Rōvn Comparable Companies & Valuation Football Field

Date: 2026-05-14 · rebuilt 2026-05-28 (corrected model + verified funding sourcing) · updated 2026-07-09 (current fundraise plan) Purpose: Public-comp benchmarking to position Rōvn's Series A valuation expectation. Also feeds investor-room §10.5 (Funding Comparables).

Sourcing standard (2026-05-28). The prior version of this page carried blanket "(est), Crunchbase/Pitchbook" labels and two incorrect transaction claims (Verifiable "acquired by Stripe"; Modio "acquired by HealthStream, $168M / $15M ARR"). Both are corrected below with primary-source citations. Where a private valuation is not reliably disclosed, it is marked (undisclosed) rather than guessed. Verification done via company press releases, TechCrunch, PR Newswire, and PitchBook/CB Insights/Tracxn abstracts, May 2026. All Y-case Rōvn ARR figures are projections, matching 3_CASE_MODEL_SUMMARY.md (Bear $30M / Base $45M / Bull $60M). Rōvn is pre-launchStage03.1 Company Overview · pre-launch by design, zero paying customers, zero signed pilots or design partners by design, zero revenue, zero paying customers.

1. Comp Universe (verified funding rounds)

Rōvn intersects three categories, healthcare credentialing / provider-data infrastructure, identity/verification infrastructure, and healthcare staffing marketplaces.

Notes on the corrections vs. the prior draft: - Verifiable is independent, not a Stripe acquisition. Closest API-credentialing comp; $27M Series B (2023). Any "Stripe acquired Verifiable" claim elsewhere in the package is wrong and should be struck. - Modio was acquired by CHG Healthcare in 2019 for undisclosed terms, there is no public "$168M / $15M ARR / HealthStream / 2022" transaction. The earlier 11.2x "precedent" built on that figure is removed; do not use it as an exit-multiple anchor. - Medallion, CertifyOS/Certify, and Andros do not publicly disclose valuations; revenue/multiples shown only where a primary source exists (Medallion ~$50.6M 2024 rev per Latka).

2. Multiple Distribution by Category

Multiples for the credentialing-platform band are inferred from disclosed total funding, revenue where reported (e.g. Medallion ~$50.6M 2024 rev against $130M cumulative raised), and stage, not from disclosed post-money valuations, most of which are undisclosed. Treat the 8-12x band as a stage-and-category inference, not a quoted transaction multiple.

Rōvn position: Healthcare credentialing / provider-data platform with an identity-infra-style network and Verified API. Defensible at 8-12x Series A. Bear: 6x. Bull: 10-12x if the AI / network framing wins.

3. Football Field Chart (Concept): corrected model

Rōvn's Series A valuation range across methods, all reconciled to the corrected 3-case model (Bear $30M / Base $45M / Bull $60M Y5; Y2 Base ARR ~$2.4M).

Valuation Method                         | $0M   $25M  $50M  $75M  $100M $125M $150M $175M
-----------------------------------------|------|-----|-----|-----|-----|-----|-----|-----
1. Public-comp ARR multiple (8-14x)      |      [===##===]
   Y2 ARR ~$2.4M × 8-14x = $19-34M (early Series A)

2. Public-comp ARR multiple (8-12x)      |              [======##======]
   Y3 ARR ~$9.9M × 8-12x = $79-119M (late Series A, Base)

3. Credentialing-band multiple (8-12x)   |      [===##===]
   Y2 ARR ~$2.4M × ~10x = ~$24M

4. DCF (30% discount, 6-10x exit)        |     [=====##=====]
   PV today: Bear $48.5M / Base $97.0M / Bull $161.6M (projection)

5. VC method (target ~6x return)         |   [==##==]
   Series A post-money target $30-50M

LEGEND: # = midpoint of range

(Rendered to an actual football field chart later in 03_deck/, this is the concept.)

4. Series A Valuation Recommendation

Recommended Series A target: $30-50M post-money at the ~18-month mark, presuming Base or better trajectory.

Current round context: we are raising a $5M seed round, opening November 2026 into YC Demo Day on December 3. The round is sized to fund the team through the 18-to-24-month NCQA-CVO certification clock. Terms are shared on request once counsel confirms the offering exemption. Y5 ARR cases are projections, not actuals.

5. Discount/Premium Drivers vs. Comps

Premium drivers (push Rōvn toward the identity-infra band, Persona/Plaid): - AI-native architecture (cached-replay margin curve, ai_runs receipts). - Multi-revenue surface (facility workflow layer SaaS + Verified API + worker funnel). - Compounding network density (every interaction adds reusable verified records). - Source-authority adapter pattern = pricing power. - HIPAA-alignedHIPAA posture06.2 HIPAA Posture Memo · canonical procurement-safe phrasing (not 'compliant' / not 'certified') · BAA availableBAA posture06.4 Vendor BAA Matrix · customer BAA template at 08.9; SOC 2 path in progress = enterprise procurement readiness.

Discount drivers (push toward the staffing-marketplace band, Incredible Health/Vivian): - Pre-revenue (pre-launch by design, no $1M+ ARR at seedRound stage02.1 Use of Funds · $5M seed opening November 2026 into YC Demo Day). - Healthcare adoption cycle is slow (long sales cycles). - Vertical concentration risk (no diversification outside healthcare). - First-time-CEO scaling risk.

Net position: Mid-band, 8-12x at Series A, with upside toward the infra band if AI/network positioning wins.

6. Strategic Acquirers (For Series B+ Optionality)

Strategic-acquirer optionality is real: CHG (Modio 2019), HealthStream (active credentialing acquirer), and symplr (serial roll-up) have all transacted in or adjacent to this category in the last several years. Stripe is listed as a strategic-fit rationale only, there is no Stripe/Verifiable transaction.

7. Caveats

• 2026 multiples reflect a partial recovery from the 2022-2023 SaaS compression and a sharp re-rate in identity infra (Plaid fell from $13.4B in 2021 to $6.1B in 2025 before recovering to $8B in 2026). Multiples could drift either direction.
• Healthcare-specific multiples typically carry a discount to generic SaaS due to slow adoption and regulatory drag; Rōvn's AI/network positioning argues partly against it but does not erase it.
• Most credentialing-comp valuations are undisclosed; the 8-12x band is a stage-and-category inference, not a set of quoted transaction multiples. Materially different actual numbers may exist.

under counsel review: Pull updated transaction data closer to Series A timing (Q4 2027).

End of comp analysis.