Companies · Other Technology

Ethopass, LLC

Ponte Vedra · Other Technology

Diligence memoA one-page analyst read on Ethopass, LLC — recommendation, valuation, rhythm, risks.
$1.8M
Total raised · real
6
Rounds
1.1×
Latest step-up
Top 63%
Sector rank · raised
Pre-Seed
Latest stage · inferred · Thu Jul 13 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

Ethopass, LLC looks under-valued against its niche peers and is at-risk 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 0.59× the median modeled value of Pre-Seed Other Technology companies in 2022–2024 (975 peers) — value vs value, same stage and era.
At-risk
  • Last raise 3.0 yr ago; this sector typically re-raises about every 13 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.

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

Issuer-vehicle patternmedium confidence

Ethopass, 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
7.5 yr record
Peak capital year was 2021 with $835K across 1 filings.
Market position
ahead of 38% of Other Technology peers
Capital scale is ahead of 38% 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
Needs review
Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.
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 2021: $835K across 1 filings.
  • Largest single filing was $835K on 2021-06-02.
  • Filing rows sum to $2.0M, while canonical raised total is $1.8M; likely amendments/superseded rows are mixed into the detail view.
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.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
  • Canonical filtering should be tightened before using row-level totals for diligence.
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

Ethopass, LLC is one of 21292 Other Technology companies tracked from Ponte Vedra. By capital raised it ranks in the long tail (ahead of 38% 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 506(b)
Reg D exemption
6
Investors (latest)
2023-07-13
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$13M$25M$38M$50MPre-Seed · 2019-01-14 Raised $100K (real) Modeled valuation $4.2M (est)Pre-Seed2019Pre-Seed · 2019-06-18 Raised $350K (real) Modeled valuation $15M (est)Pre-Seed2019Pre-Seed · 2020-04-23 Raised $100K (real) Modeled valuation $4.2M (est)Pre-Seed2020Pre-Seed · 2021-06-02 Raised $835K (real) Modeled valuation $21M (est)Pre-Seed2021Pre-Seed · 2022-09-01 Raised $200K (real) Modeled valuation $2.6M (est)Pre-Seed2022Pre-Seed · 2023-07-13 Raised $175K (real) Modeled valuation $1.4M (est)Pre-Seed2023Pre-Seed · 2023-07-13 Raised $200K (real) Modeled valuation $1.6M (est)Pre-Seed2023+$350K+$100K+$835K+$200K+$175K+$200KCumulative $2.0M

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
Pre-Seed$100K · 2019
Pre-Seed extension$350K · 2019
Pre-Seed extension$100K · 2020
Pre-Seed extension$835K · 2021
Pre-Seed extension$200K · 2022
Pre-Seed extension$175K · 2023
Pre-Seed extension$200K · 2023

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$1.6M
Base estimate est.
$131K
Conservative case
$7.4M
Upside case
$1.1M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Pre-Seeda round under $1.0M). Valuation is modeled from stage benchmarks scaled by the technology sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $4.2M · 2019-01-142019Pre-Seed · modeled $14.8M · 2019-06-18Pre-Seed · modeled $4.2M · 2020-04-23Pre-Seed · modeled $21.5M · 2021-06-02Pre-Seed · modeled $2.6M · 2022-09-01Pre-Seed · modeled $1.4M · 2023-07-13Pre-Seed · modeled $1.6M · 2023-07-132023
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
29%
Survival probability
12% low · 54% high
1.72×/yr
Annual markup
2.33×/yr upside case
3.0 yr
Elapsed time used
3.0 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
9 mo
Avg between rounds
$397K/yr
Capital velocity
7.5 yr
On record since
2019
First round
7
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) 0.6× of median
This company$1.8M
Sector median$3.2M
Latest round — vs other Pre-Seed rounds in sector (real $, this stage) 0.5× of median
This company$200K
Sector median$375K
Modeled value — vs sector median (estimate, all stages) 0.0× of median
This company$1.6M
Sector median$37.3M

Raised more than 38% 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 (Pre-Seed) 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 #684 of 975.

This companyCohort peer
$1.0M$10.0M$100.0M$100K$1.0M$10.0MCapital raised (log)InRev, Inc. · Pre-Seed Raised $1.0M · modeled $18.7M (est)Positiv.ly LLC · Pre-Seed Raised $1.0M · modeled $18.6M (est)SmashNet INC · Pre-Seed Raised $1.5M · modeled $18.4M (est)RealConnex Holdings Inc. · Pre-Seed Raised $1.0M · modeled $18.2M (est)Pm-Ordr, Inc. · Pre-Seed Raised $2.0M · modeled $17.5M (est)Couplr, Inc. · Pre-Seed Raised $1.0M · modeled $17.3M (est)Tonic Development Ltd · Pre-Seed Raised $1.0M · modeled $17.1M (est)Scratch Engine Llc · Pre-Seed Raised $920K · modeled $16.6M (est)Callypso Inc. · Pre-Seed Raised $1.0M · modeled $16.5M (est)Humetrix · Pre-Seed Raised $1.0M · modeled $16.0M (est)RRC Washington, Inc. · Pre-Seed Raised $1.0M · modeled $15.7M (est)Clouds USA Inc. · Pre-Seed Raised $1.0M · modeled $15.6M (est)Ethopass, LLC (this company) Raised $1.8M · modeled $1.6M (est)Ethopass, LLC
CompanyStageRaised · realValue · estvs peer med.
InRev, Inc.Pre-Seed$1.0M$18.7M6.78×
Positiv.ly LLCPre-Seed$1.0M$18.6M6.72×
SmashNet INCPre-Seed$1.5M$18.4M6.65×
RealConnex Holdings Inc.Pre-Seed$1.0M$18.2M6.59×
Pm-Ordr, Inc.Pre-Seed$2.0M$17.5M6.33×
Couplr, Inc.Pre-Seed$1.0M$17.3M6.24×
Tonic Development LtdPre-Seed$1.0M$17.1M6.19×
Scratch Engine LlcPre-Seed$920K$16.6M6.00×
Callypso Inc.Pre-Seed$1.0M$16.5M5.95×
HumetrixPre-Seed$1.0M$16.0M5.81×
RRC Washington, Inc.Pre-Seed$1.0M$15.7M5.69×
Clouds USA Inc.Pre-Seed$1.0M$15.6M5.64×
Ethopass, LLC this companyPre-Seed$1.8M$1.6M0.59×
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.
Pre-Seed$100K2019-01-14$556K$4.2M90%
Pre-Seed$350K2019-06-18$1.9M$14.8M90%
Pre-Seed$100K2020-04-23$556K$4.2M90%
Pre-Seed$835K2021-06-02$4.6M$21.5M90%
Pre-Seed$200K2022-09-01$1.1M$2.6M90%
Pre-Seed$175K2023-07-13$972K$1.4M90%
Pre-Seed$200K2023-07-13$1.1M$1.6M90%
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. Pre-Seed$100K2019-01-14
    • First recorded raise — entered as Pre-Seed.
    • 1 investor on this round.
  2. Pre-Seed$350K2019-06-18
    • Came back fast: 5 mo vs the ~13 mo sector norm.
    • Round 3.5× larger than the prior — scaling up.
    • 5 investors on this round.
  3. Pre-Seed$100K2020-04-23
    • Raised 10 mo later, in step with the ~13 mo sector norm.
    • Round 3.5× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  4. Pre-Seed$835K2021-06-02
    • Raised 13 mo later, in step with the ~13 mo sector norm.
    • Round 8.3× larger than the prior — scaling up.
    • 1 investor on this round.
  5. Pre-Seed$200K2022-09-01
    • Raised 15 mo later, in step with the ~13 mo sector norm.
    • Round 4.2× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  6. Pre-Seed$175K2023-07-13
    • Raised 10 mo later, in step with the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  7. Pre-Seed$200K2023-07-13
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 6 investors on this round.
Intelligence
2024 ~Q2
Modeled next raise · ~9mo cadence
$229K
Modeled next size est.range $200K$366K
1.1×
Last step-up
$397K/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
Frank Barry Robertson IV2019-01
Joshua Barry Adams2019-01
Joshua Barry Vedell2022-09
Registry & provenance

Ethopass, 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
1766158
SEC CIK
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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
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Frequently asked
How much funding has Ethopass, LLC raised?
Ethopass, LLC has raised approximately $1.8M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Ethopass, LLC's estimated valuation?
Provath's modeled valuation for Ethopass, LLC is approximately $1.6M (modeled range $131K–$7.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Ethopass, LLC at?
Ethopass, LLC's latest modeled financing stage is Pre-Seed. Its most recent recorded round closed around Thu Jul 13.
What does Ethopass, LLC do and where is it based?
Ethopass, LLC operates in the Other Technology sector, based in Ponte Vedra.
Explore related

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