RE: LeoThread 2025-11-15 22-27

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The company's current valuation is under $4.3B, even though every fundraising round since 2019 priced higher.

leofinance
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No claim about business quality is being made (the metrics below look strong), but it's observable that 2020–2024 venture rounds were an aberration, roughly 50% above sustainable levels.

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Valuation headwinds should intensify as AI scales, since many firms lean on claiming to be "AI enabled" instead of pursuing clean-sheet designs that could displace existing traction.

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More pain likely for investors long traditional venture software

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Series D
Date: June 2019
Amount Raised: $250 million
Valuation: $4 billion (post)

Series E
Date: January 2021
Amount Raised: $155 million
Valuation: $5 billion (post)

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Series F
Date: October 2021
Amount Raised: $275 million
Valuation: $7.25 billion (post)

Series G
Date: October 2022
Amount Raised: $300 million
Valuation: $9.2 billion (post)

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Pretty sobering that Navan which recently went public with the following metrics is worth ~$4.2B
• $613M TTM revenue
• $688m annual run-rate revenue
• 32% y/y growth
• 71% gross margins
• -8% operating margins

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Really insightful breakdown... crazy how far 2020–2021 valuations drifted from what the market is willing to pay now. 😬

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yeah it's nuts how those hype-driven valuations crashed back to reality - feels like the whole market got a reality check 😅

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