Companies · Manufacturing

Pelican TopCo LLC

New York · Manufacturing

Diligence memoA one-page analyst read on Pelican TopCo LLC — recommendation, valuation, rhythm, risks.
$91.2M
Total raised · real
1
Rounds
0.9×
Latest step-up
Top 6%
Sector rank · raised
Series C
Latest stage · inferred · Thu Aug 01 2019 00:00:00 GMT+0000 (Coordinated Universal Time)

Pelican TopCo LLC looks over-valued 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. Valuation uses the manufacturing sector profile.

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

Over-valued
  • Modeled value is 1.90× the median modeled value of Series C Manufacturing companies in 2019–2021 (19 peers) — value vs value, same stage and era.
Dormant
  • Last raise 6.9 yr ago; this sector typically re-raises about every 12 months.
  • Only one round on record and long silent — often defunct, acquired, or gone quiet.

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

Issuer-vehicle patternmedium confidence

Pelican 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
6.9 yr record
Peak capital year was 2019 with $174.2M across 2 filings.
Market position
ahead of 95% of Manufacturing peers
Capital scale is ahead of 95% of Manufacturing peers; modeled value is above 97% 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Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.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 2019: $174.2M across 2 filings.
  • Largest single filing was $91.2M on 2019-08-01.
  • Filing rows sum to $174.2M, while canonical raised total is $91.2M; 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 Manufacturing

Pelican TopCo LLC is one of 3257 Manufacturing companies tracked from New York. By capital raised it ranks among the largest (ahead of 95% of sector peers), and among the largest 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
35
Investors (latest)
2019
Year incorporated
2019-08-01
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 · 2019-08-01 Raised $91M (real) Modeled valuation $1.0B (est)$91M$1.0BSeries C2019Series C · 2019-08-01 Raised $83M (real) Modeled valuation $939M (est)$83M$939MSeries C2019+$83MCumulative $174M

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$91.2M · 2019
Series C extension$83.0M · 2019

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
$1.0B
Base estimate est.
$359.5M
Conservative case
$2.7B
Upside case
$607.7M
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 manufacturing sector profile. Directional, not a quoted figure.

Series C · modeled $1.0B · 2019-08-012019Series C · modeled $939.1M · 2019-08-012019
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
80%
Survival probability
59% low · 92% high
1.14×/yr
Annual markup
1.30×/yr upside case
6.0 yr
Elapsed time used
6.9 yr actual, capped for stale marks
manufacturing
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
0 mo
Avg between rounds
Capital velocity
6.9 yr
On record since
2019
First round
2
Rounds on file
How it compares to the market

Benchmarked against 3257 companies in Manufacturing. 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) 45× above median
This company$91.2M
Sector median$2.0M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.8× above median
This company$83.0M
Sector median$47.3M
Modeled value — vs sector median (estimate, all stages) 86× above median
This company$1.0B
Sector median$12.0M

Raised more than 95% of sector peers (real $). Modeled value above 97% 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 #1 of 19.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)ICM Holdco I Corp. · Series C Raised $93.4M · modeled $1.0B (est)Shaw Acquisitions Holdings, LLC · Series C Raised $75.9M · modeled $741.1M (est)GCP HGR Holdings, Inc. · Series C Raised $67.2M · modeled $672.0M (est)Sambazon Inc · Series C Raised $116.1M · modeled $660.3M (est)Madison Industries Holdings LLC · Series C Raised $57.0M · modeled $644.6M (est)Particle Works, Inc. · Series C Raised $50.4M · modeled $569.7M (est)Loop Industries, Inc. · Series C Raised $62.7M · modeled $558.9M (est)Renmatix, Inc. · Series C Raised $141.3M · modeled $550.4M (est)Fast Radius, Inc. · Series C Raised $56.8M · modeled $543.4M (est)Innopak Holdings, LLC · Series C Raised $47.4M · modeled $536.5M (est)S.P. Richards Co · Series C Raised $55.0M · modeled $486.6M (est)Pelican TopCo LLC (this company) Raised $91.2M · modeled $1.0B (est)Pelican TopCo LLC
CompanyStageRaised · realValue · estvs peer med.
Pelican TopCo LLC this companySeries C$91.2M$1.0B1.90×
ICM Holdco I Corp.Series C$93.4M$1.0B1.86×
Shaw Acquisitions Holdings, LLCSeries C$75.9M$741.1M1.36×
GCP HGR Holdings, Inc.Series C$67.2M$672.0M1.24×
Sambazon IncSeries C$116.1M$660.3M1.22×
Madison Industries Holdings LLCSeries C$57.0M$644.6M1.19×
Particle Works, Inc.Series C$50.4M$569.7M1.05×
Loop Industries, Inc.Series C$62.7M$558.9M1.03×
Renmatix, Inc.Series C$141.3M$550.4M1.01×
Fast Radius, Inc.Series C$56.8M$543.4M1.00×
Innopak Holdings, LLCSeries C$47.4M$536.5M0.99×
S.P. Richards CoSeries C$55.0M$486.6M0.90×
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$91.2M2019-08-01$607.7M$1.0B90%
Series C$83.0M2019-08-01$553.3M$939.1M90%
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. Series C$91.2M2019-08-01
    • First recorded raise — entered as Series C.
    • 39 investors on this round.
  2. Series C$83.0M2019-08-01
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 35 investors on this round.
Intelligence
Modeled next raise
$83.0M
Modeled next size est.range $83.0M$132.8M
0.9×
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
Dan Zamlong1 other2019-08
Jeffrey Goldfaden1 other2019-08
Keith LaVanway2019-08
Kevin Baudhuin2019-08
Registry & provenance

Pelican 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
1785579
SEC CIK
2019
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
WP Deluxe Topco, LLCOtherSeries C$54.5M$934.5Mnetwork2 shared operators · same stage
ICM Holdco I Corp.ManufacturingSeries C$93.4M$1.0Bsame sector · same stage
eJoule International LtdManufacturingSeries C$88.8M$471.5Msame sector · same stage
Fireside CalAg, L.P.ManufacturingSeries C$93.6M$1.1Bsame sector · same stage
Tevva Motors LtdManufacturingSeries C$94.5M$455.4Msame sector · same stage
Home Products International IncManufacturingSeries C$87.8M$511.4Msame sector · same stage
Terwilliger Partners, LLCManufacturingSeries C$95.0M$454.0Msame sector · same stage
K&N Parent, Inc.ManufacturingSeries C$95.4M$1.1Bsame sector · same stage
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
Transcendia Topco Holdings, Inc.ManufacturingSeries C$801.5M85%
Wildcat TopCo, Inc.ManufacturingSeries B$247.8M83%
Topdown, Inc.ManufacturingSeries B$203.1M80%
Calco Holdings LLCManufacturingSeries B$186.4M80%
Peli Labs, Inc.ManufacturingPre-Seed$10.4M79%
Cenveo Enterprises, Inc.ManufacturingSeries B$264.6M79%
PEM Holding Co.ManufacturingSeries D+$706.6M79%
Spartan TopCo Corp.Other TechnologySeries C$602.3M78%
Frequently asked
How much funding has Pelican TopCo LLC raised?
Pelican TopCo LLC has raised approximately $91.2M in disclosed capital across 1 recorded financing round, aggregated from public filings.
What is Pelican TopCo LLC's estimated valuation?
Provath's modeled valuation for Pelican TopCo LLC is approximately $1.0B (modeled range $359.5M–$2.7B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Pelican TopCo LLC at?
Pelican TopCo LLC's latest modeled financing stage is Series C. Its most recent recorded round closed around Thu Aug 01.
What does Pelican TopCo LLC do and where is it based?
Pelican TopCo LLC operates in the Manufacturing sector, based in New York.
Explore related

See where Pelican TopCo LLC sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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