+33%

est. 2Y upside i

Vertical SaaSSeries A

The AI operating system for restaurants

Rank

#2361

Sector

Restaurant Technology, SaaS, FoodTech

Est. Liquidity

~7Y

Data Quality

Data: Low

Per Diem is a high-risk early-stage bet with a probability-weighted expected upside of ~33% over two years, but that average conceals a near-coin-flip between a significant loss (-80% bear, 45% probability) and modest paper appreciation (+75% base, 45% probability).

Last updated: May 5, 2026

Bull (10%)+350%

Per Diem's AI restaurant OS gains rapid adoption, scaling to 500+ branded restaurant clients by 2027 and raising a $15-20M Series B at an ~$80-100M post-money valuation — roughly 5-6x the implied current post-money of ~$15M. This requires successfully replicating its Australia expansion across additional international markets and building a data moat that resists Square and Olo encroachment.

Base (45%)+75%

Per Diem grows steadily on the back of catering, group ordering, and AI marketing launches, closing a $5-8M Series A at ~$25-30M post-money within 18-24 months for roughly 1.5-2x paper value on a ~$15M entry valuation. Actual employee liquidity remains at least 5-7 years away, and 2-3 additional funding rounds will dilute the effective gain materially.

Bear (45%)-80%

Square or Olo replicates Per Diem's branded app and loyalty features natively, stalling new logo growth; with only $4.3M in total funding and 71 employees on payroll the company is forced into a flat or down round, an acqui-hire, or wind-down. Common stockholders absorb losses first, well below the $4.3M liquidation preference stack.

Est. time to liquidity~7.0 years

Preference Stack Risk

high

Funding Intensity

29%

With $4.3M in total liquidation preferences against an estimated post-money valuation of ~$15M, preferred stockholders claim roughly 28-29% of enterprise value before common shares (employee equity) participate in any proceeds.

Dilution Risk

high

A pre-Series A company with 71 employees will almost certainly require 2-3 additional funding rounds to reach exit scale, likely diluting early employee grants by 40-60% in aggregate before any liquidity event.

Secondary Liquidity

none

At $4.3M total funding with no disclosed institutional Series A lead, there is no active secondary market for common shares — employees cannot monetize equity prior to a formal acquisition or IPO.

Questions to Ask at the Interview

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

  • 1

    “What is your current ARR or MRR, and given the $1.88M October 2024 raise, what is your runway and timeline to a Series A?”

  • 2

    “How do you win against Olo's white-label ordering and Square's built-in loyalty — which of your named customers (Chip City, Oakberry, Think Coffee) are on paid annual contracts versus trials or pilots?”

  • 3

    “What is the 409A strike price or RSU grant valuation, and have there been any secondary sales or tender offers that would indicate a market-clearing price for common shares?”

Community

Valuation Sentiment

Our model estimates +33% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.