+16%

est. 2Y upside i

Series B

Secure Collaboration for Technical Teams

Rank

#1689

Sector

Enterprise Software

Est. Liquidity

~3Y

Data Quality

Data: Low

Mattermost offers a moderate expected upside of ~16% over 2 years, but with high risk from entrenched competitors and an outdated valuation.

Last updated: July 3, 2026

Bull (20%)+78%

If Mattermost captures IPO window and expands multiple to 10x, exit value $638M yields 98% gross upside; after 20% dilution, net 78%. This requires sustained 60%+ growth and market leadership in secure collaboration.

Base (35%)+28%

Multiple converges to ~7.5x by 2026, exit value ~$479M, gross upside 48%; after 20% dilution, net 28%.

Bear (45%)-21%

Multiple compresses to 5x due to competition, exit ~$319M, gross upside -1%; after 20% dilution, net -21%.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

2190%

Total preferred investment of $70.6M represents 21.9% of current valuation, a high overhang.

Dilution Risk

high

With no new funding since 2019, a future round within 2 years is probable, diluting common equity by ~20%.

Secondary Liquidity

none

No secondary trading data available; liquidity likely limited to exit events.

Other — 22 roles

View all 22 open roles at Mattermost →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Mattermost plan to differentiate from Microsoft Teams in the face of its massive distribution advantage?”

  • 2

    “What is the revenue contribution from self-hosted vs. cloud and how does that affect scalability?”

  • 3

    “Given the long time since last funding round, what is the current burn rate and future fundraising plans?”

Community

Valuation Sentiment

Our model estimates +16% 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.