-82%

est. 2Y upside i

FinTechSeries B

Middesk is an identity platform that automates business verification and underwrites decisions. The company's platform also provides data on businesses and notifies service providers of changes to its customer base allowing them to form an accurate picture of their customers and offer the critical products their customers need to establish, operate, and maintain their businesses.

Rank

#3910

Sector

Fintech

Est. Liquidity

~2Y

Data Quality

Data: Low

The equity upside is highly likely negative over a 2-year horizon due to an extremely rich entry valuation (67x trailing revenue) that appears unsupported by public comps (6-9x).

Last updated: July 3, 2026

Bull (20%)-20%

IPO window drives multiple maintenance at 30x forward revenue, yielding $763M exit; 20% dilution results in -19.6% return.

Base (35%)-95%

Multiple converges to public comp range (7.5x) as growth decelerates, implying $191M exit; 20% dilution leads to near-total loss.

Bear (45%)-100%

Multiple compresses to 3x due to incumbent threat and no IPO, exit $76M below $80M preference stack; common stock recovers 0%.

Est. time to liquidity~2.0 years

Preference Stack Risk

moderate

Funding Intensity

11%

Total funding of $80M represents 10.5% of the $760M entry valuation, creating moderate senior claims over common stock.

Dilution Risk

high

With only $80M raised and high burn rate (200 employees), a down-round within 2 years is likely, diluting ownership by 15-25%.

Secondary Liquidity

none

No secondary market transactions observed; liquidity likely IPO or acquisition, both uncertain.

Engineering — 3 roles

Marketing — 3 roles

Data Science — 2 roles

Design — 1 role

Operations — 1 role

View all 20 open roles at Middesk →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Middesk plan to defend against Dun & Bradstreet's data advantage as the company scales?”

  • 2

    “What is the unit economics on the usage-based model, and how does revenue per API call trend as customers scale?”

  • 3

    “Given the last valuation mark is from 2022, how does the board think about the current FMV for option grants?”

Community

Valuation Sentiment

Our model estimates -82% 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.