Companies · Other

Neptune Topco Holdings, LLC

Fort Worth · Other

Diligence memoA one-page analyst read on Neptune Topco Holdings, LLC — recommendation, valuation, rhythm, risks.
$167.8M
Total raised · real
21
Rounds
2.0×
Latest step-up
Top 3%
Sector rank · raised
Recurring offerings
Latest stage · inferred · Wed Oct 29 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Neptune Topco Holdings, LLC has raised $168M over 21 rounds; too few niche peers to rank its valuation yet.

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.

Active
  • Last raise 8 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.

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

Recurring offering issuerhigh confidence

Neptune Topco Holdings, LLC behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Program-like
Frequent filings and follow-ons read more like a securities offering program than discrete startup rounds.
Lifecycle
5.4 yr record
Peak capital year was 2022 with $129.8M across 8 filings.
Market position
ahead of 98% of Other peers
Capital scale is ahead of 98% of Other 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
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
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • 21 dated financing filings, averaging about 3 months apart.
  • 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 2022: $129.8M across 8 filings.
  • Largest single filing was $54.5M on 2022-07-20.
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.
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

Neptune Topco Holdings, LLC is one of 25015 Other companies tracked from Fort Worth. By capital raised it ranks among the largest (ahead of 98% 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
5
Investors (latest)
2025-10-29
First sale
Amount raised vs valuation, by year

This issuer has a dense recurring filing history, so the chart groups filings by year. Solid bars are annual reported capital reported; hatched bars show the latest modeled value est. observed in that year. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Annual capital raised · realLatest value in year · estCumulative funded · real

Dense history compressed: 21 filings shown as 5 yearly buckets. Hover a bucket for filing count, annual capital, and latest modeled value.

$0$50M$100M$150M$200M2021: 4 filings Raised $28M total (real) Latest modeled valuation $1.5M (est)20214 filings2022: 8 filings Raised $130M total (real) Latest modeled valuation $59M (est)20228 filings2023: 4 filings Raised $2.4M total (real) Latest modeled valuation $2.8M (est)20234 filings2024: 3 filings Raised $4.5M total (real) Latest modeled valuation $22M (est)20243 filings2025: 2 filings Raised $2.8M total (real) Latest modeled valuation $11M (est)20252 filings+$130M+$2.4M+$4.5M+$2.8MCumulative $168M

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

This looks like a recurring offering series, so a VC stage ladder would be misleading. Showing the filed offering sequence instead.

Initial offering$557K · 2021
Follow-on offering$24.0M · 2021
Follow-on offering$3.6M · 2021
Follow-on offering$130K · 2021
Follow-on offering$46.3M · 2022
Follow-on offering$19.6M · 2022
Follow-on offering$892K · 2022
Follow-on offering$2.4M · 2022
Follow-on offering$54.5M · 2022
Follow-on offering$242K · 2022
Follow-on offering$594K · 2022
Follow-on offering$5.3M · 2022
Follow-on offering$601K · 2023
Follow-on offering$275K · 2023
Follow-on offering$1.2M · 2023
Follow-on offering$321K · 2023
Follow-on offering$138K · 2024
Follow-on offering$1.2M · 2024
Follow-on offering$3.2M · 2024
Follow-on offering$953K · 2025
Follow-on offering$1.9M · 2025
Modeled valuation trajectory
$11.1M
Base estimate est.
$7.2M
Conservative case
$14.0M
Upside case
$12.4M
Modeled post-money

This issuer files recurring offerings, so the model treats stage labels as a loose sizing heuristic, not a clean VC ladder. The estimate anchors on reported filing amounts and dates, then applies benchmark dilution, survival, and markup assumptions. Directional, not a quoted figure.

Pre-Seed · modeled $9.9M · 2021-02-032021Series B · modeled $281.4M · 2021-11-29Series B · modeled $42.1M · 2021-11-30Series B · modeled $1.5M · 2021-12-31Series C · modeled $560.5M · 2022-03-31Series C · modeled $233.5M · 2022-04-30Series C · modeled $10.3M · 2022-06-24Series C · modeled $28.3M · 2022-06-24Series C · modeled $621.7M · 2022-07-20Series C · modeled $2.7M · 2022-09-09Series C · modeled $6.6M · 2022-09-09Series C · modeled $59.0M · 2022-09-09Series C · modeled $5.9M · 2023-04-30Series C · modeled $2.4M · 2023-11-30Series C · modeled $10.1M · 2023-11-30Series C · modeled $2.8M · 2023-11-30Series C · modeled $1.1M · 2024-05-27Series C · modeled $9.5M · 2024-05-27Series C · modeled $22.4M · 2024-12-31Series C · modeled $6.0M · 2025-07-03Series C · modeled $11.1M · 2025-10-292025
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
78%
Survival probability
58% low · 90% high
1.22×/yr
Annual markup
1.40×/yr upside case
0.7 yr
Elapsed time used
0.7 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
3 mo
Avg between rounds
$35.5M/yr
Capital velocity
5.4 yr
On record since
2021
First round
21
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) 82× above median
This company$167.8M
Sector median$2.0M
Modeled value — vs sector median (estimate, all stages) 0.6× of median
This company$11.1M
Sector median$17.7M

Raised more than 98% of sector peers (real $). Modeled value above 40% of peers (estimate).

Full financing history

This issuer files too frequently for VC stage labels to be meaningful, so rows are shown as initial/follow-on offerings est. instead of Pre-Seed/Seed/Series buckets.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Initial offering$557K2021-02-03$3.1M$9.9M90%
Follow-on offering$24.0M2021-11-29$133.3M$281.4M90%
Follow-on offering$3.6M2021-11-30$20.0M$42.1M90%
Follow-on offering$130K2021-12-31$722K$1.5M90%
Follow-on offering$46.3M2022-03-31$308.3M$560.5M90%
Follow-on offering$19.6M2022-04-30$130.6M$233.5M90%
Follow-on offering$892K2022-06-24$5.9M$10.3M90%
Follow-on offering$2.4M2022-06-24$16.3M$28.3M90%
Follow-on offering$54.5M2022-07-20$363.3M$621.7M90%
Follow-on offering$242K2022-09-09$1.6M$2.7M90%
Follow-on offering$594K2022-09-09$4.0M$6.6M90%
Follow-on offering$5.3M2022-09-09$35.5M$59.0M90%
Follow-on offering$601K2023-04-30$4.0M$5.9M90%
Follow-on offering$275K2023-11-30$1.8M$2.4M90%
Follow-on offering$1.2M2023-11-30$7.8M$10.1M90%
Follow-on offering$321K2023-11-30$2.1M$2.8M90%
Follow-on offering$138K2024-05-27$917K$1.1M90%
Follow-on offering$1.2M2024-05-27$8.0M$9.5M90%
Follow-on offering$3.2M2024-12-31$21.3M$22.4M90%
Follow-on offering$953K2025-07-03$6.4M$6.0M90%
Follow-on offering$1.9M2025-10-29$12.4M$11.1M90%
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. Initial offering$557K2021-02-03
    • First recorded raise — entered as Initial offering.
    • 15 investors on this round.
  2. Follow-on offering$24.0M2021-11-29
    • Raised 10 mo later, in step with the ~11 mo sector norm.
    • Round 43.1× larger than the prior — scaling up.
    • 13 investors on this round.
  3. Follow-on offering$3.6M2021-11-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 6.7× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  4. Follow-on offering$130K2021-12-31
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 27.6× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  5. Follow-on offering$46.3M2022-03-31
    • Came back fast: 3 mo vs the ~11 mo sector norm.
    • Round 355.7× larger than the prior — scaling up.
    • 8 investors on this round.
  6. Follow-on offering$19.6M2022-04-30
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 2.4× smaller than the prior — bridge or down round.
    • 9 investors on this round.
  7. Follow-on offering$892K2022-06-24
    • Came back fast: 2 mo vs the ~11 mo sector norm.
    • Round 22.0× smaller than the prior — bridge or down round.
    • 11 investors on this round.
  8. Follow-on offering$2.4M2022-06-24
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.7× larger than the prior — scaling up.
    • 14 investors on this round.
  9. Follow-on offering$54.5M2022-07-20
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 22.2× larger than the prior — scaling up.
    • 8 investors on this round.
  10. Follow-on offering$242K2022-09-09
    • Came back fast: 2 mo vs the ~11 mo sector norm.
    • Round 225.5× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  11. Follow-on offering$594K2022-09-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.5× larger than the prior — scaling up.
    • 31 investors on this round.
  12. Follow-on offering$5.3M2022-09-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 9.0× larger than the prior — scaling up.
    • 28 investors on this round.
  13. Follow-on offering$601K2023-04-30
    • Raised 8 mo later, in step with the ~11 mo sector norm.
    • Round 8.9× smaller than the prior — bridge or down round.
    • 7 investors on this round.
  14. Follow-on offering$275K2023-11-30
    • Raised 7 mo later, in step with the ~11 mo sector norm.
    • Round 2.2× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  15. Follow-on offering$1.2M2023-11-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 4.2× larger than the prior — scaling up.
    • 6 investors on this round.
  16. Follow-on offering$321K2023-11-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 3.6× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  17. Follow-on offering$138K2024-05-27
    • Came back fast: 6 mo vs the ~11 mo sector norm.
    • Round 2.3× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  18. Follow-on offering$1.2M2024-05-27
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 8.7× larger than the prior — scaling up.
    • 5 investors on this round.
  19. Follow-on offering$3.2M2024-12-31
    • Raised 7 mo later, in step with the ~11 mo sector norm.
    • Round 2.7× larger than the prior — scaling up.
    • 7 investors on this round.
  20. Follow-on offering$953K2025-07-03
    • Came back fast: 6 mo vs the ~11 mo sector norm.
    • Round 3.4× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 506(c)).
    • 6 investors on this round.
  21. Follow-on offering$1.9M2025-10-29
    • Came back fast: 4 mo vs the ~11 mo sector norm.
    • Round 2.0× larger than the prior — scaling up.
    • 5 investors on this round.
Intelligence
2026 ~Q1
Modeled next raise · ~3mo cadence
$3.7M
Modeled next size est.range $2.4M$5.8M
2.0×
Last step-up
$35.5M/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
William Miller11 other2022-04
William D. Miller7 other2024-12
Bryan Perkins2 other2021-02
Mary Gallagher2 other2021-02
Bonnie Peat1 other2021-11
Josh Weisenbeck1 other2021-02
Justin Tucker1 other2021-02
Kevin Layne1 other2021-02
Marc McLeroy1 other2023-11
Robert Recer1 other2021-02
Vance Serchuk1 other2022-04
Bonnie D. Peat2024-12
Bonnie T. Peat2023-11
Bryan D. Perkins2024-12
Bryan T. Perkins2023-11
John Weisenbeck2023-04
Josh D. Weisenbeck2024-12
Josh T. Weisenbeck2023-11
Kevin D. Layne2024-12
Kevin T. Layne2023-11
Marc D. McLeroy2024-12
Marc Leroy2023-04
Marc T. McLeroy2023-11
Mary D. Gallagher2024-12
Registry & provenance

Neptune Topco Holdings, 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
1846636
SEC CIK
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.

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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
Neptune Management Topco Holdings, LLCOtherSeries B$2.0M99%
Neptune Parent Topco LLCOtherSeries D+$2.3B93%
Mercury Topco Holdings, Inc.OtherSeries A$45.2M91%
NMI Topco, LLCOtherSeries B$201.2M88%
Top Holdings, LLCOtherPre-Seed$1.9M88%
Rand Topco, LLCOtherSeed$5.4M87%
Maverick Topco, LLCOtherSeed$17.9M87%
Geo Topco CorpOtherSeries A$8.5M86%
Frequently asked
How much funding has Neptune Topco Holdings, LLC raised?
Neptune Topco Holdings, LLC has raised approximately $167.8M in disclosed capital across 21 recorded financing rounds, aggregated from public filings.
What is Neptune Topco Holdings, LLC's estimated valuation?
Provath's modeled valuation for Neptune Topco Holdings, LLC is approximately $11.1M (modeled range $7.2M–$14.0M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Neptune Topco Holdings, LLC at?
Neptune Topco Holdings, LLC shows a recurring offering pattern rather than a clean VC stage progression. Its most recent recorded round closed around Wed Oct 29.
What does Neptune Topco Holdings, LLC do and where is it based?
Neptune Topco Holdings, LLC operates in the Other sector, based in Fort Worth.
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