Companies · Other

TerrAscend Corp.

MISSISSAUGA · Other

Diligence memoA one-page analyst read on TerrAscend Corp. — recommendation, valuation, rhythm, risks.
$135.5M
Total raised · real
9
Rounds
0.9×
Latest step-up
Top 4%
Sector rank · raised
Series B
Latest stage · inferred · Fri May 22 2020 00:00:00 GMT+0000 (Coordinated Universal Time)

TerrAscend Corp. looks fair 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.

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

Fair
  • Modeled value is 1.19× the median modeled value of Series B Other companies in 2019–2021 (371 peers) — value vs value, same stage and era.
  • Within the normal band (119% of peer median) for its niche.
Dormant
  • Last raise 6.1 yr ago; this sector typically re-raises about every 11 months.
  • Silent for over 3× the sector's normal cadence.
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

TerrAscend Corp. is one of 25015 Other companies tracked from MISSISSAUGA. By capital raised it ranks among the largest (ahead of 97% 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
18
Investors (latest)
2017
Year incorporated
2020-05-22
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$250M$500M$750M$1.0BSeries B · 2019-05-15 Raised $23M (real) Modeled valuation $382M (est)Series B2019Series B · 2019-05-27 Raised $20M (real) Modeled valuation $327M (est)Series B2019Series B · 2019-06-06 Raised $38M (real) Modeled valuation $639M (est)Series B2019Series B · 2019-11-06 Raised $479K (real) Modeled valuation $8.0M (est)Series B2019Series B · 2019-11-26 Raised $2.0M (real) Modeled valuation $33M (est)Series B2019Series B · 2019-12-30 Raised $23M (real) Modeled valuation $377M (est)Series B2019Series B · 2020-01-10 Raised $4.2M (real) Modeled valuation $70M (est)Series B2020Series B · 2020-01-27 Raised $3.5M (real) Modeled valuation $58M (est)Series B2020Series B · 2020-05-22 Raised $21M (real) Modeled valuation $357M (est)Series B2020Series B · 2020-05-22 Raised $20M (real) Modeled valuation $326M (est)Series B2020+$20M+$38M+$479K+$2.0M+$23M+$4.2M+$3.5M+$21M+$20MCumulative $155M

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 B$23.0M · 2019
Series B extension$19.7M · 2019
Series B extension$38.5M · 2019
Series B extension$479K · 2019
Series B extension$2.0M · 2019
Series B extension$22.7M · 2019
Series B extension$4.2M · 2020
Series B extension$3.5M · 2020
Series B extension$21.5M · 2020
Series B extension$19.6M · 2020

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 25%.

Modeled valuation trajectory
$356.9M
Base estimate est.
$53.7M
Conservative case
$1.4B
Upside case
$119.3M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Series B · modeled $382.0M · 2019-05-152019Series B · modeled $327.1M · 2019-05-27Series B · modeled $639.0M · 2019-06-06Series B · modeled $8.0M · 2019-11-06Series B · modeled $33.2M · 2019-11-26Series B · modeled $376.9M · 2019-12-30Series B · modeled $69.9M · 2020-01-10Series B · modeled $58.1M · 2020-01-27Series B · modeled $356.9M · 2020-05-22Series B · modeled $326.4M · 2020-05-222020
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
68%
Survival probability
45% low · 83% high
1.28×/yr
Annual markup
1.55×/yr upside case
6.0 yr
Elapsed time used
6.1 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
1 mo
Avg between rounds
$132.7M/yr
Capital velocity
7.1 yr
On record since
2019
First round
10
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) 66× above median
This company$135.5M
Sector median$2.0M
Latest round — vs other Series B rounds in sector (real $, this stage) 1.0× above median
This company$19.6M
Sector median$19.6M
Modeled value — vs sector median (estimate, all stages) 20× above median
This company$356.9M
Sector median$17.7M

Raised more than 97% of sector peers (real $). Modeled value above 92% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) 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 #116 of 371.

This companyCohort peer
$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)MStar Holding Corp · Series B Raised $67.6M · modeled $645.8M (est)Chlorum Solutions Llc · Series B Raised $39.7M · modeled $627.2M (est)IFS Management Holdco, LLC · Series B Raised $37.5M · modeled $623.8M (est)Benefit Recovery Group, LLC · Series B Raised $40.0M · modeled $618.4M (est)Shenandoah Growers, Inc. · Series B Raised $74.2M · modeled $613.4M (est)Zmco Llc · Series B Raised $40.0M · modeled $610.5M (est)PathStream, Inc. · Series B Raised $38.8M · modeled $602.3M (est)MXY Holdings, LLC · Series B Raised $49.9M · modeled $597.0M (est)Ryzac, Inc. · Series B Raised $42.5M · modeled $594.3M (est)Plouton Datacenter I, Inc. · Series B Raised $35.3M · modeled $586.5M (est)Es Ei Llc · Series B Raised $35.3M · modeled $585.7M (est)Factor Law, Inc. · Series B Raised $36.3M · modeled $570.3M (est)TerrAscend Corp. (this company) Raised $135.5M · modeled $356.9M (est)TerrAscend Corp.
CompanyStageRaised · realValue · estvs peer med.
MStar Holding CorpSeries B$67.6M$645.8M2.16×
Chlorum Solutions LlcSeries B$39.7M$627.2M2.10×
IFS Management Holdco, LLCSeries B$37.5M$623.8M2.09×
Benefit Recovery Group, LLCSeries B$40.0M$618.4M2.07×
Shenandoah Growers, Inc.Series B$74.2M$613.4M2.05×
Zmco LlcSeries B$40.0M$610.5M2.04×
PathStream, Inc.Series B$38.8M$602.3M2.01×
MXY Holdings, LLCSeries B$49.9M$597.0M2.00×
Ryzac, Inc.Series B$42.5M$594.3M1.99×
Plouton Datacenter I, Inc.Series B$35.3M$586.5M1.96×
Es Ei LlcSeries B$35.3M$585.7M1.96×
Factor Law, Inc.Series B$36.3M$570.3M1.91×
TerrAscend Corp. this companySeries B$135.5M$356.9M1.19×
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 B$23.0M2019-05-15$127.7M$382.0M90%
Series B$19.7M2019-05-27$109.4M$327.1M90%
Series B$38.5M2019-06-06$213.7M$639.0M90%
Series B$479K2019-11-06$2.7M$8.0M90%
Series B$2.0M2019-11-26$11.1M$33.2M90%
Series B$22.7M2019-12-30$126.0M$376.9M90%
Series B$4.2M2020-01-10$23.4M$69.9M90%
Series B$3.5M2020-01-27$19.4M$58.1M90%
Series B$21.5M2020-05-22$119.3M$356.9M90%
Series B$19.6M2020-05-22$109.1M$326.4M90%
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 B$23.0M2019-05-15
    • First recorded raise — entered as Series B.
    • 50 investors on this round.
  2. Series B$19.7M2019-05-27
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 13 investors on this round.
  3. Series B$38.5M2019-06-06
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.0× larger than the prior — scaling up.
    • 8 investors on this round.
  4. Series B$479K2019-11-06
    • Came back fast: 5 mo vs the ~11 mo sector norm.
    • Round 80.3× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  5. Series B$2.0M2019-11-26
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 4.2× larger than the prior — scaling up.
    • 2 investors on this round.
  6. Series B$22.7M2019-12-30
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round 11.4× larger than the prior — scaling up.
    • 24 investors on this round.
  7. Series B$4.2M2020-01-10
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 5.4× smaller than the prior — bridge or down round.
    • 10 investors on this round.
  8. Series B$3.5M2020-01-27
    • Came back fast: 1 mo vs the ~11 mo sector norm.
    • Round roughly the size of the prior one.
    • 2 investors on this round.
  9. Series B$21.5M2020-05-22
    • Came back fast: 4 mo vs the ~11 mo sector norm.
    • Round 6.1× larger than the prior — scaling up.
    • 25 investors on this round.
  10. Series B$19.6M2020-05-22
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 18 investors on this round.
Intelligence
2020 ~Q3
Modeled next raise · ~1mo cadence
$19.6M
Modeled next size est.range $19.6M$31.4M
0.9×
Last step-up
$132.7M/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
Matthew Johnson8 other2019-05
Jason Ackerman2 other2019-11
Brian Feldman1 other2019-05
Craig Collard1 other2019-05
Heather Molloy1 other2019-11
Jason Wild1 other2019-05
Adam Kozak2019-05
Ari Unterman2019-06
Joanna Halligan2020-05
Keith Stauffer2020-05
Lisa Swartzman2019-05
Michael Nashat2019-05
Richard Mavrinac2019-05
Robyn Rabinovich2019-06
Stacey Schulte2019-05
Registry & provenance

TerrAscend Corp. 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
1778129
SEC CIK
2017
Incorporated
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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
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Terraphase Engineering Inc.OtherPre-Seed$1.9M85%
Terrafarma Inc.OtherSeed$2.1M85%
Terracycle IncOtherSeed$3.2M85%
Terracasa, Inc.OtherPre-Seed$2.9M84%
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Terraformation Inc.OtherSeries B$285.8M83%
Terrafuse, Inc.OtherPre-Seed$22.0M83%
Frequently asked
How much funding has TerrAscend Corp. raised?
TerrAscend Corp. has raised approximately $135.5M in disclosed capital across 9 recorded financing rounds, aggregated from public filings.
What is TerrAscend Corp.'s estimated valuation?
Provath's modeled valuation for TerrAscend Corp. is approximately $356.9M (modeled range $53.7M–$1.4B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is TerrAscend Corp. at?
TerrAscend Corp.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Fri May 22.
What does TerrAscend Corp. do and where is it based?
TerrAscend Corp. operates in the Other sector, based in MISSISSAUGA.
Explore related

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