Companies · Other

Penn Topco, Inc.

SAN FRANCISCO · Other

Diligence memoA one-page analyst read on Penn Topco, Inc. — recommendation, valuation, rhythm, risks.
$252.0M
Total raised · real
1
Rounds
Latest step-up
Top 2%
Sector rank · raised
Series D+
Latest stage · inferred · Fri Sep 29 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

Penn Topco, Inc. looks over-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.

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 1.97× the median modeled value of Series D+ Other companies in 2022–2024 (109 peers) — value vs value, same stage and era.
At-risk
  • Last raise 2.8 yr ago; this sector typically re-raises about every 11 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
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

Penn Topco, Inc. is one of 25008 Other companies tracked from SAN FRANCISCO. By capital raised it ranks among the largest (ahead of 99% 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
7
Investors (latest)
2023
Year incorporated
2023-09-29
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$1.3B$2.5B$3.8B$5.0BSeries D+ · 2023-09-29 Raised $252M (real) Modeled valuation $2.7B (est)$252M$2.7BSeries D+2023

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 D+$252.0M · 2023

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 17%.

Modeled valuation trajectory
$2.7B
Base estimate est.
$1.4B
Conservative case
$4.1B
Upside case
$2.1B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Not enough modeled valuation points to chart a trajectory.

Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
85%
Survival probability
68% low · 94% high
1.16×/yr
Annual markup
1.30×/yr upside case
2.8 yr
Elapsed time used
2.8 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
Avg between rounds
Capital velocity
2.8 yr
On record since
2023
First round
1
Rounds on file
How it compares to the market

Benchmarked against 25008 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) 123× above median
This company$252.0M
Sector median$2.0M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 2.0× above median
This company$252.0M
Sector median$125.1M
Modeled value — vs sector median (estimate, all stages) 152× above median
This company$2.7B
Sector median$17.7M

Raised more than 99% of sector peers (real $). Modeled value above 99% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) 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 #13 of 109.

This companyCohort peer
$1.0B$10.0B$100.0M$1.0BCapital raised (log)Getaround, Inc · Series D+ Raised $380.7M · modeled $5.0B (est)Relentless Topco, Inc. · Series D+ Raised $384.2M · modeled $4.9B (est)NQ PE Project Colosseum Parent, L.P. · Series D+ Raised $359.0M · modeled $4.4B (est)Cowboy Topco, Inc. · Series D+ Raised $328.1M · modeled $4.3B (est)Office Topco, Llc · Series D+ Raised $302.1M · modeled $4.1B (est)Litera Holdco LP · Series D+ Raised $854.9M · modeled $3.7B (est)Ergotron Investments, LLC · Series D+ Raised $287.5M · modeled $3.7B (est)Bolt Financial, Inc. · Series D+ Raised $756.7M · modeled $3.5B (est)Lambda, Inc./DE · Series D+ Raised $359.7M · modeled $3.4B (est)FS NU Investors LP · Series D+ Raised $264.8M · modeled $3.3B (est)AuditBoard HoldCo L.P. · Series D+ Raised $330.2M · modeled $2.9B (est)Atlantic Fields Club, LLC · Series D+ Raised $229.2M · modeled $2.8B (est)Penn Topco, Inc. (this company) Raised $252.0M · modeled $2.7B (est)Penn Topco, Inc.
CompanyStageRaised · realValue · estvs peer med.
Getaround, IncSeries D+$380.7M$5.0B3.66×
Relentless Topco, Inc.Series D+$384.2M$4.9B3.60×
NQ PE Project Colosseum Parent, L.P.Series D+$359.0M$4.4B3.26×
Cowboy Topco, Inc.Series D+$328.1M$4.3B3.15×
Office Topco, LlcSeries D+$302.1M$4.1B3.04×
Litera Holdco LPSeries D+$854.9M$3.7B2.73×
Ergotron Investments, LLCSeries D+$287.5M$3.7B2.70×
Bolt Financial, Inc.Series D+$756.7M$3.5B2.60×
Lambda, Inc./DESeries D+$359.7M$3.4B2.50×
FS NU Investors LPSeries D+$264.8M$3.3B2.45×
AuditBoard HoldCo L.P.Series D+$330.2M$2.9B2.15×
Atlantic Fields Club, LLCSeries D+$229.2M$2.8B2.04×
Penn Topco, Inc. this companySeries D+$252.0M$2.7B1.97×
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 D+$252.0M2023-09-29$2.1B$2.7B90%
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 D+$252.0M2023-09-29
    • First recorded raise — entered as Series D+.
    • 7 investors on this round.
Intelligence
Modeled next raise
$403.2M
Modeled next size est.range $262.1M$645.1M
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
Martin A. Taylor15 other2023-09
Jacob H. Hodgman1 other2023-09
ANGELA H. PECORARO2023-09
Registry & provenance

Penn Topco, Inc. 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
1995757
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
Ousland Holdings, Inc.OtherSeries D+$239.5M$4.1Bnetwork1 shared operator · same sector · same stage
NAVEX TopCo, Inc.OtherSeries D+$213.9M$3.7Bnetwork1 shared operator · same sector · same stage
Optimize Topco, Inc.OtherSeries D+$372.0M$6.4Bnetwork1 shared operator · same sector · same stage
Tomahawk Holdings, Inc.OtherSeries D+$390.0M$6.7Bnetwork1 shared operator · same sector · same stage
Taupo Holding, Inc.OtherSeries D+$152.0M$2.6Bnetwork1 shared operator · same sector · same stage
Millennium Park Topco, LLCOtherSeries D+$604.4M$4.4Bnetwork1 shared operator · same sector · same stage
STATS Holdings, LLCOtherSeries D+$105.0M$1.8Bnetwork1 shared operator · same sector · same stage
ACL Services Ltd.OtherSeries D+$250.0M$3.9Bsame 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
Pm Topco Inc.OtherSeries B$371.5M90%
Nemo Topco, Inc.OtherGrowth/Late$9.6B89%
Andor Topco, Inc.OtherGrowth/Late$6.7B89%
Mountain Topco, Inc.OtherGrowth/Late$6.5B89%
Cowboy Topco, Inc.OtherSeries D+$4.3B89%
FLI Topco, LLCOtherSeries B$402.6M88%
Deerfield TopCo CorpOtherSeries D+$10.4M88%
Coney Topco, LlcOtherSeries C$1.1B88%
Frequently asked
How much funding has Penn Topco, Inc. raised?
Penn Topco, Inc. has raised approximately $252.0M in disclosed capital across 1 recorded financing round, aggregated from public filings.
What is Penn Topco, Inc.'s estimated valuation?
Provath's modeled valuation for Penn Topco, Inc. is approximately $2.7B (modeled range $1.4B–$4.1B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Penn Topco, Inc. at?
Penn Topco, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Fri Sep 29.
What does Penn Topco, Inc. do and where is it based?
Penn Topco, Inc. operates in the Other sector, based in SAN FRANCISCO.
Explore related

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

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