Valuation Analysis

Goals

To provide a valuation analysis for Urban, a proptech company specializing in providing a comprehensive digital property leasing and management, who are seeking to raise a further round of capital. This information will be used to supplement the investor presentation and financial model to substantiate the valuation the company is seeking.

Early Findings

Nomad

  • Nomad is a Dubai-based proptech company. They recently raised funding of $4 million. Comcast Ventures led the round with additional funding from Abstract Ventures, Partech, Precursor Ventures, WndrCo, and Class 5 Global. This was a seed round of funding.
  • Nomad has been in the market for one year, having been started in 2019. The focus of the funding they have just received will be expanding out of the middle east into the US and Europe. The platform was launched in June 2020.
  • A copy of the pitch deck used by Nomad is available here. It lacks the detail or information of Urban.

Opendoor

  • Opendoor's last round of funding was in 2019. The company filed to raise $200 million on a $3.7 billion valuation. Opendoor raised $300 million, and it has been reported that the valuation has been increased to $3.8 billion.
  • Previous investor General Atlantic, along with Hawk Equity, the SoftBank Vision Fund, Access Technology Ventures, Lennar Corporation, Fifth Wall Ventures, SV Angel, Norwest Venture Partners, NEA, GGV Capital, Khosla Ventures and GV participated in the round.
  • Opendoor had a reported revenue of $200 million in 2017, which was up 300% on 2016.

Summary

  • In our initial hour of research, we have identified the last round of funding and their details for two of the competitors of Urban. The additional information required to complete the analysis were not available for Nomad, as it was only founded last year.
  • There was some limited financial information available in respect of Opendoor. This poses as a potential problem to research going forward. There is a high probability that the financial information required to complete the valuation analysis will not be available in the public domain, especially if the companies are privately owned. The same applies to information relating to their division of business, which is commercially sensitive. This needs to be given some consideration going forward.

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