+359%

est. 2Y upside i

Vertical SaaSHR TechSeries B

Miter is an HCM, field operations, and expense management platform built for contractors. Driven by a vision of a better built world, Miter empowers the next generation of contractors to strengthen their workforce, control job costs, and accelerate jobsite execution. The platform connects people, projects, and payments, enabling contractors to build with confidence.

Rank

#13

Sector

Construction Tech, HR Software

Est. Liquidity

~4Y

Data Quality

Data: Medium

Miter offers a high-upside equity opportunity: at a $27.2M valuation and $6.6M ARR growing 200% YoY, the base case (6x forward revenue on $35.1M 2028 ARR) implies a $210M exit and ~653% net upside.

Last updated: August 21, 2026

Bull (30%)+300%

IPO window opens or Miter cements category leadership, sustaining an 8x forward revenue multiple; $35.1M 2028 revenue implies a $280.5M exit. Even with the Series B cap, the net upside is capped at +300% after dilution.

Base (45%)+653%

Multiple converges to 6x forward revenue, in line with public comps; $35.1M 2028 revenue yields a $210.4M exit. Net of 20% dilution, this translates to ~653% upside for common stock.

Bear (25%)-100%

Multiple compresses to 1x forward revenue on competitive pressure or execution missteps; $35.1M exit value falls below the $38M liquidation preference, wiping out common stock entirely (-100%).

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

13970%

$38M of total funding carries a 1x liquidation preference vs a $27.2M current valuation, so the preference overhang is 140% of valuation and common stock is deeply subordinated.

Dilution Risk

high

With ~$38M raised and no profitability signal, a capital raise within 24 months is likely; modeled 20% dilution across scenarios.

Secondary Liquidity

none

No secondary implied valuation exists; shares are illiquid until an acquisition or IPO.

Engineering — 3 roles

Launch — 3 roles

Product — 3 roles

Sales — 3 roles

Business Operations — 1 role

View all 13 open roles at Miter →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “Procore is expanding into workforce management; how will Miter defend its construction-specific payroll and compliance edge?”

  • 2

    “What is the current cash runway and how much additional dilution do you expect before a liquidity event?”

  • 3

    “How is the $38M preference stack structured, and what does the latest 409A valuation imply for new-hire equity grants?”

Community

Valuation Sentiment

Our model estimates +359% 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.