Diligence memo · auto-generated · as of July 2, 2026
REF Topco, Inc.
REF Topco, Inc. looks under-valued against its niche peers and is active on financing cadence.
Businessfiled
REF Topco, Inc. operates in Other, based in NEW YORK.
Sector still resolves to a broad 'Other' bucket, so operating comparables below are weaker than for a tightly-classified peer.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
REF Topco, Inc. has raised $220M in disclosed capital across 9 recorded rounds, aggregated from public filings. Its latest round is modeled as Series D+ (a $100M–$400M round).
Largest single filing: $175M on 2019-08-24.
Most recent recorded round closed around 2025-05-13.
Valuation (modeled)modeled
Provath models REF Topco, Inc. at approximately $1.6M (range $1.1M–$2.1M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.00× the median modeled value of Series D+ Other companies in 2025–2027 (50 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 5 months.
Last raise 14 mo ago; this sector typically re-raises about every 11 months.
Raising on or ahead of the sector's normal rhythm.
The last round was 3.5× smaller than the prior — a bridge or down round.
Comparablesmixed
Capital scale ranks ahead of 98% of Other peers (25015 compared).
Modeled value ranks above 9% of those peers.
Closest niche peers: AP Adhesives Acquisitions, Inc., INNOVATE Corp., Curaleaf Holdings, Inc., Phantom Parent, LP, Impulse Space, Inc..
Peoplefiled
7 named people on file across officers, directors and signatories.
Risks & flagsmixed
Broad sector classification weakens peer comparison.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.