Companies · Other Technology

Encore TopCo, LLC

INDIANAPOLIS · Other Technology

Diligence memoA one-page analyst read on Encore TopCo, LLC — recommendation, valuation, rhythm, risks.
$72.7M
Total raised · real
3
Rounds
0.2×
Latest step-up
Top 6%
Sector rank · raised
Series C
Latest stage · inferred · Tue Feb 11 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Encore TopCo, LLC looks under-valued against its niche peers and is quiet on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the technology sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.01× the median modeled value of Series C Other Technology companies in 2025–2027 (92 peers) — value vs value, same stage and era.
Quiet
  • Last raise 17 mo ago; this sector typically re-raises about every 13 months.
  • Slightly overdue versus sector cadence.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Encore TopCo, LLC behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
3.5 yr record
Peak capital year was 2022 with $70.8M across 1 filings.
Market position
ahead of 95% of Other Technology peers
Capital scale is ahead of 95% of Other Technology peers; modeled value is above 5% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2022: $70.8M across 1 filings.
  • Largest single filing was $70.8M on 2022-12-27.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other Technology

Encore TopCo, LLC is one of 21292 Other Technology companies tracked from INDIANAPOLIS. By capital raised it ranks among the largest (ahead of 95% of sector peers), and in the long tail by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 504
Reg D exemption
1
Investors (latest)
2022
Year incorporated
2025-02-11
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$500M$1.0B$1.5B$2.0BSeries C · 2022-12-27 Raised $71M (real) Modeled valuation $1.0B (est)$71M$1.0BSeries C2022Series C · 2023-07-28 Raised $1.6M (real) Modeled valuation $20M (est)$1.6M$20MSeries C2023Series C · 2025-02-11 Raised $250K (real) Modeled valuation $1.9M (est)$250K$1.9MSeries C2025+$1.6M+$250KCumulative $73M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series C$70.8M · 2022
Series C extension$1.6M · 2023
Series C extension$250K · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 20%.

Modeled valuation trajectory
$1.9M
Base estimate est.
$947K
Conservative case
$2.7M
Upside case
$1.7M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the technology sector profile. Directional, not a quoted figure.

Series C · modeled $1.0B · 2022-12-272022Series C · modeled $19.8M · 2023-07-28Series C · modeled $1.9M · 2025-02-112025
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
76%
Survival probability
57% low · 88% high
1.35×/yr
Annual markup
1.55×/yr upside case
1.4 yr
Elapsed time used
1.4 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
13 mo
Avg between rounds
$34.2M/yr
Capital velocity
3.5 yr
On record since
2022
First round
3
Rounds on file
How it compares to the market

Benchmarked against 21292 companies in Other Technology. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 23× above median
This company$72.7M
Sector median$3.2M
Latest round — vs other Series C rounds in sector (real $, this stage) 0.0× of median
This company$250K
Sector median$50.0M
Modeled value — vs sector median (estimate, all stages) 0.1× of median
This company$1.9M
Sector median$37.3M

Raised more than 95% of sector peers (real $). Modeled value above 5% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #91 of 92.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)TensorWave Inc. · Series C Raised $100.0M · modeled $739.8M (est)Mobile Money Americas Corp. · Series C Raised $175.0M · modeled $674.1M (est)Framer, Inc. · Series C Raised $162.1M · modeled $665.8M (est)Sanity, Inc. · Series C Raised $174.3M · modeled $640.2M (est)Celero Communications, Inc. · Series C Raised $138.4M · modeled $627.1M (est)Colors4Kids (01-50) LLC · Series C Raised $90.0M · modeled $624.1M (est)PDW Holdings, Inc. · Series C Raised $124.1M · modeled $608.3M (est)Vivodyne, Inc. · Series C Raised $79.7M · modeled $606.1M (est)Project Applecart LLC · Series C Raised $118.3M · modeled $602.6M (est)Cambium Biomaterials, Inc. · Series C Raised $119.7M · modeled $579.7M (est)Vumedi, Inc. · Series C Raised $82.1M · modeled $574.3M (est)Auterion Group Inc. · Series C Raised $87.7M · modeled $567.1M (est)Encore TopCo, LLC (this company) Raised $72.7M · modeled $1.9M (est)Encore TopCo, LLC
CompanyStageRaised · realValue · estvs peer med.
TensorWave Inc.Series C$100.0M$739.8M2.22×
Mobile Money Americas Corp.Series C$175.0M$674.1M2.02×
Framer, Inc.Series C$162.1M$665.8M1.99×
Sanity, Inc.Series C$174.3M$640.2M1.92×
Celero Communications, Inc.Series C$138.4M$627.1M1.88×
Colors4Kids (01-50) LLCSeries C$90.0M$624.1M1.87×
PDW Holdings, Inc.Series C$124.1M$608.3M1.82×
Vivodyne, Inc.Series C$79.7M$606.1M1.81×
Project Applecart LLCSeries C$118.3M$602.6M1.80×
Cambium Biomaterials, Inc.Series C$119.7M$579.7M1.74×
Vumedi, Inc.Series C$82.1M$574.3M1.72×
Auterion Group Inc.Series C$87.7M$567.1M1.70×
Encore TopCo, LLC this companySeries C$72.7M$1.9M0.01×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series C$70.8M2022-12-27$472.1M$1.0B90%
Series C$1.6M2023-07-28$10.7M$19.8M90%
Series C$250K2025-02-11$1.7M$1.9M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series C$70.8M2022-12-27
    • First recorded raise — entered as Series C.
    • 19 investors on this round.
  2. Series C$1.6M2023-07-28
    • Came back fast: 7 mo vs the ~13 mo sector norm.
    • Round 44.3× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  3. Series C$250K2025-02-11
    • Raised 19 mo later, in step with the ~13 mo sector norm.
    • Round 6.4× smaller than the prior — bridge or down round.
    • Switched to Rule 504 (was Rule 506(b)).
    • 1 investor on this round.
Intelligence
2026 ~Q1
Modeled next raise · ~13mo cadence
$250K
Modeled next size est.range $250K$400K
0.2×
Last step-up
$34.2M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Daniel Kim16 other2022-12
Michael A Foisy16 other2022-12
Meelan A. Patel1 other2023-07
Ted H. Kramer1 other2025-02
Aureen A. Sarker2023-07
Jeffrey A. Gordon2023-07
Roger A. Lewis2023-07
Registry & provenance

Encore TopCo, LLC is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1960572
SEC CIK
2022
Incorporated
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Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

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Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Encore Marketplace, Inc.Other TechnologySeed$6.2M88%
Singularity TopCo LLCOther TechnologySeries C$391.1M88%
Topl, Inc.Other TechnologySeries A$7.7M87%
GI TW Topco IncOther TechnologySeed$107.3M86%
Harri Topco, Inc.Other TechnologySeries B$43.4M86%
Topos Inc.Other TechnologySeed$65.4M86%
Beamer Topco Holdings Inc.Other TechnologySeries B$467.5M86%
Woolpert Topco Inc.Other TechnologySeries C$45.0M86%
Frequently asked
How much funding has Encore TopCo, LLC raised?
Encore TopCo, LLC has raised approximately $72.7M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is Encore TopCo, LLC's estimated valuation?
Provath's modeled valuation for Encore TopCo, LLC is approximately $1.9M (modeled range $947K–$2.7M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Encore TopCo, LLC at?
Encore TopCo, LLC's latest modeled financing stage is Series C. Its most recent recorded round closed around Tue Feb 11.
What does Encore TopCo, LLC do and where is it based?
Encore TopCo, LLC operates in the Other Technology sector, based in INDIANAPOLIS.
Explore related

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