Companies · Software / Tech

Voyager Digital Ltd.

NEW YORK · Software / Tech · refined from filed group “Other

Diligence memoA one-page analyst read on Voyager Digital Ltd. — recommendation, valuation, rhythm, risks.
$145.4M
Total raised · real
6
Rounds
1.2×
Latest step-up
Top 4%
Sector rank · raised
Series C
Latest stage · inferred · Fri May 20 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

Voyager Digital Ltd. looks over-valued 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. 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.

Over-valued
  • Modeled value is 1.67× the median modeled value of Series C Software / Tech companies in 2022–2024 (55 peers) — value vs value, same stage and era.
Dormant
  • Last raise 4.1 yr ago; this sector typically re-raises about every 13 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 Software / Tech

Voyager Digital Ltd. is one of 3920 Software / Tech companies tracked from NEW YORK. 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
11
Investors (latest)
2022-05-20
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$500M$1.0B$1.5B$2.0BPre-Seed · 2020-09-10 Raised $323K (real) Modeled valuation $12M (est)$323K$12MPre-Seed2020Pre-Seed · 2020-09-10 Raised $133K (real) Modeled valuation $5.1M (est)$133K$5.1MPre-Seed2020Pre-Seed · 2020-10-15 Raised $111K (real) Modeled valuation $4.0M (est)$111K$4.0MPre-Seed2020Series B · 2021-01-21 Raised $34M (real) Modeled valuation $848M (est)$34M$848MSeries B2021Series C · 2021-02-12 Raised $51M (real) Modeled valuation $1.3B (est)$51M$1.3BSeries C2021Series C · 2022-05-20 Raised $60M (real) Modeled valuation $1.1B (est)$60M$1.1BSeries C2022+$133K+$111K+$34M+$51M+$60MCumulative $145M

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
Pre-Seed$323K · 2020
Pre-Seed extension$133K · 2020
Pre-Seed extension$111K · 2020
Series B$33.9M · 2021no Seed / Series A on file
Series C$50.9M · 2021
Series C extension$60.0M · 2022

Stages are modeled from round size (public records carry no series label). No record for: Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 60%.

Modeled valuation trajectory
$1.1B
Base estimate est.
$227.5M
Conservative case
$2.2B
Upside case
$400.3M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the technology sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $12.3M · 2020-09-102020Pre-Seed · modeled $5.1M · 2020-09-10Pre-Seed · modeled $4.0M · 2020-10-15Series B · modeled $848.3M · 2021-01-21Series C · modeled $1.3B · 2021-02-12Series C · modeled $1.1B · 2022-05-202022
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
76%
Survival probability
57% low · 88% high
1.35×/yr
Annual markup
1.55×/yr upside case
4.1 yr
Elapsed time used
4.1 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
4 mo
Avg between rounds
$86.1M/yr
Capital velocity
5.8 yr
On record since
2020
First round
6
Rounds on file
How it compares to the market

Benchmarked against 3920 companies in Software / Tech. 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) 32× above median
This company$145.4M
Sector median$4.6M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.2× above median
This company$60.0M
Sector median$51.0M
Modeled value — vs sector median (estimate, all stages) 29× above median
This company$1.1B
Sector median$36.6M

Raised more than 97% of sector peers (real $). Modeled value above 96% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) 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 #8 of 55.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Pinecone Systems, Inc. · Series C Raised $128.2M · modeled $1.4B (est)Hydration Labs, Inc. · Series C Raised $135.0M · modeled $1.3B (est)SiMa Technologies, Inc. · Series C Raised $167.8M · modeled $1.2B (est)Atlas Technology Solutions Inc. · Series C Raised $95.0M · modeled $1.2B (est)Pascaline Systems, Inc. · Series C Raised $106.0M · modeled $1.2B (est)Innovative Data Processing Solutions LLC · Series C Raised $60.0M · modeled $1.2B (est)Dura Software, Inc. · Series C Raised $101.1M · modeled $1.1B (est)Workstream Technologies, Inc. · Series C Raised $107.9M · modeled $1.0B (est)Parry Labs Holdings, LLC · Series C Raised $90.7M · modeled $994.2M (est)Mobix Labs, Inc · Series C Raised $100.0M · modeled $989.2M (est)Databook Labs, Inc. · Series C Raised $71.4M · modeled $968.1M (est)Voyager Digital Ltd. (this company) Raised $145.4M · modeled $1.1B (est)Voyager Digital Ltd.
CompanyStageRaised · realValue · estvs peer med.
Pinecone Systems, Inc.Series C$128.2M$1.4B2.12×
Hydration Labs, Inc.Series C$135.0M$1.3B1.99×
SiMa Technologies, Inc.Series C$167.8M$1.2B1.96×
Atlas Technology Solutions Inc.Series C$95.0M$1.2B1.89×
Pascaline Systems, Inc.Series C$106.0M$1.2B1.83×
Innovative Data Processing Solutions LLCSeries C$60.0M$1.2B1.82×
Dura Software, Inc.Series C$101.1M$1.1B1.78×
Voyager Digital Ltd. this companySeries C$145.4M$1.1B1.67×
Workstream Technologies, Inc.Series C$107.9M$1.0B1.60×
Parry Labs Holdings, LLCSeries C$90.7M$994.2M1.56×
Mobix Labs, IncSeries C$100.0M$989.2M1.55×
Databook Labs, Inc.Series C$71.4M$968.1M1.52×
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.
Pre-Seed$323K2020-09-10$1.8M$12.3M90%
Pre-Seed$133K2020-09-10$742K$5.1M90%
Pre-Seed$111K2020-10-15$614K$4.0M90%
Series B$33.9M2021-01-21$188.4M$848.3M90%
Series C$50.9M2021-02-12$339.5M$1.3B90%
Series C$60.0M2022-05-20$400.3M$1.1B90%
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. Pre-Seed$323K2020-09-10
    • First recorded raise — entered as Pre-Seed.
    • 1 investor on this round.
  2. Pre-Seed$133K2020-09-10
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.4× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  3. Pre-Seed$111K2020-10-15
    • Came back fast: 1 mo vs the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  4. Series B$33.9M2021-01-21
    • Came back fast: 3 mo vs the ~13 mo sector norm.
    • Round 306.7× larger than the prior — scaling up.
    • Revenue band moved $0–$1M → $1M–$5M.
    • 18 investors on this round.
  5. Series C$50.9M2021-02-12
    • Came back fast: 1 mo vs the ~13 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 20 investors on this round.
  6. Series C$60.0M2022-05-20
    • Raised 15 mo later, in step with the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 11 investors on this round.
Intelligence
2022 ~Q3
Modeled next raise · ~4mo cadence
$70.8M
Modeled next size est.range $60.0M$113.3M
1.2×
Last step-up
$86.1M/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
Philip Eytan4 other2020-09
Gaspard De Dreuzy3 other2020-09
Brian Brooks2 other2022-05
Erin Walmesley2 other2020-09
Guy Elliot2 other2020-09
Guy Elliott2 other2021-01
Krisztian Toth2 other2021-02
Shingo Lavine2 other2020-09
Glenn Stevens1 other2022-05
Ashwin Prithipaul2022-05
Dan Costantino2022-05
David Brosgol2022-05
Evan Psaropoulos2020-09
Gerard Hanshe2021-01
Janice Barrilleaux2021-01
Jarrett Lilien2020-09
Jeff Lightfood2020-09
Jeff Lightfoot2021-01
Jennifer Ackart2022-05
Lewis Bateman2021-01
Marshall Jensen2022-05
Michael Legg2021-01
Pam Kramer2022-05
Rakesh Gidwani2022-05
Registry & provenance

Voyager Digital 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
1827032
SEC CIK
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
Hometeam Technologies, Inc.Software / TechSeries C$143.1M$534.3Msame sector · same stage
Nikola Labs Inc.Software / TechSeries C$149.5M$540.6Msame sector · same stage
Virtuous Software, Inc.Software / TechSeries C$149.9M$830.4Msame sector · same stage
Aperia Technologies, Inc.Software / TechSeries C$150.0M$756.1Msame sector · same stage
Clay Labs Inc.Software / TechSeries C$140.3M$700.9Msame sector · same stage
Terminus Software, Inc.Software / TechSeries C$138.6M$335.0Msame sector · same stage
Chrome River Technologies, Inc.Software / TechSeries C$154.4M$1.1Bsame sector · same stage
Miami Labs, Inc.Software / TechSeries C$137.0M$524.8Msame sector · same stage
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
REACH Digital LTDSoftware / TechPre-Seed$5.6M81%
Vu Technologies Corp.Software / TechSeries A$34.3M81%
Magna Digital, Inc.Software / TechSeries B$276.2M81%
Vana Technologies, Inc.Software / TechSeed$106.6M80%
Pearland Voyager LLCOtherPre-Seed$6.2M80%
Warp tech Inc.Software / TechSeries A$14.5M80%
Jensen Technology, Inc.Software / TechSeries A$29.8M80%
Positron Voyager Inc.Other TechnologySeed$14.9M80%
Frequently asked
How much funding has Voyager Digital Ltd. raised?
Voyager Digital Ltd. has raised approximately $145.4M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Voyager Digital Ltd.'s estimated valuation?
Provath's modeled valuation for Voyager Digital Ltd. is approximately $1.1B (modeled range $227.5M–$2.2B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Voyager Digital Ltd. at?
Voyager Digital Ltd.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Fri May 20.
What does Voyager Digital Ltd. do and where is it based?
Voyager Digital Ltd. operates in the Software / Tech sector, based in NEW YORK.
Explore related

See where Voyager Digital 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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