-74%

est. 2Y upside i

Series B

Rank

#3552

Sector

Gaming Backend-as-a-Service

Est. Liquidity

~3Y

Data Quality

Data: Medium

Pragma operates in an attractive, growing market for live-service game backends, boasting strong customers and a recent Series B funding round of $12.75M in March 2025.

Last updated: March 10, 2026

Bull (10%)+300%

Pragma successfully leverages its acquisition of FirstLook.gg to significantly enhance player engagement and retention, attracting a wave of new AAA and indie studios. Strategic partnerships and continued product innovation, particularly in cross-platform and monetization features, drive revenue to $32M+ by 2028, justifying a $480M+ valuation at a 15x multiple, leading to a strong acquisition by a major gaming publisher or tech giant.

Base (40%)+50%

Pragma maintains its position in the growing live-service game backend market, securing moderate customer growth and fending off direct competitors like Beamable and AccelByte. However, the strong incumbent threat from Microsoft's PlayFab limits aggressive market share gains. Revenue grows steadily to $12M by 2028, leading to a modest valuation of $180M, providing some return for common shareholders.

Bear (50%)-75%

The negative employee growth trend (-10% last year) persists, signaling operational challenges and hindering product development and customer support. Dominant incumbents like Microsoft PlayFab aggressively capture market share with superior resources and existing relationships, leading to pricing pressure and customer churn. Revenue stagnates or declines to $2M by 2028, resulting in a down round or fire sale at a valuation of $30M, wiping out most common stock value due to significant liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Investors hold $50.9M in liquidation preferences ahead of common stock. In an exit at or below $50.9M, common stockholders would receive nothing. If the company exits at the estimated current valuation of $120M, approximately $69.1M would be left for common shareholders after investors are paid.

Dilution Risk

high

As a Series B company, Pragma will likely require additional funding rounds, which will lead to further dilution for existing common shareholders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for a company at this stage.

Other — 2 roles

View all 2 open roles at Pragma →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the reported -10% employee growth last year, how is Pragma addressing talent acquisition and retention, and what impact has this had on product roadmap execution and customer support?”

  • 2

    “With major cloud providers like Microsoft (PlayFab) actively competing in the Game Backend-as-a-Service market, what is Pragma's long-term strategy to differentiate and maintain its competitive moat against such well-resourced incumbents?”

  • 3

    “Considering the $50.9M in total funding, what is the company's current burn rate and runway, and what are the anticipated milestones and timeline for a potential liquidity event for employees?”

Community

Valuation Sentiment

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