Benchmark-driven. Defensible. Transparent. Actionable.
We deliver startup valuation reports using BVM (Backward Valuation Method), a benchmark-driven methodology based on real comparable valuations and dilution data at funding events.
BVM determines valuation range (L1) or precise value (L2) to your next funding event, or from your last close, with multi-factor normalization across stage, sector, macro, geography, and currency.
BVM maps investor behavior in real comparable transactions to show value creation potential.
Compact view of the same detailed criteria from the full framework.
| Criteria | BVM | DCF | Precedent Transactions | VC Method | Scorecard / Risk Factor |
|---|---|---|---|---|---|
| Stage suitability | Strong Built for early-stage and pre-revenue startups | Poor Needs predictable cash flows | Limited Comparable deals are scarce in early-stage | Good Designed for startups but broad logic | Good Targets early stage with qualitative weighting |
| Logical structure | Modular Standard plus conditional logic | Fixed Established model but deterministic | Structured Depends heavily on comparables | Simple Single formula with minimal structure | Semi Semi-structured, weighted subjective criteria |
| Auditability & transparency | High Traceable documentation of data, sources, assumptions | High Forecast-based and assumption driven | Moderate Dependent on data and transaction transparency | Low Opaque assumptions on exits and IRR | Low Qualitative criteria often not documented |
| Industry adaptability | High Hybrid logic supports detailed sector modeling | Moderate Can be adjusted manually by industry | Limited Bound by available transaction history | Weak One-size-fits-all IRR assumptions | Generic Rarely includes sector-specific risk |
| Use of market data | Current Current VC rounds plus normalized dilution and discount | Partial Uses rates and market comparables | Deal-led Uses public and private deal comps | Target-led Uses target IRR and exit multiples | Sparse Mostly local qualitative estimates |
| Cycle sensitivity | High Integrates macro-cycle and funding context | Indirect Cycle effect enters through cost of capital | None Not cycle-sensitive by design | None Not cycle-sensitive by design | None Not cycle-sensitive by design |
| Scalability across regions | Built-in Native logic for regional variations | Limited Manual regional assumptions required | Limited Constrained by comp availability | Weak Assumes universal VC benchmarks | Regional Regional variations rarely formalized |
| Dilution & ownership tracking | Full Fully modeled through custom BVM matrices | None Dilution not modeled | None Dilution not modeled | Partial Includes ownership but lacks nuance | None Ownership tracking not addressed |
Preparing for Series A, closing a bridge round, or negotiating a SAFE conversion? BVM is validated by real funding events, not projection-only guesswork. It was developed through extensive engagements and delivers institutional-grade depth in days, not months.
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Choose Level 1 for benchmark range valuation or Level 2 for a company-specific valuation estimate with deep analytical context.