-65%

est. 2Y upside i

Series B

Product discovery and user research platform for product teams

Rank

#1985

Sector

User Research Software

Est. Liquidity

~3Y

Data Quality

Data: Medium

Maze presents a moderate upside opportunity with higher risk, primarily due to intense competition from dominant incumbents like UserTesting and UserZoom.

Last updated: March 10, 2026

Bull (15%)+250%

Maze successfully differentiates itself through advanced AI capabilities and expands its enterprise footprint, taking significant market share from legacy incumbents. It achieves $160M+ ARR by 2028 and is acquired for $1.225B, providing substantial returns for equity holders.

Base (45%)+80%

Maze continues to grow steadily, leveraging its AI features and integrations to secure a strong position in the mid-market. It reaches an estimated $75M ARR by 2028 and achieves an exit valuation of $630M, providing moderate returns for employees.

Bear (40%)-60%

Incumbents like UserTesting and UserZoom intensify competition, leveraging their larger resources and established customer bases. Maze struggles to maintain growth, leading to a down round or an acquisition at a valuation of $140M, which, after accounting for $60M in liquidation preferences, leaves common stock holders with reduced but still meaningful value.

Est. time to liquidity~3.0 years
Adjusted for competitive dynamics: 35% (raw: -65%, adjustment: -15%)

Preference Stack Risk

high

Investors hold $60M in liquidation preferences ahead of common shareholders. In an exit at or below $60M, common stock would receive nothing. At a $140M exit (bear case), common stock would receive $80M after preferences.

Dilution Risk

moderate

As a Series B company, Maze will likely undergo at least one to two more funding rounds (e.g., Series C, D) before a potential liquidity event, leading to further dilution for existing equity holders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for Maze's equity at this stage.

Other — 2 roles

View all 2 open roles at Maze →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How is Maze planning to effectively compete with the established market presence and extensive feature sets of UserTesting and UserZoom, especially given their larger resources and customer bases?”

  • 2

    “With a TAM of $7.4B and SAM of $1.5B, what are Maze's key strategies to accelerate market penetration beyond the current ~5% for the overall market, and what specific ARR targets are you focused on for the next 2-3 years?”

  • 3

    “Given the Series B funding in 2022 and the competitive landscape, what is the company's anticipated timeline and strategy for a liquidity event for employees, and how does the current preference stack impact common stock holders in various exit scenarios?”

Cluster Peers

Expected Upside

Pendo
-23%
Dovetail
-76%
Productboard
-79%

Community

Valuation Sentiment

Our model estimates -65% upside. What do you think?

Anonymous. Do not share material non-public information.

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