German enterprise software just raised from . startup aifora €3 million Capnamic Price Assume, based on comparable deals, that aifora sold a 20% equity stake in their company to Capnamic. Price startup = price deal / equity stake sold. Then aifora is priced at €3 million / 20% = €15 million post-money. Exit Assume, based on comparable deals, that Capnamic wants to have a shot at making 10x on their investment. Exit value = price startup * money multiple. Then aifora’s €3 million raise requires a €15 million * 10 = €150 million exit value. Revenue Assume, based on comparable companies, that aifora trades at 5x at exit. revenue Annual revenue at exit = exit value / revenue multiple at exit. Then aifora’s €3 million raise requires €150 million / 5 = €30 million in annual revenue at exit. Originally published at venturevalue.com on February 4, 2019.