Companies · Other Technology

TurnCoin Ltd.

QUEENSWAY · Other Technology

Diligence memoA one-page analyst read on TurnCoin Ltd. — recommendation, valuation, rhythm, risks.
$140.2M
Total raised · real
3
Rounds
1.0×
Latest step-up
Top 3%
Sector rank · raised
Series D+
Latest stage · inferred · Tue Jan 31 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

TurnCoin Ltd. looks under-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. 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.

Under-valued
  • Modeled value is 0.55× the median modeled value of Series D+ Other Technology companies in 2022–2024 (75 peers) — value vs value, same stage and era.
At-risk
  • Last raise 3.4 yr ago; this sector typically re-raises about every 13 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 Technology

TurnCoin Ltd. is one of 21302 Other Technology companies tracked from QUEENSWAY. By capital raised it ranks among the largest (ahead of 98% 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(c)
Reg D exemption
2021
Year incorporated
2023-01-31
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+ · 2021-07-29 Raised $200M (real) Modeled valuation $4.8B (est)$200M$4.8BSeries D+2021Series D+ · 2021-08-09 Raised $230K (real) Modeled valuation $5.5M (est)$230K$5.5MSeries D+2021Series D+ · 2022-06-10 Raised $70M (real) Modeled valuation $1.4B (est)$70M$1.4BSeries D+2022Series D+ · 2023-01-19 Raised $70M (real) Modeled valuation $1.2B (est)$70M$1.2BSeries D+2023Series D+ · 2023-01-31 Raised $70M (real) Modeled valuation $1.2B (est)$70M$1.2BSeries D+2023+$230K+$70M+$70M+$70MCumulative $410M

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+$200.0M · 2021
Series D+ extension$230K · 2021
Series D+ extension$70.0M · 2022
Series D+ extension$70.0M · 2023
Series D+ extension$70.0M · 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
$1.2B
Base estimate est.
$388.7M
Conservative case
$1.9B
Upside case
$583.3M
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 scaled by the technology sector profile. Directional, not a quoted figure.

Series D+ · modeled $4.8B · 2021-07-292021Series D+ · modeled $5.5M · 2021-08-09Series D+ · modeled $1.4B · 2022-06-10Series D+ · modeled $1.2B · 2023-01-19Series D+ · modeled $1.2B · 2023-01-312023
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
83%
Survival probability
67% low · 92% high
1.29×/yr
Annual markup
1.44×/yr upside case
3.4 yr
Elapsed time used
3.4 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
5 mo
Avg between rounds
$93.0M/yr
Capital velocity
4.9 yr
On record since
2021
First round
5
Rounds on file
How it compares to the market

Benchmarked against 21302 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) 44× above median
This company$140.2M
Sector median$3.2M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 0.6× of median
This company$70.0M
Sector median$115.0M
Modeled value — vs sector median (estimate, all stages) 31× above median
This company$1.2B
Sector median$37.3M

Raised more than 98% of sector peers (real $). Modeled value above 97% 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 #53 of 75.

This companyCohort peer
$100.0M$1.0B$10.0B$100.0M$1.0BCapital raised (log)Memphis Meats, Inc. · Series D+ Raised $611.2M · modeled $8.2B (est)Edgio, Inc. · Series D+ Raised $361.3M · modeled $6.4B (est)Siprocal, Inc · Series D+ Raised $380.0M · modeled $6.1B (est)PacketFabric, Inc. · Series D+ Raised $423.5M · modeled $5.9B (est)Guess & Co. Corp · Series D+ Raised $250.0M · modeled $5.2B (est)Skydio, Inc. · Series D+ Raised $323.4M · modeled $4.7B (est)BAM Management US Holdings Inc. · Series D+ Raised $216.8M · modeled $4.4B (est)Coalition, Inc. · Series D+ Raised $221.4M · modeled $4.2B (est)Alchemy Insights, Inc. · Series D+ Raised $352.1M · modeled $4.1B (est)Fetch Rewards, Inc. · Series D+ Raised $530.7M · modeled $3.9B (est)Matonee Inc. · Series D+ Raised $200.0M · modeled $3.8B (est)Lightmatter, Inc. · Series D+ Raised $527.2M · modeled $3.8B (est)TurnCoin Ltd. (this company) Raised $140.2M · modeled $1.2B (est)TurnCoin Ltd.
CompanyStageRaised · realValue · estvs peer med.
Memphis Meats, Inc.Series D+$611.2M$8.2B3.90×
Edgio, Inc.Series D+$361.3M$6.4B3.06×
Siprocal, IncSeries D+$380.0M$6.1B2.91×
PacketFabric, Inc.Series D+$423.5M$5.9B2.82×
Guess & Co. CorpSeries D+$250.0M$5.2B2.46×
Skydio, Inc.Series D+$323.4M$4.7B2.24×
BAM Management US Holdings Inc.Series D+$216.8M$4.4B2.11×
Coalition, Inc.Series D+$221.4M$4.2B2.02×
Alchemy Insights, Inc.Series D+$352.1M$4.1B1.95×
Fetch Rewards, Inc.Series D+$530.7M$3.9B1.85×
Matonee Inc.Series D+$200.0M$3.8B1.80×
Lightmatter, Inc.Series D+$527.2M$3.8B1.79×
TurnCoin Ltd. this companySeries D+$140.2M$1.2B0.55×
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+$200.0M2021-07-29$1.7B$4.8B90%
Series D+$230K2021-08-09$1.9M$5.5M90%
Series D+$70.0M2022-06-10$583.3M$1.4B90%
Series D+$70.0M2023-01-19$583.3M$1.2B90%
Series D+$70.0M2023-01-31$583.3M$1.2B90%
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+$200.0M2021-07-29
    • First recorded raise — entered as Series D+.
  2. Series D+$230K2021-08-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 869.6× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  3. Series D+$70.0M2022-06-10
    • Raised 10 mo later, in step with the ~13 mo sector norm.
    • Round 304.3× larger than the prior — scaling up.
  4. Series D+$70.0M2023-01-19
    • Came back fast: 7 mo vs the ~13 mo sector norm.
    • Round roughly the size of the prior one.
  5. Series D+$70.0M2023-01-31
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
Intelligence
2023 ~Q2
Modeled next raise · ~5mo cadence
$70.0M
Modeled next size est.range $70.0M$112.0M
1.0×
Last step-up
$93.0M/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
Rudolf Markgraaff1 other2021-07
Aimee Rachelle Williamson2021-07
Alberto Lindsay Velez2023-01
Al Rachelle Velez2021-07
Al Velez2021-08
Anthony Lindsay Caplin2021-07
Arno Lindsay Visser2021-07
David Lindsay Hanegraaf2021-07
Frederick Nsubuga Kanyike2023-01
Jan Rudolf Markgraaff2023-01
Konrad Lindsay Gastrow2021-07
Rigter De Wet Markgraaff2023-01
Rigter Markgraaff2021-07
Rowan Lindsay Marais2021-07
Shaun Ian Wantenaar2023-01
Shaun Rachelle Wantenaar2021-07
Shaun Wantenaar2021-08
Registry & provenance

TurnCoin Ltd. 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
1873837
SEC CIK
2021
Incorporated
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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.

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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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American Bitcoin Corp.Other TechnologySeries D+$2.0B85%
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MobileCoin, Inc.Other TechnologySeries C$1.6B85%
PhunCoin, Inc.Other TechnologySeries C$3.1B85%
Frequently asked
How much funding has TurnCoin Ltd. raised?
TurnCoin Ltd. has raised approximately $140.2M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is TurnCoin Ltd.'s estimated valuation?
Provath's modeled valuation for TurnCoin Ltd. is approximately $1.2B (modeled range $388.7M–$1.9B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is TurnCoin Ltd. at?
TurnCoin Ltd.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Tue Jan 31.
What does TurnCoin Ltd. do and where is it based?
TurnCoin Ltd. operates in the Other Technology sector, based in QUEENSWAY.
Explore related

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

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