INDEPENDENT BUSINESS VALUATION SPECIALISTS
XVALUNITED
KINGDOM

Investment & fundraising
Price the round with conviction.

Funding valuations are meaningful only alongside the rights attached to the investment. Liquidation preferences, dilution and conversion terms can make a quoted post-money valuation a poor proxy for the value of ordinary shares.

Request a proposal Read the technical brief
Independent opinionSame-day reviewStrictly confidential

Pre / post

Money valuations reconciled

IPEV

Investor-grade guidelines

Prefs

Liquidation preferences modelled

A confidential conversation

An important decision deserves an independent view.

Tell us about your company, your objectives and your timeframe. We will review the instruction before proposing a scope, fee and delivery timetable.

  • Independent opinion, never an automated estimate
  • Scope, fee and timetable agreed before work begins
  • Confidential from the outset

Prefer to call? +44 20 3996 6807

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What happens next

  1. 1.We review your enquiry the same working day
  2. 2.A short call to understand your circumstances
  3. 3.A written scope, fee and timetable is proposed

No obligation. No automated valuation. No documents required.

When you need it

Typical situations
we are instructed on.

01

Seed to growth-stage equity rounds

02

Convertible loans and ASAs

03

Investor portfolio valuations

04

Secondary share sales

Technical brief

Understand the economic terms

We distinguish primary capital from secondary share sales, and pre-money from post-money value. The analysis considers liquidation preferences, participation, conversion and option-pool changes. Different classes may carry materially different values even at the same nominal price per share.

Calibrate against evidence

A recent arm’s-length investment is valuable evidence, not a permanent answer. We review milestones, trading performance and market conditions since that transaction. DCF, comparable companies and scenario analysis are applied where appropriate and reconciled to the financing terms.

Stress-test growth expectations

For early-stage companies, cash runway, gross margins, customer acquisition, retention and execution risk require particular attention. Revenue multiples cannot substitute for an analysis of unit economics. The report documents uncertainty rather than presenting a speculative forecast as a precise fact.

Methodology

The methods we apply — and why.

01

Venture & scenario methods

Exit-based valuation discounted for risk and dilution, weighted across scenarios.

02

Recent-round calibration

Using the price of recent investment, adjusted for subsequent milestones.

03

Market multiples

Revenue or ARR multiples from listed peers and transactions.

Key valuation issues

Where value is won or lost.

Headline vs. real value

Preferences and ratchets mean the headline valuation overstates ordinary-share value.

Dilution

Option pools and future rounds affect founder returns.

SEIS / EIS

Share-rights choices interact with investor tax reliefs.

Milestones

Valuation should reflect evidence of traction rather than projections alone.

Your instruction, clearly defined

Scope agreed before work begins.

We agree the valuation purpose and date, the interest being valued, the methods considered, the information required and permitted reliance. The written proposal sets out the fee, VAT treatment and delivery timetable. The result is a documented expert assessment — not a transaction guarantee or an automated estimate.

Primary sources & professional references

IPEV — Valuation GuidelinesIVSC — International Valuation Standards

General technical information. Legislation must be checked at the instruction date. Legal, tax and accounting advice are outside the valuation scope unless expressly agreed.

Questions

No. We value independently; we do not broker investment.

Related expertise

Other valuations we perform.

All valuation services
Business sale & acquisition

Business sale & acquisition

Understand the value before you negotiate a sale, acquisition or strategic exit.

EXPLORE THIS VALUATION
Management buy-outs

Management buy-outs

Independent valuation for management teams, sellers and financing discussions.

EXPLORE THIS VALUATION
Employee ownership trusts

Employee ownership trusts

Evidence-based valuation for an EOT transition and trustee decision-making.

EXPLORE THIS VALUATION