-95%

est. 2Y upside i

Series B

Simulate, previously known as NUGGS, is a food technology startup specialized in crafting plant-based meat alternatives. Established in 2018, the company has a diverse product lineup including NUGGS, a plant-based chicken nugget alternative, DISCS, a plant-based chicken patty, and a newly introduced plant-based chicken breast product dubbed "CHICKEN BREAST".

Rank

#3735

Sector

Food Technology

Est. Liquidity

~0Y

Data Quality

Data: Low

Simulate was acquired in October 2024, rendering pre-acquisition equity theoretical.

Last updated: July 20, 2026

Bull (15%)-90%

Acquisition by Ahimsa Companies provides a floor, but common equity likely zero. Implied exit multiple of 3x revenue yields $24M, far below preference overhang of $61.1M.

Base (55%)-95%

Multiple converges to comp range of 1-2x. At 1.5x, exit value is $12M, common stock recovers -100% due to preference stack.

Bear (30%)-98%

Multiple compresses further to 0.5x, exit value $4M. Common stock worthless, -100% return.

Est. time to liquidity~0.0 years

Preference Stack Risk

moderate

Funding Intensity

24%

Total funding $61.1M against $250M valuation gives 24.4% preference overhang, moderate risk.

Dilution Risk

low

No further dilution assumed due to acquisition; existing equity structure likely frozen.

Secondary Liquidity

none

No secondary market activity given acquisition.

Questions to Ask at the Interview

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

  • 1

    “What is the post-acquisition equity structure and how does it align with employee incentives?”

  • 2

    “How does Ahimsa plan to revive growth in a consolidating plant-based market?”

  • 3

    “What is the path to profitability given recent revenue declines?”

Community

Valuation Sentiment

Our model estimates -95% 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.