Start-up and early-stage valuations, independently prepared.

What the figure usually turns on

• Traction that a third party can verify

  Contracted revenue, paying users, pipeline conversion and retention carry weight. Registered users, waitlists and letters of intent do not, and a valuation that leans on them will not survive scrutiny.

• The right method for the stage

  Pre-revenue companies need a market-comparable or scorecard approach; post-revenue companies move to a revenue or earnings basis. We state the method, the inputs and the reason it was chosen.

• Cap table, preference and dilution

  Existing preference shares, convertible loan notes, ratchets and option pools change what a given headline valuation actually means per share. We work through the cap table rather than around it.

• Team, IP and defensibility

  Assigned IP, key-person cover, technical depth and switching cost are the things an investor actually underwrites at this stage.

• Runway and funding requirement

  Months of runway and the size of the raise directly affect negotiating position and therefore price. Both belong in the report.

Investor-facing or HMRC-facing — they are not the same number

A negotiated round price and an HMRC market value for option purposes are different exercises with different bases. Using one in place of the other creates a tax problem later.

We tell you which you need, prepare it on the correct basis, and set out the reasoning so it can be defended to an investor, a co-founder, or HMRC.

A number you can actually defend in the room

Founders routinely arrive at a valuation by dividing the raise by the equity they are willing to give up. Investors see through it within minutes, and it costs credibility at exactly the wrong moment.

An independent written valuation changes the conversation: you are negotiating from evidence rather than aspiration, and the other side can check every input.

This is for you if…

• —You're raising a seed or pre-Series A round and need a defensible pre-money figure.
• —You're granting EMI options or issuing shares and need a valuation on the correct basis.
• —A co-founder is leaving and the shares need to be priced fairly.
• —You're an investor and want an independent view before committing.