-73%

est. 2Y upside i

Vertical SaaSSeries A

The AI operating system for restaurants

Rank

#2082

Sector

Restaurant Technology, SaaS, FoodTech

Est. Liquidity

~6Y

Data Quality

Data: Medium

Per Diem operates in a large and growing restaurant technology market with a compelling AI-driven product for branded apps and loyalty.

Last updated: February 25, 2026

Bull (15%)+300%

Per Diem's AI-powered platform and white-label approach successfully capture significant market share in the SMB restaurant segment, leveraging its Square integration and expanding into catering and group ordering. This drives revenue to $20M-$30M ARR within two years, justifying a $100M valuation.

Base (45%)+75%

Per Diem achieves steady growth by continuing to acquire small to medium-sized restaurant clients, but faces intense competition from Toast and Olo, limiting its ability to scale rapidly. Revenue reaches $8M-$12M ARR, leading to a modest valuation increase to $40M-$45M.

Bear (40%)-80%

Dominant incumbents like Toast and Square (through its own expanded offerings) aggressively penetrate Per Diem's niche, commoditizing white-label apps and loyalty. Per Diem struggles to differentiate, leading to slower growth, difficulty raising further capital, and a down round to a $5M-$10M valuation, significantly impacting common stock value.

Est. time to liquidity~6.0 years

Preference Stack Risk

high

Investors hold $4M in liquidation preferences on an estimated $25M valuation, representing 16% of the company's value.

Dilution Risk

high

As an early-stage company with $4M raised, Per Diem will require multiple additional funding rounds, leading to significant future dilution for common stock holders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for Per Diem's equity at this early stage.

Questions to Ask at the Interview

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

  • 1

    “Given the strong market presence of incumbents like Olo and Toast, and Square's potential to expand its white-label solutions, how does Per Diem plan to maintain and strengthen its competitive moat beyond its current Square integration?”

  • 2

    “Per Diem leverages AI agents for CTO, CMO, and COO functions. Can you elaborate on the specific metrics or outcomes that demonstrate the effectiveness of these AI agents in driving restaurant growth and customer engagement?”

  • 3

    “With $4M in total funding and being an early-stage company, what is the anticipated timeline for the next funding round, and how does the company plan to manage potential dilution for early employees?”

Community

Valuation Sentiment

Our model estimates -73% 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.