Diligence memo · auto-generated · as of July 2, 2026
TheRealReal, Inc.
TheRealReal, Inc. looks fair against its niche peers and is dormant on financing cadence.
Businessfiled
TheRealReal, Inc. operates in Other, based in SAN FRANCISCO.
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
TheRealReal, Inc. has raised $279M in disclosed capital across 6 recorded rounds, aggregated from public filings. Its latest round is modeled as Series D+ (a $100M–$400M round).
Largest single filing: $115M on 2018-06-21.
Most recent recorded round closed around 2018-06-21.
Valuation (modeled)modeled
Provath models TheRealReal, Inc. at approximately $2.0B (range $649M–$4.3B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 0.91× the median modeled value of Series D+ Other companies in 2016–2018 (88 peers) — value vs value, same stage and era. Within the normal band (91% of peer median) for its niche.
Financing rhythm & timingmixed
Historic cadence: a new round about every 13 months.
Last raise 8.0 yr ago; this sector typically re-raises about every 11 months.
Silent for over 3× the sector's normal cadence.
The last round stepped up 2.3× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 99% of Other peers (25015 compared).
Modeled value ranks above 98% of those peers.
Closest niche peers: Beacon Roofing Supply Inc, BIB Merchant Voucher Receivables Ltd, Marlin9 Holdings, Inc., Crackle Holdings, L.P., Optimize Topco, Inc..
Peoplefiled
11 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
Broad sector classification weakens peer comparison.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.