• Round size vs peers

  In line with the typical Secondary Transaction round.

• Syndicate size

  2 investors on the cap table.

• Insider conviction

  All-new money, no prior investors re-upped.

• Investor track record

  Backed by established, high-track-record investors.

• Valuation step-up

  1.1× valuation step-up.

Heuristic read of round size vs peers, syndicate size, insider conviction, and investor track record. Not investment advice.