+16%

est. 2Y upside i

CybersecuritySeries C

Compliance automation platform for SOC 2 ISO 27001 and HIPAA

Rank

#1760

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Medium

Thoropass offers moderate expected upside (~16%) over 2 years, but high uncertainty due to stale valuation and competitive threats from Vanta/Drata.

Last updated: July 19, 2026

Bull (10%)+102%

Exit multiple expands to 12x driven by IPO window and category leadership. Projected revenue $92.6M yields $1.11B exit, net 20% dilution results in 102% upside for common stock.

Base (55%)+28%

Exit multiple converges to 8x in line with public comps. Revenue grows to $92.6M, exit value $741M, after 20% dilution common stock returns +28%.

Bear (35%)-27%

Multiple compresses to 5x below comp range due to competitive pressure from Vanta and Drata. Exit value $463M, after $98M preference stack and 20% dilution, common stock loses 27%.

Est. time to liquidity~3.0 years
Adjusted for competitive dynamics: 13% (raw: 16%, adjustment: -3%)

Preference Stack Risk

high

Funding Intensity

1960%

Total preferred funding of $98M vs. estimated entry valuation of $500M yields a 19.6% overhang, posing significant risk to common stock in a downside exit.

Dilution Risk

high

Given 4+ years since last round, a new raise is likely within 2 years, potentially diluting common equity by 15-25%.

Secondary Liquidity

none

No secondary market transactions reported; shares are illiquid until an IPO or acquisition.

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

    “How does your AI-powered automation differentiate from Vanta's broader integration ecosystem?”

  • 2

    “What are the unit economics per customer (CAC, LTV) and how do they trend with scaling?”

  • 3

    “What is your estimated timeline to an IPO or liquidity event, and how does the equity structure protect early employees?”

Community

Valuation Sentiment

Our model estimates +16% 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.