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Research Outline
Prepared for Jeffrey F. | Delivered September 8, 2019
Freenome: Funding Analysis
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Goals
To determine the valuation multiple for Freenome's latest funding round.
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Early Findings
While information about the last two funding rounds was available, the valuation multiple for the company for them was not specified. As
F
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is a private company, they are not required to publish such information. In fact, the company has
declined to comment
about their valuation on several occasions.
F
r
e
e
n
o
m
e has raised
$238 million
in 5 funding rounds, the last two rounds being in August 2018 and July 2019.
In August 2018, the company raised
$7 million
in a Series A funding round, led by Anne
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j
c
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c
k
i
, co-founder and CEO of 23andMe.
In July 2019, the company was able to procure an additional
$160 million
from 23 different companies in a Series B funding round. The investment was led by RA Capital Management and Polaris Partners.
According to
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c
h
b
a
s
e
, the company's valuation is estimated in the range between
$500 million and $1 billion
after the last funding round of July 2019. Considering that the company's estimated revenue is $
6.5 million
, that would give it a valuation multiple (EV/Revenue) of 76.9 to 153.8.
According to
E
q
u
i
d
a
m
, Pharmaceutical companies usually have a valuation multiple (EV/EBITDA) of
12.93.
On the other hand, data from the New York University shows that R&D drug companies have a valuation multiple (EV/EBITDA) that vary between
16 and 22.5
depending on whether the company is a pharmaceutical company or a biotechnology one.
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