like Workday or ADP from building or acquiring a directly competing unified HR API solution?”

  • 2

    “With $2M ARR and 200% YoY growth, what are the key milestones and growth levers Kombo is focused on to scale to $10M+ ARR over the next 24 months, particularly regarding US market expansion and new API offerings like LMS?”

  • 3

    “As a Series A company with $30M in total funding, what is the anticipated timeline and strategy for future funding rounds and eventual liquidity events for employees, and how does the company plan to manage potential dilution?”

Community

Valuation Sentiment

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.