Capital Advisory

Understand Valuation in Context.

The valuation of a startup or scale-up depends on its stage, traction, growth, unit economics, ownership and financing context. Our initial assessment structures that reading, adapted to the company's stage.

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A stage-sensitive reading

01

Pre-revenue

Team, product, market, milestones: what can actually be assessed.

02

Early revenue

Traction, retention, first unit-economics signals.

03

Growth

Trajectory, acquisition cost, gross margin.

04

Scale-up

Growth is not the only variable: path to profitability, market depth.

The factors that matter

Stage and milestones reached, demonstrable traction, growth and its sustainability, unit economics, ownership structure, financing history and context. Each factor weighs differently depending on the stage.

What can be assessed pre-revenue

Without revenue, a valuation is a framework, not a number: quality of the team, product progress, evidence of market interest, size and accessibility of the target market, financing comparables at the same stage.

The limits, stated clearly

No startup valuation guarantees a round price: final value results from a negotiation with investors, in a given market. Our reading informs that negotiation, it does not replace it.

FAQ

Does the initial assessment commit me?

No. It is a confidential first reading, without commitment, reviewed by our teams.

Do you use standard methods?

Methods exist (round comparables, multiples, qualitative frameworks at seed stage) and can be explained, but their use depends on the stage, and none produces a guaranteed figure.

What information should I prepare?

What you already know: stage, traction, growth, capital need, cap table. A deck helps but is optional at the initial stage.