-40%

est. 2Y upside i

Vertical SaaSSeries A

The AI operating system for restaurants

Rank

#3128

Sector

FoodTech, SaaS, Restaurant Technology, Mobile

Est. Liquidity

~5Y

Data Quality

Data: Low

The expected 2-year equity return is -40.4%, primarily from a bearish scenario where the exit value falls below the $4.3M liquidation preference.

Last updated: August 3, 2026

Bull (10%)+59%

If Per Diem's AI-powered restaurant OS gains category leadership and trades at a premium 10x revenue multiple, exit value reaches $14.3M, a 78.9% enterprise upside, or 58.9% after 20% dilution.

Base (50%)-13%

At a 6x exit multiple on projected revenue of $1.43M, the exit value is $8.6M, a 7.4% enterprise upside, but after 20% dilution and the severe preference stack, common holders see a -12.6% return.

Bear (40%)-100%

At a 3x exit multiple, the $4.3M exit value falls below the $4.3M total funding liquidation preference, wiping out common stock entirely (-100%). Squared's potential native app features could accelerate this scenario.

Est. time to liquidity~5.0 years

Preference Stack Risk

severe

Funding Intensity

54%

Total funding of $4.3M represents 54% of the $8M entry valuation, so preferred holders get paid first and common is deeply subordinated.

Dilution Risk

high

With only $4.3M raised and 25 employees, a dilutive raise is probable; assumes 20% dilution.

Secondary Liquidity

none

No secondary market exists; shares likely illiquid pre-exit.

Questions to Ask at the Interview

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

  • 1

    “How do you plan to compete if Square launches a native branded app feature?”

  • 2

    “What is your current ARR and burn rate, and what financing milestones are on the horizon?”

  • 3

    “What has been the recent 409A valuation and any secondary market activity?”

Community

Valuation Sentiment

Our model estimates -40% 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.