👇 Marked down
Private valuations are now more rigorous, more structured and more closely scrutinised than they once were. Just in time for the market to put them to the test.
Private valuations have evolved over the past few years, shifting from rough guesstimates of what a company might be worth based on projected ARR to a more structured methodology anchored to public market comparables and independent scrutiny.
The so-called SaaSpocalypse has been a useful test of that methodology’s robustness. At the very least, it’s ruffled some feathers.
At its investor day last November, Blackbird confirmed it had written down both Culture Amp and SafetyCulture.
Culture Amp’s markdown was a straightforward reflection of company performance. The platform had just cut 6% of its workforce as part of a shift towards AI products, but was still struggling to maintain the momentum of its early years.
