+78%

est. 2Y upside i

DevOps & InfraSeries A

Ngrok is an API-first ingress-as-a-service platform that helps developers get their apps online faster and more securely. Its simplicity has made it a de facto standard tool among developers, and it is recommended throughout the documentation of the world's top technology brands, including Microsoft, GitHub, Okta, Shopify, Zoom, and Twilio

Rank

#629

Sector

Developer Tools

Est. Liquidity

~4Y

Data Quality

Data: Low

Ngrok offers high potential upside (expected ~78% net return), but carries significant risk from Cloudflare competition and preference overhang.

Last updated: July 19, 2026

Bull (20%)+188%

Ngrok capitalizes on developer adoption and launches IPO, expanding multiple to 10x forward revenue, resulting in exit value $1.685B.

Base (35%)+111%

Sustained growth with gradual multiple compression to 7.5x, yielding $1.26B exit.

Bear (45%)+3%

Cloudflare Tunnel intensifies competition, slowing growth and compressing multiple to 4x, exit value $674M.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

25%

Total preferred liquidation preference of $50M represents 25% of estimated entry valuation.

Dilution Risk

high

Likely to raise additional capital within 24 months given stale funding and growth plans, potentially diluting common equity by 15-25%.

Secondary Liquidity

none

No secondary market transactions reported.

Other — 1 role

View all 1 open roles at Ngrok →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “How do you plan to defend against Cloudflare's free tunneling offering?”

  • 2

    “What is your strategy for converting free users to paid subscriptions?”

  • 3

    “What is the current runway and do you anticipate another funding round?”

Community

Valuation Sentiment

Our model estimates +78% 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.