-48%

est. 2Y upside i

CybersecuritySeries C

Compliance automation platform for SOC 2 ISO 27001 and HIPAA

Rank

#2598

Sector

Cybersecurity / Compliance

Est. Liquidity

~4Y

Data Quality

Data: Medium

Thoropass offers differentiated but pressured position. 3+ year funding gap is biggest red flag.

Last updated: March 20, 2026

Bull (20%)+180%

Acquired by GRC platform at premium for software+auditor model; revenue to $120M+.

Base (45%)+40%

25-30% growth to $90-100M ARR, flat/modest up Series D, acquisition at 3-4x rev.

Bear (35%)-55%

Vanta/Drata outcompete, no funding, distressed sale at 1-2x rev.

Est. time to liquidity~4.0 years

Preference Stack Risk

moderate

Funding Intensity

20%

$98M preferences; base case exit $550M leaves ~18% for preferences.

Dilution Risk

moderate

Bridge/Series D likely needed adding 10-20% dilution.

Secondary Liquidity

none

No known secondary activity; full illiquidity until exit.

View all 9 open roles at Thoropass →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Current ARR and NRR?”

  • 2

    “Profitable/cash-flow positive given no funding since 2022?”

  • 3

    “Plan to compete against Vanta/Drata with more capital?”

Cluster Peers

Expected Upside

Thoropass
-44%
Thoropass
-48%
Vanta
-69%
Drata
-72%

Community

Valuation Sentiment

Our model estimates -48% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

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