-81%

est. 2Y upside i

FinTechSeries B

Cap table management platform for startups and investors

Rank

#3613

Sector

Fintech

Est. Liquidity

~3Y

Data Quality

Data: Medium

Given the current secondary valuation of $441M implying a 65x multiple on estimated revenue of $6.8M, the expected equity upside over 2 years is strongly negative (-81.3%) even in optimistic scenarios.

Last updated: July 3, 2026

Bull (15%)+7%

Multiple holds at ~50x forward revenue (well above comps) driven by continued growth and strategic wins like the AngelList migration. Before dilution, common equity returns 34%, but 20% dilution reduces net upside to 7.4%.

Base (40%)-94%

Multiple contracts to ~8x forward revenue, in line with public SaaS comps. Exit value of $86M yields common equity of $36M, a -91.9% loss; after 20% dilution, net loss of -93.5%.

Bear (45%)-100%

Multiple compresses to ~4x forward revenue (below preference). Exit value of $43M is below total funding of $50.1M, making common stock worthless: -100% return.

Est. time to liquidity~3.0 years

Preference Stack Risk

moderate

Funding Intensity

1140%

Total funding of $50.1M represents 11.4% of current valuation, moderate overhang that is relatively small but could wipe out common in a down scenario.

Dilution Risk

high

With no profitability and only $3.9M ARR, a future raise within 2 years is very likely, leading to estimated 20% dilution.

Secondary Liquidity

limited

A secondary market exists (valuation mark) but trading is infrequent; employees may have limited liquidity options pre-IPO.

View all 4 open roles at Pulley →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Pulley plan to defend against Carta's dominant market share and potential aggressive pricing?”

  • 2

    “What is the unit economics (LTV/CAC) for the tiered subscription model and how does it scale with customer growth?”

  • 3

    “Given the high implied multiple, what is the management's expectation for an exit timeline and how does the option pool size align with that?”

Community

Valuation Sentiment

Our model estimates -81% 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.