-66%

est. 2Y upside i

FinTechSeries B

AI for corporate R&D tax credits

Rank

#2118

Sector

Fintech

Est. Liquidity

~4Y

Data Quality

Data: Medium

Onshore presents a risky equity opportunity with a higher risk level, primarily due to a significant incumbent threat from large accounting firms and a severe investor preference stack ($46M in preferences on an estimated $120M post-money valuation).

Last updated: March 10, 2026

Bull (20%)+300%

Onshore successfully expands beyond R&D tax credits into broader corporate tax automation, achieving $25M ARR by 2028. Its proprietary AI and audit-ready reports establish it as a market leader, justifying a 19x revenue multiple and a $480M valuation, representing a 300% upside from the current estimated $120M valuation.

Base (35%)+50%

Onshore maintains strong growth in R&D tax credits and makes initial inroads into new tax domains, reaching $10M ARR by 2028. However, intense competition from incumbents limits multiple expansion, resulting in an 18x revenue multiple and a $180M valuation, a 50% upside from the current estimated $120M valuation.

Bear (45%)-70%

Incumbent accounting firms aggressively integrate AI, and regulatory scrutiny over AI-driven tax solutions increases. Onshore struggles to differentiate, leading to slower growth and a down round. The $36M valuation, combined with significant liquidation preferences, results in minimal to no return for common shareholders.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Investors hold $46M in liquidation preferences, representing 38.33% of the estimated $120M post-money valuation, meaning common shareholders would see returns only after this amount is paid out.

Dilution Risk

high

As a Series B company with $3M revenue, it is highly probable that additional funding rounds will be required before an exit, leading to further dilution for common shareholders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for Onshore's privately held equity.

Questions to Ask at the Interview

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

  • 1

    “Given the high incumbent threat from large accounting firms, how does Onshore plan to effectively compete and capture market share beyond its current R&D tax credit focus, especially as these incumbents increasingly integrate AI into their services?”

  • 2

    “With current revenue around $3M and a recent $31M Series B, what is the detailed roadmap for expanding into broader financial and accounting workflow automation, and what are the key milestones for achieving significant revenue growth in these new domains over the next 2-3 years?”

  • 3

    “Considering the $46M in total funding and the Series B stage, what is the company's anticipated timeline for a liquidity event, and how does management plan to ensure meaningful returns for common shareholders given the existing liquidation preferences?”

Community

Valuation Sentiment

Our model estimates -66% 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.