Companies · Other Technology

Rarestep, Inc.

BIRMINGHAM · Other Technology

Diligence memoA one-page analyst read on Rarestep, Inc. — recommendation, valuation, rhythm, risks.
$623.3M
Total raised · real
4
Rounds
3.1×
Latest step-up
Top 1%
Sector rank · raised
Growth/Late
Latest stage · inferred · Thu Mar 20 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Rarestep, Inc. looks fair against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the technology sector profile.

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

Fair
  • Modeled value is 1.05× the median modeled value of Growth/Late Other Technology companies in 2025–2027 (9 peers) — value vs value, same stage and era.
  • Within the normal band (105% of peer median) for its niche.
Active
  • Last raise 15 mo ago; this sector typically re-raises about every 13 months.
  • Raising on or ahead of the sector's normal rhythm.
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 Technology

Rarestep, Inc. is one of 21292 Other Technology companies tracked from BIRMINGHAM. By capital raised it ranks among the largest (ahead of 100% 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
5
Investors (latest)
2020
Year incorporated
2025-03-20
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$2.5B$5.0B$7.5B$10.0BSeed · 2019-03-15 Raised $3.5M (real) Modeled valuation $119M (est)$3.5M$119MSeed2019Series B · 2020-10-30 Raised $21M (real) Modeled valuation $573M (est)$21M$573MSeries B2020Series D+ · 2023-05-22 Raised $145M (real) Modeled valuation $2.2B (est)$145M$2.2BSeries D+2023Growth/Late · 2025-03-20 Raised $454M (real) Modeled valuation $5.3B (est)$454M$5.3BGrowth/Late2025+$21M+$145M+$454MCumulative $623M

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
Seed$3.5M · 2019
Series B$21.1M · 2020no Series A on file
Series D+$144.7M · 2023no Series C on file
Growth/Late$454.0M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Series A, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 57%.

Modeled valuation trajectory
$5.3B
Base estimate est.
$3.5B
Conservative case
$6.4B
Upside case
$4.5B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Growth/Latea round over $400M). Valuation is modeled from stage benchmarks scaled by the technology sector profile. Directional, not a quoted figure.

Seed · modeled $119.3M · 2019-03-152019Series B · modeled $572.7M · 2020-10-30Series D+ · modeled $2.2B · 2023-05-22Growth/Late · modeled $5.3B · 2025-03-202025
Model inputs · modeled:benchmark-stage-stepup-v1
10%
Dilution assumption
Implied ownership sold in the financing.
88%
Survival probability
76% low · 95% high
1.24×/yr
Annual markup
1.35×/yr upside case
1.3 yr
Elapsed time used
1.3 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
24 mo
Avg between rounds
$103.6M/yr
Capital velocity
7.3 yr
On record since
2019
First round
4
Rounds on file
How it compares to the market

Benchmarked against 21292 companies in Other Technology. 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) 196× above median
This company$623.3M
Sector median$3.2M
Latest round — vs other Growth/Late rounds in sector (real $, this stage) 0.9× of median
This company$454.0M
Sector median$500.0M
Modeled value — vs sector median (estimate, all stages) 142× above median
This company$5.3B
Sector median$37.3M

Raised more than 100% 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 (Growth/Late) 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 #4 of 9.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0B$100.0B$100.0M$1.0B$10.0BCapital raised (log)EssentaTor Inc. · Growth/Late Raised $1.5B · modeled $14.9B (est)Kalshi Inc. · Growth/Late Raised $1.3B · modeled $8.3B (est)nFusz, Inc. · Growth/Late Raised $600.2M · modeled $6.0B (est)MatX Inc. · Growth/Late Raised $647.8M · modeled $5.0B (est)Fluidstack Ltd · Growth/Late Raised $450.0M · modeled $4.4B (est)Ramp Business Corp · Growth/Late Raised $2.2B · modeled $3.1B (est)TransparentBusiness, Inc. · Growth/Late Raised $528.8M · modeled $116.6M (est)Asset Entities Inc. · Growth/Late Raised $760.1M · modeled $85.5M (est)Rarestep, Inc. (this company) Raised $623.3M · modeled $5.3B (est)Rarestep, Inc.
CompanyStageRaised · realValue · estvs peer med.
EssentaTor Inc.Growth/Late$1.5B$14.9B2.95×
Kalshi Inc.Growth/Late$1.3B$8.3B1.64×
nFusz, Inc.Growth/Late$600.2M$6.0B1.19×
Rarestep, Inc. this companyGrowth/Late$623.3M$5.3B1.05×
MatX Inc.Growth/Late$647.8M$5.0B1.00×
Fluidstack LtdGrowth/Late$450.0M$4.4B0.87×
Ramp Business CorpGrowth/Late$2.2B$3.1B0.62×
TransparentBusiness, Inc.Growth/Late$528.8M$116.6M0.02×
Asset Entities Inc.Growth/Late$760.1M$85.5M0.02×
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.
Seed$3.5M2019-03-15$17.5M$119.3M90%
Series B$21.1M2020-10-30$117.4M$572.7M90%
Series D+$144.7M2023-05-22$1.2B$2.2B90%
Growth/Late$454.0M2025-03-20$4.5B$5.3B90%
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. Seed$3.5M2019-03-15
    • First recorded raise — entered as Seed.
    • 7 investors on this round.
  2. Series B$21.1M2020-10-30
    • Raised 20 mo later, in step with the ~13 mo sector norm.
    • Round 6.0× larger than the prior — scaling up.
    • 7 investors on this round.
  3. Series D+$144.7M2023-05-22
    • Raised again after 31 mo — slower than the ~13 mo sector norm.
    • Round 6.8× larger than the prior — scaling up.
    • 4 investors on this round.
  4. Growth/Late$454.0M2025-03-20
    • Raised again after 22 mo — slower than the ~13 mo sector norm.
    • Round 3.1× larger than the prior — scaling up.
    • 5 investors on this round.
Intelligence
2027 ~Q1
Modeled next raise · ~24mo cadence
$1.4B
Modeled next size est.range $885.3M$2.2B
3.1×
Last step-up
$103.6M/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
Jeremiah Daly6 other2020-10
Anthony Summerville2019-03
Brendon D. Hardin2025-03
Christopher D. De Souza2025-03
Jack D. Connolly2025-03
John D. Connolly2025-03
Jonathan D. Sides2020-10
Jonathan Sides2019-03
Lee D. Styslinger III2025-03
Matt D. Mandel2025-03
Meachin Jon2025-03
Registry & provenance

Rarestep, 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
1771388
SEC CIK
2020
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
nFusz, Inc.Other TechnologyGrowth/Late$600.2M$6.0Bsame sector · same stage
MatX Inc.Other TechnologyGrowth/Late$647.8M$5.0Bsame sector · same stage
KnowBe4, Inc.Other TechnologySeries D+$384.2M$9.8Bnetwork1 shared operator · same sector
Znode, Inc.Other TechnologyGrowth/Late$501.0M$4.4Bsame sector · same stage
Aestas Management Company, LLCOther TechnologyGrowth/Late$495.9M$8.8Bsame sector · same stage
Zoox, Inc.Other TechnologyGrowth/Late$815.4M$6.5Bsame sector · same stage
Fluidstack LtdOther TechnologyGrowth/Late$450.0M$4.4Bsame sector · same stage
ThreatLocker, Inc.Other TechnologySeries C$217.4M$447.9Mnetwork1 shared operator · same 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
RareMint LtdOther TechnologyPre-Seed$10.6M89%
Rare Bits, Inc.Other TechnologySeries A$198.1M88%
Pulsesg, Inc.Other TechnologySeries A$139.3M84%
Rarefied Atmosphere, Inc.Other TechnologySeries C$993.4M84%
PreciseTarget, Inc.Other TechnologySeries A$183.8M83%
Small Step, Inc.Other TechnologyPre-Seed$1.2M83%
UncommonX Inc.Other TechnologySeries A$4.6M83%
StepChange Inc.Other TechnologyPre-Seed$1.1M83%
Frequently asked
How much funding has Rarestep, Inc. raised?
Rarestep, Inc. has raised approximately $623.3M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Rarestep, Inc.'s estimated valuation?
Provath's modeled valuation for Rarestep, Inc. is approximately $5.3B (modeled range $3.5B–$6.4B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Rarestep, Inc. at?
Rarestep, Inc.'s latest modeled financing stage is Growth/Late. Its most recent recorded round closed around Thu Mar 20.
What does Rarestep, Inc. do and where is it based?
Rarestep, Inc. operates in the Other Technology sector, based in BIRMINGHAM.
Explore related

See where Rarestep, 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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