Ledger Investing

ledgerinvesting.com →

-50%

est. 2Y upside i

FinTechInsurTechSeries B

Marketplace for insurance securitization.

Rank

#3265

Sector

Fintech, Insurance-Linked Securities

Est. Liquidity

~4Y

Data Quality

Data: Low

Ledger Investing has a promising concept in a massive market, but the lack of financial data (revenue, growth, profitability) makes this a high-risk bet.

Last updated: July 19, 2026

Bull (10%)+20%

IPO window opens and company captures market share, valuation could reach ~$600M (1.8x current) based on comparable marketplace multiples, but dilution reduces common upside to ~20%.

Base (40%)-30%

Gradual revenue growth without major catalysts; stale valuation corrects downward and additional dilution leads to ~30% loss for common shareholders.

Bear (50%)-80%

Regulatory hurdles, competition, or failure to scale; preference stack overhang means common stock almost wiped out, with implied exit below $96M.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

29%

$95.9M in preferred stock outstanding, representing 28.6% of the last-round valuation, creating a significant overhang for common shareholders.

Dilution Risk

high

With no recent funding round in 4 years and likely cash burn, another raise is probable, diluting common by an estimated 20-25%.

Secondary Liquidity

none

No secondary market data available; shares are illiquid until a liquidity event.

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's marketplace differentiate from traditional ILS distribution, and what metrics do you use to track liquidity?”

  • 2

    “What is the current revenue run rate and how have transaction volumes grown since 2022?”

  • 3

    “Given the 4-year fundraise gap, what is the company's cash position and when do you plan to raise again?”

Community

Valuation Sentiment

Our model estimates -50% 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.