-72%

est. 2Y upside i

Series A

Terminal 49 is an all-in-one shipment and container tracking platform.

Rank

#1969

Sector

Supply Chain Visibility Software

Est. Liquidity

~5Y

Data Quality

Data: Medium

Terminal 49 operates in a large, growing market with a specialized focus on port/terminal data, offering a moderate competitive moat through deep integrations.

Last updated: March 10, 2026

Bull (20%)+300%

Terminal 49 rapidly expands its market penetration by leveraging its deep integrations and specialized port/terminal data, achieving $9.6M ARR in 2-3 years. This growth and strong competitive moat justify a 10x revenue multiple, leading to a $96M valuation.

Base (40%)+50%

Terminal 49 continues to grow steadily, capturing a segment of the SAM but facing strong competition from incumbents. Revenue reaches $3.6M ARR in 2-3 years, maintaining a 10x revenue multiple for a $36M valuation.

Bear (40%)-75%

Dominant incumbents like Project44 and FourKites expand their offerings into Terminal 49's niche, commoditizing its core features. Growth stalls, leading to a down round or acquisition at a $6M valuation, significantly eroding common stock value.

Est. time to liquidity~5.0 years

Preference Stack Risk

severe

Funding Intensity

36%

Total funding of $9M on a $24M valuation means investors hold $9M in liquidation preferences, which is 37.5% of the current valuation, significantly ahead of common stock.

Dilution Risk

high

As a Series A company with $9M raised, Terminal 49 will likely require additional funding rounds (Series B, C, etc.) before a liquidity event, leading to further dilution for current equity holders.

Secondary Liquidity

none

Given its early stage (Series A) and small employee count, there is no active secondary market or tender offers for Terminal 49 equity.

Questions to Ask at the Interview

Strategic questions based on Terminal 49's data — designed to show you've done your homework.

  • 1

    “Given the strong competition from Project44 and FourKites, how does Terminal 49 plan to expand beyond its niche in direct port and terminal data to capture a larger share of the broader supply chain visibility market?”

  • 2

    “With current revenue at $2M, what are the key strategic initiatives and sales motions in place to achieve significant ARR growth (e.g., 5-10x) over the next 2-3 years, and how will the company manage the capital required for this expansion?”

  • 3

    “Considering the Series A funding and the current valuation, what is the anticipated timeline for a liquidity event (e.g., IPO or acquisition), and how does the company plan to manage employee equity value through potential future dilution and the existing preference stack?”

Community

Valuation Sentiment

Our model estimates -72% 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.