In its plan, German startup sells NPS app subscriptions to startups for per month. Startup zenloop €299 They just raised €5.3M ( ) from and others. $6M Nauta Capital Valuation Assume that sold a 20% equity stake to the investors. zenloop Then zenloop is valued at €5.3M / 20% = €26M post-money. Exit Assume that this was a Series A. And that the investors want to make 5x on their investment. And that there will be 1 follow-up round of 20%. Then zenloop must have a €26M * (5 / (1–20%)) = €165M exit value for its €26M valuation. Revenue Assume that zenloop trades at 4x trailing 12 months revenue at exit. And that there will be no cash and debt. Then zenloop must have an average €165M / 4 / 12 = €3.4M in monthly revenue for its €26M valuation. Subscriptions Zenloop charges startups €299 per subscription per month. Then zenloop must invoice €3.4M / €299 = 11,000 subscriptions per month for its €26M valuation. For context: Germany had small companies in 2018. 357,000 Originally published at venturevalue.com on March 1, 2019.
