+103%

est. 2Y upside i

Data & AnalyticsSeries B

Open source business intelligence and analytics platform

Rank

#418

Sector

Business Intelligence, Data Analytics

Est. Liquidity

~2Y

Data Quality

Data: Low

Metabase offers a potentially high expected upside (+103%) but with severe downside risk—45% chance of zero given the $51M liquidation preference exceeds the $40M valuation.

Last updated: August 3, 2026

Bull (20%)+300%

Metabase capitalizes on open-source BI tailwinds and successful AI features, driving revenue to $47M and exiting at 5x forward revenue ($236M), generating ~4.9x pre-cap; capped at +300% for Series B. IPO window opens and category leadership offsets incumbent threats.

Base (35%)+251%

Revenue reaches $47M with growth decaying to 32%, and the company is acquired at 3x forward revenue ($142M), a 2.5x return. The 1.6x multiple expands as scale improves, but remains below public comps due to size and competition.

Bear (45%)-100%

Incumbent competition and security issues cap growth; exit at 1x revenue ($47M) is below the $51M liquidation preference, leaving common stock worthless (-100%).

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

12660%

Total funding of $51.0M is 127% of the $40.3M valuation; common stock is out of the money in any exit below $51M.

Dilution Risk

high

A raise at a valuation near current levels would substantially dilute common shareholders.

Secondary Liquidity

none

No secondary market activity indicated; liquidity likely only via acquisition/IPO.

Engineering — 5 roles

Success Engineering — 4 roles

Marketing and Growth — 2 roles

Product and Design — 2 roles

Sales — 2 roles

Operations — 1 role

People Operations — 1 role

View all 17 open roles at Metabase →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Metabase plan to differentiate against Power BI/Tableau/Looker's AI capabilities in the next 24 months?”

  • 2

    “What are the conversion rates from open-source to paid Cloud/Enterprise, and what is the net revenue retention?”

  • 3

    “Given the valuation is below total funding, what is the current 409A common stock value, and how should I think about option exercise and secondary liquidity?”

Community

Valuation Sentiment

Our model estimates +103% 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.