Companies · Other

H-Source Holdings Ltd.

VANCOUVER · Other

Diligence memoA one-page analyst read on H-Source Holdings Ltd. — recommendation, valuation, rhythm, risks.
$5.0M
Total raised · real
5
Rounds
1.9×
Latest step-up
Top 36%
Sector rank · raised
Seed
Latest stage · inferred · Tue Jul 23 2019 00:00:00 GMT+0000 (Coordinated Universal Time)

H-Source Holdings Ltd. looks fair against its niche peers and is dormant on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

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

Fair
  • Modeled value is 0.84× the median modeled value of Seed Other companies in 2019–2021 (1101 peers) — value vs value, same stage and era.
  • Within the normal band (84% of peer median) for its niche.
Dormant
  • Last raise 6.9 yr ago; this sector typically re-raises about every 11 months.
  • Silent for over 3× the sector's normal 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

H-Source Holdings Ltd. 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
10.8 yr record
Peak capital year was 2019 with $2.6M across 3 filings.
Market position
ahead of 65% of Other peers
Capital scale is ahead of 65% of Other peers; modeled value is above 58% 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
Lower 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Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.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.
  • Sector is still broad/Other, so operating comparables are weak.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2019: $2.6M across 3 filings.
  • Largest single filing was $2.2M on 2015-08-31.
  • Filing rows sum to $6.0M, while canonical raised total is $5.0M; 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

H-Source Holdings Ltd. is one of 25015 Other companies tracked from VANCOUVER. By capital raised it ranks mid-pack (ahead of 65% 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
15
Investors (latest)
2014
Year incorporated
2019-07-23
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 · 2015-08-31 Raised $127K (real) Modeled valuation $2.9M (est)Pre-Seed2015Seed · 2015-08-31 Raised $2.2M (real) Modeled valuation $40M (est)Seed2015Pre-Seed · 2015-08-31 Raised $127K (real) Modeled valuation $2.9M (est)Pre-Seed2015Pre-Seed · 2015-08-31 Raised $127K (real) Modeled valuation $2.9M (est)Pre-Seed2015Seed · 2016-04-18 Raised $777K (real) Modeled valuation $14M (est)Seed2016Pre-Seed · 2019-06-10 Raised $729K (real) Modeled valuation $17M (est)Pre-Seed2019Seed · 2019-06-10 Raised $663K (real) Modeled valuation $12M (est)Seed2019Seed · 2019-07-23 Raised $1.3M (real) Modeled valuation $23M (est)Seed2019+$2.2M+$127K+$127K+$777K+$729K+$663K+$1.3MCumulative $6.0M

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$127K · 2015
Seed$2.2M · 2015
Bridge · Seed-stage$127K · 2015smaller follow-on
Bridge · Seed-stage$127K · 2015smaller follow-on
Seed extension$777K · 2016
Bridge · Seed-stage$729K · 2019smaller follow-on
Seed extension$663K · 2019
Seed extension$1.3M · 2019

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

Modeled valuation trajectory
$23.3M
Base estimate est.
$1.1M
Conservative case
$182.8M
Upside case
$6.3M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Seeda $1.0M–$4.0M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Pre-Seed · modeled $2.9M · 2015-08-312015Seed · modeled $40.0M · 2015-08-31Pre-Seed · modeled $2.9M · 2015-08-31Pre-Seed · modeled $2.9M · 2015-08-31Seed · modeled $14.4M · 2016-04-18Pre-Seed · modeled $16.9M · 2019-06-10Seed · modeled $12.3M · 2019-06-10Seed · modeled $23.3M · 2019-07-232019
Model inputs · modeled:benchmark-stage-stepup-v1
20%
Dilution assumption
Implied ownership sold in the financing.
40%
Survival probability
18% low · 62% high
1.45×/yr
Annual markup
1.90×/yr upside case
6.0 yr
Elapsed time used
6.9 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
7 mo
Avg between rounds
$1.3M/yr
Capital velocity
10.8 yr
On record since
2015
First round
8
Rounds on file
How it compares to the market

Benchmarked against 25015 companies in Other. 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) 2.4× above median
This company$5.0M
Sector median$2.0M
Latest round — vs other Seed rounds in sector (real $, this stage) 0.7× of median
This company$1.3M
Sector median$1.7M
Modeled value — vs sector median (estimate, all stages) 1.3× above median
This company$23.3M
Sector median$17.7M

Raised more than 65% of sector peers (real $). Modeled value above 58% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (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 #687 of 1,101.

This companyCohort peer
$10.0M$100.0M$1.0M$10.0MCapital raised (log)Esperos, Inc. · Seed Raised $4.0M · modeled $74.4M (est)AL International Holdings Inc. · Seed Raised $4.0M · modeled $74.4M (est)Clean Beam, LLC · Seed Raised $4.0M · modeled $74.4M (est)SEAM Group Holdings, LLC · Seed Raised $4.0M · modeled $74.4M (est)HemTex Holdings, LLC · Seed Raised $4.0M · modeled $74.4M (est)BlueStripe Inc. · Seed Raised $4.0M · modeled $74.4M (est)Yardstik, Inc. · Seed Raised $4.0M · modeled $74.4M (est)Labyrinthe Holdings Corp · Seed Raised $4.0M · modeled $74.4M (est)INSIDE THESE CASTLE WALLS DEVELOPMENT Ltd LIABILITY Co · Seed Raised $4.0M · modeled $74.4M (est)Exotic Breeding Partnership LLC 5 · Seed Raised $4.0M · modeled $74.4M (est)Phg Oz I, Llc · Seed Raised $4.0M · modeled $73.7M (est)Betasv L.P. · Seed Raised $4.0M · modeled $73.3M (est)H-Source Holdings Ltd. (this company) Raised $5.0M · modeled $23.3M (est)H-Source Holdings Ltd.
CompanyStageRaised · realValue · estvs peer med.
Esperos, Inc.Seed$4.0M$74.4M2.67×
AL International Holdings Inc.Seed$4.0M$74.4M2.67×
Clean Beam, LLCSeed$4.0M$74.4M2.67×
SEAM Group Holdings, LLCSeed$4.0M$74.4M2.67×
HemTex Holdings, LLCSeed$4.0M$74.4M2.67×
BlueStripe Inc.Seed$4.0M$74.4M2.67×
Yardstik, Inc.Seed$4.0M$74.4M2.67×
Labyrinthe Holdings CorpSeed$4.0M$74.4M2.67×
INSIDE THESE CASTLE WALLS DEVELOPMENT Ltd LIABILITY CoSeed$4.0M$74.4M2.67×
Exotic Breeding Partnership LLC 5Seed$4.0M$74.4M2.67×
Phg Oz I, LlcSeed$4.0M$73.7M2.64×
Betasv L.P.Seed$4.0M$73.3M2.63×
H-Source Holdings Ltd. this companySeed$5.0M$23.3M0.84×
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$127K2015-08-31$706K$2.9M85%
Seed$2.2M2015-08-31$10.8M$40.0M85%
Pre-Seed$127K2015-08-31$706K$2.9M90%
Pre-Seed$127K2015-08-31$706K$2.9M85%
Seed$777K2016-04-18$3.9M$14.4M85%
Pre-Seed$729K2019-06-10$4.1M$16.9M90%
Seed$663K2019-06-10$3.3M$12.3M90%
Seed$1.3M2019-07-23$6.3M$23.3M90%
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$127K2015-08-31
    • First recorded raise — entered as Pre-Seed.
    • 3 investors on this round.
  2. Seed$2.2M2015-08-31
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 16.9× larger than the prior — scaling up.
    • 28 investors on this round.
  3. Pre-Seed$127K2015-08-31
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 16.9× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  4. Pre-Seed$127K2015-08-31
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 3 investors on this round.
  5. Seed$777K2016-04-18
    • Raised 8 mo later, in step with the ~11 mo sector norm.
    • Round 6.1× larger than the prior — scaling up.
    • 9 investors on this round.
  6. Pre-Seed$729K2019-06-10
    • Raised again after 38 mo — slower than the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
  7. Seed$663K2019-06-10
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
  8. Seed$1.3M2019-07-23
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 1.9× larger than the prior — scaling up.
    • 15 investors on this round.
Intelligence
2020 ~Q1
Modeled next raise · ~7mo cadence
$2.4M
Modeled next size est.range $1.5M$3.8M
1.9×
Last step-up
$1.3M/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
JIM MURRAY WALDEN1 other2015-08
JOHN KUPICE1 other2015-08
DENISE P LOK2015-08
MARTIN P HUBBES2019-06
NICOLE J ALTENBURG2019-06
RICHARD J UMBDENSTOCK2015-08
RONALD P OVERSTREET2015-08
SAVIO P CHIU2015-08
Registry & provenance

H-Source Holdings Ltd. 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
1653031
SEC CIK
2014
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
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Caddis Funding, LLCOtherSeed$4.4M$23.6Msame sector · same stage
Rev Gum, LLCOtherSeed$5.6M$23.4Msame sector · same stage
Aerocarveus CorpOtherSeed$4.2M$23.2Msame sector · same stage
GoShare, Inc.OtherSeed$6.0M$23.5Msame sector · same stage
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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
Pure H20 Holdings, Inc.OtherPre-Seed$6.6M84%
Green Source Holdings LlcOtherSeries B$12.1M83%
Hygh Ag LtdOtherSeries B$402.9M83%
HTX SL Holdings, LLCOtherSeries A$75.7M83%
HVG Holdings, LLCOtherSeries D+$2.3B83%
Source M&M Holdings, LLCOtherPre-Seed$14.8M82%
Sourcely Holdings, Inc.OtherSeed$39.5M82%
H Plus Holdings LLCOtherSeed$2.3M82%
Frequently asked
How much funding has H-Source Holdings Ltd. raised?
H-Source Holdings Ltd. has raised approximately $5.0M in disclosed capital across 5 recorded financing rounds, aggregated from public filings.
What is H-Source Holdings Ltd.'s estimated valuation?
Provath's modeled valuation for H-Source Holdings Ltd. is approximately $23.3M (modeled range $1.1M–$182.8M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is H-Source Holdings Ltd. at?
H-Source Holdings Ltd.'s latest modeled financing stage is Seed. Its most recent recorded round closed around Tue Jul 23.
What does H-Source Holdings Ltd. do and where is it based?
H-Source Holdings Ltd. operates in the Other sector, based in VANCOUVER.
Explore related

See where H-Source Holdings Ltd. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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