Ledger Investing

ledgerinvesting.com →

-56%

est. 2Y upside i

FinTechInsurTechSeries B

Marketplace for insurance securitization.

Rank

#948

Sector

Fintech, Insurtech

Est. Liquidity

~4Y

Data Quality

Data: Medium

Ledger Investing presents a moderate upside opportunity for a job seeker, driven by its pioneering position in the growing casualty ILS market and recent product expansions like Korra.

Last updated: March 10, 2026

Bull (35%)+250%

Ledger Investing successfully expands its Korra SaaS platform and further solidifies its pioneering role in casualty ILS, attracting a wider range of institutional investors and insurers. Revenue accelerates to over $150M by 2028, justifying a $1.4B+ valuation at a 9-10x multiple, driven by strong market adoption and data-driven insights.

Base (30%)+75%

Ledger Investing continues to grow its casualty ILS marketplace and asset management services, maintaining its niche leadership but facing increased competition from incumbents. Revenue reaches approximately $70M-$80M by 2028, leading to an acquisition or IPO at a $700M valuation, reflecting steady execution and market expansion.

Bear (35%)-60%

Dominant financial incumbents like BlackRock or Conning aggressively enter the casualty ILS market, leveraging their existing relationships and capital, or regulatory changes create headwinds. Growth stalls, and a down round or distressed acquisition values the company at $160M, significantly eroding common stock value given the preference stack.

Est. time to liquidity~3.5 years

Preference Stack Risk

high

Investors hold $95.9M in liquidation preferences ahead of common stock. In an exit at or below $400M, common stock value would be significantly impacted.

Dilution Risk

moderate

As a Series B company, further funding rounds are likely before an exit, which will cause additional dilution for existing equity holders.

Secondary Liquidity

none

There is no active secondary market for Ledger Investing's private equity; the company facilitates secondary trades for casualty insurance securities on its platform.

Questions to Ask at the Interview

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

  • 1

    “How does Ledger Investing plan to differentiate Korra from potential SaaS offerings by larger incumbents or new entrants, and what are the key metrics for its success?”

  • 2

    “Given the 'medium' incumbent threat from players like BlackRock and Conning, what specific strategies are in place to maintain Ledger Investing's competitive moat and market share in casualty ILS?”

  • 3

    “With the Series B completed in 2022, what is the anticipated timeline and key milestones for a liquidity event (IPO or acquisition) for employees, and how does the company plan to manage potential future dilution?”

Community

Valuation Sentiment

Our model estimates -56% 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.