Companies · Retailing

H&N Texas Holdings, LP

DALLAS · Retailing

Diligence memoA one-page analyst read on H&N Texas Holdings, LP — recommendation, valuation, rhythm, risks.
$1.1M
Total raised · real
1
Rounds
0.2×
Latest step-up
Top 58%
Sector rank · raised
Series A
Latest stage · inferred · Wed Dec 20 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

H&N Texas Holdings, LP 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 retail 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 0.19× the median modeled value of Series A Retailing companies in 2022–2024 (100 peers) — value vs value, same stage and era.
At-risk
  • Last raise 2.5 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

H&N Texas Holdings, LP 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
2.6 yr record
Peak capital year was 2023 with $6.1M across 2 filings.
Market position
ahead of 43% of Retailing peers
Capital scale is ahead of 43% of Retailing peers; modeled value is above 40% 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Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.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 2023: $6.1M across 2 filings.
  • Largest single filing was $5.0M on 2023-11-30.
  • Filing rows sum to $6.1M, while canonical raised total is $1.1M; 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.
  • 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 Retailing

H&N Texas Holdings, LP is one of 2347 Retailing companies tracked from DALLAS. By capital raised it ranks mid-pack (ahead of 43% of sector peers), and mid-pack 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
11
Investors (latest)
2023
Year incorporated
2023-12-20
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$5.0M$10M$15M$20MSeries A · 2023-11-30 Raised $5.0M (real) Modeled valuation $16M (est)$5.0M$16MSeries A2023Series A · 2023-12-20 Raised $1.1M (real) Modeled valuation $3.5M (est)$1.1M$3.5MSeries A2023+$1.1MCumulative $6.1M

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 A$5.0M · 2023
Series A extension$1.1M · 2023

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 33%.

Modeled valuation trajectory
$3.5M
Base estimate est.
$1.4M
Conservative case
$8.6M
Upside case
$5.0M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the retail sector profile. Directional, not a quoted figure.

Series A · modeled $16.1M · 2023-11-302023Series A · modeled $3.5M · 2023-12-202023
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
50%
Survival probability
27% low · 68% high
1.15×/yr
Annual markup
1.45×/yr upside case
2.5 yr
Elapsed time used
2.5 yr actual, capped for stale marks
retail
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
1 mo
Avg between rounds
Capital velocity
2.6 yr
On record since
2023
First round
2
Rounds on file
How it compares to the market

Benchmarked against 2347 companies in Retailing. 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) 0.7× of median
This company$1.1M
Sector median$1.6M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.2× of median
This company$1.1M
Sector median$5.5M
Modeled value — vs sector median (estimate, all stages) 0.6× of median
This company$3.5M
Sector median$5.8M

Raised more than 43% of sector peers (real $). Modeled value above 40% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) 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 #95 of 100.

This companyCohort peer
$1.0M$10.0M$100.0M$100K$1.0M$10.0M$100.0MCapital raised (log)Olivela Inc. · Series A Raised $28.8M · modeled $61.1M (est)PSP Investors, LLC · Series A Raised $15.4M · modeled $53.4M (est)Coreleap, Inc. · Series A Raised $16.7M · modeled $52.0M (est)Cariloha, Inc. · Series A Raised $22.5M · modeled $51.2M (est)Elevation Cannabis, LLC · Series A Raised $15.0M · modeled $47.6M (est)Botany Bay Wax Co LLC · Series A Raised $13.3M · modeled $45.8M (est)Full Glass Wine Co., LLC · Series A Raised $14.2M · modeled $44.2M (est)Kafene, Inc. · Series A Raised $42.1M · modeled $43.2M (est)Skinny Butcher LLC · Series A Raised $10.0M · modeled $41.6M (est)G2G Ventures, PBC · Series A Raised $13.4M · modeled $38.5M (est)YCP Car Wash Portfolio LLC · Series A Raised $12.6M · modeled $37.9M (est)Elevation Bridge, LLC · Series A Raised $12.0M · modeled $35.9M (est)H&N Texas Holdings, LP (this company) Raised $1.1M · modeled $3.5M (est)H&N Texas Holdings, LP
CompanyStageRaised · realValue · estvs peer med.
Olivela Inc.Series A$28.8M$61.1M3.35×
PSP Investors, LLCSeries A$15.4M$53.4M2.93×
Coreleap, Inc.Series A$16.7M$52.0M2.85×
Cariloha, Inc.Series A$22.5M$51.2M2.81×
Elevation Cannabis, LLCSeries A$15.0M$47.6M2.61×
Botany Bay Wax Co LLCSeries A$13.3M$45.8M2.52×
Full Glass Wine Co., LLCSeries A$14.2M$44.2M2.43×
Kafene, Inc.Series A$42.1M$43.2M2.37×
Skinny Butcher LLCSeries A$10.0M$41.6M2.29×
G2G Ventures, PBCSeries A$13.4M$38.5M2.12×
YCP Car Wash Portfolio LLCSeries A$12.6M$37.9M2.08×
Elevation Bridge, LLCSeries A$12.0M$35.9M1.97×
H&N Texas Holdings, LP this companySeries A$1.1M$3.5M0.19×
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 A$5.0M2023-11-30$22.7M$16.1M90%
Series A$1.1M2023-12-20$5.0M$3.5M90%
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 A$5.0M2023-11-30
    • First recorded raise — entered as Series A.
  2. Series A$1.1M2023-12-20
    • Came back fast: 1 mo vs the ~13 mo sector norm.
    • Round 4.5× smaller than the prior — bridge or down round.
    • 11 investors on this round.
Intelligence
2024 ~Q1
Modeled next raise · ~1mo cadence
$1.1M
Modeled next size est.range $1.1M$1.8M
0.2×
Last step-up
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
Robert F. Muller, Jr.2023-11
Registry & provenance

H&N Texas Holdings, LP 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
2001623
SEC CIK
2023
Incorporated
Similar companies

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.

CompanySectorStageRaised · realValue · estWhy similar
AnaOno, LLCRetailingSeed$1.1M$4.4Msame sector
Golocker Enterprises, Inc.RetailingSeed$1.1M$4.5Msame sector
Dolce Glow, Inc.RetailingSeed$1.1M$4.5Msame sector
Notable Inc.RetailingSeed$1.1M$3.8Msame sector
Dlyte, LLCRetailingPre-Seed$1.1M$2.4Msame sector
Wolves FE Inc.RetailingSeed$1.1M$3.1Msame sector
Aromatec, Inc.RetailingPre-Seed$1.1M$3.1Msame sector
Triton Automotive Holdings, LlcRetailingSeed$1.0M$3.4Msame sector
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
Stock & Barrel Holdings, LLCRetailingSeries A$51.4M84%
Stock & Barrel, LLCRetailingSeries A$51.4M82%
Sea-Western Holdings, Inc.RetailingSeed$10.4M81%
Wolf & Shepherd, Inc.RetailingSeries A$17.4M81%
Thomas H. Beckbe & Company, Inc.RetailingSeed$8.3M81%
Cat'leen natural & co Corp.RetailingPre-Seed$512K80%
EbLens Equity Holdings, LLCRetailingSeries A$31.8M79%
MWG Holdings Group, Inc.RetailingSeries A$20.3M79%
Frequently asked
How much funding has H&N Texas Holdings, LP raised?
H&N Texas Holdings, LP has raised approximately $1.1M in disclosed capital across 1 recorded financing round, aggregated from public filings.
What is H&N Texas Holdings, LP's estimated valuation?
Provath's modeled valuation for H&N Texas Holdings, LP is approximately $3.5M (modeled range $1.4M–$8.6M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is H&N Texas Holdings, LP at?
H&N Texas Holdings, LP's latest modeled financing stage is Series A. Its most recent recorded round closed around Wed Dec 20.
What does H&N Texas Holdings, LP do and where is it based?
H&N Texas Holdings, LP operates in the Retailing sector, based in DALLAS.
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