Companies · Software / Tech

Waffle Labs, Inc.

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

Diligence memoA one-page analyst read on Waffle Labs, Inc. — recommendation, valuation, rhythm, risks.
$10.5M
Total raised · real
4
Rounds
0.2×
Latest step-up
Top 33%
Sector rank · raised
Series A
Latest stage · inferred · Fri Mar 07 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Waffle Labs, Inc. looks under-valued against its niche peers and is active 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 0.10× the median modeled value of Series A Software / Tech companies in 2025–2027 (205 peers) — value vs value, same stage and era.
Active
  • Last raise 16 mo ago; this sector typically re-raises about every 13 months.
  • Raising on or ahead of the sector's normal rhythm.
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

Waffle Labs, Inc. is one of 3920 Software / Tech companies tracked from NEW YORK. By capital raised it ranks mid-pack (ahead of 68% of sector peers), and in the long tail 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
1
Investors (latest)
2025-03-07
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$50M$100M$150M$200MPre-Seed · 2018-12-04 Raised $955K (real) Modeled valuation $40M (est)Pre-Seed2018Pre-Seed · 2018-12-04 Raised $100K (real) Modeled valuation $4.2M (est)Pre-Seed2018Series A · 2021-03-19 Raised $5.0M (real) Modeled valuation $104M (est)Series A2021Seed · 2022-05-20 Raised $2.1M (real) Modeled valuation $29M (est)Seed2022Seed · 2022-05-20 Raised $3.3M (real) Modeled valuation $46M (est)Seed2022Series A · 2022-05-20 Raised $4.0M (real) Modeled valuation $52M (est)Series A2022Seed · 2022-05-20 Raised $2.1M (real) Modeled valuation $29M (est)Seed2022Series A · 2025-03-07 Raised $500K (real) Modeled valuation $2.1M (est)Series A2025+$100K+$5.0M+$2.1M+$3.3M+$4.0M+$2.1M+$500KCumulative $18M

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$955K · 2018
Pre-Seed extension$100K · 2018
Series A$5.0M · 2021no Seed on file
Bridge · Series A-stage$2.1M · 2022smaller follow-on
Bridge · Series A-stage$3.3M · 2022smaller follow-on
Series A extension$4.0M · 2022
Bridge · Series A-stage$2.1M · 2022smaller follow-on
Series A extension$500K · 2025

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$2.1M
Base estimate est.
$668K
Conservative case
$3.9M
Upside case
$2.3M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the technology sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $40.5M · 2018-12-042018Pre-Seed · modeled $4.2M · 2018-12-04Series A · modeled $103.9M · 2021-03-19Seed · modeled $29.3M · 2022-05-20Seed · modeled $46.0M · 2022-05-20Series A · modeled $51.8M · 2022-05-20Seed · modeled $29.3M · 2022-05-20Series A · modeled $2.1M · 2025-03-072025
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
54%
Survival probability
29% low · 74% high
1.50×/yr
Annual markup
1.89×/yr upside case
1.3 yr
Elapsed time used
1.3 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
11 mo
Avg between rounds
$1.7M/yr
Capital velocity
7.6 yr
On record since
2018
First round
8
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) 2.3× above median
This company$10.5M
Sector median$4.6M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.1× of median
This company$500K
Sector median$5.6M
Modeled value — vs sector median (estimate, all stages) 0.1× of median
This company$2.1M
Sector median$36.6M

Raised more than 68% of sector peers (real $). Modeled value above 8% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) 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 #199 of 205.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)Integrity Labs, Inc. · Series A Raised $15.0M · modeled $62.6M (est)Volteras Technologies, Inc. · Series A Raised $14.6M · modeled $59.4M (est)Unto Labs, Inc. · Series A Raised $14.4M · modeled $57.7M (est)Veda Tech Labs Inc. · Series A Raised $18.0M · modeled $57.1M (est)Caliber Labs, PBC · Series A Raised $14.4M · modeled $53.9M (est)Doji Labs, Inc. · Series A Raised $13.6M · modeled $53.0M (est)KEA Cloud, Inc. · Series A Raised $13.7M · modeled $52.2M (est)CherryCircle Software, Inc. · Series A Raised $32.4M · modeled $52.0M (est)Blacksmith Software Inc. · Series A Raised $13.6M · modeled $51.3M (est)Frenzy Crop Systems, Inc. · Series A Raised $13.6M · modeled $51.2M (est)Million Software, Inc. · Series A Raised $13.6M · modeled $51.1M (est)TAU Systems Inc. · Series A Raised $12.5M · modeled $50.9M (est)Waffle Labs, Inc. (this company) Raised $10.5M · modeled $2.1M (est)Waffle Labs, Inc.
CompanyStageRaised · realValue · estvs peer med.
Integrity Labs, Inc.Series A$15.0M$62.6M2.97×
Volteras Technologies, Inc.Series A$14.6M$59.4M2.82×
Unto Labs, Inc.Series A$14.4M$57.7M2.74×
Veda Tech Labs Inc.Series A$18.0M$57.1M2.71×
Caliber Labs, PBCSeries A$14.4M$53.9M2.56×
Doji Labs, Inc.Series A$13.6M$53.0M2.52×
KEA Cloud, Inc.Series A$13.7M$52.2M2.48×
CherryCircle Software, Inc.Series A$32.4M$52.0M2.47×
Blacksmith Software Inc.Series A$13.6M$51.3M2.44×
Frenzy Crop Systems, Inc.Series A$13.6M$51.2M2.43×
Million Software, Inc.Series A$13.6M$51.1M2.43×
TAU Systems Inc.Series A$12.5M$50.9M2.42×
Waffle Labs, Inc. this companySeries A$10.5M$2.1M0.10×
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$955K2018-12-04$5.3M$40.5M90%
Pre-Seed$100K2018-12-04$556K$4.2M90%
Series A$5.0M2021-03-19$22.7M$103.9M90%
Seed$2.1M2022-05-20$10.6M$29.3M90%
Seed$3.3M2022-05-20$16.6M$46.0M90%
Series A$4.0M2022-05-20$18.2M$51.8M90%
Seed$2.1M2022-05-20$10.6M$29.3M90%
Series A$500K2025-03-07$2.3M$2.1M90%
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$955K2018-12-04
    • First recorded raise — entered as Pre-Seed.
    • 17 investors on this round.
  2. Pre-Seed$100K2018-12-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 9.6× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  3. Series A$5.0M2021-03-19
    • Raised again after 27 mo — slower than the ~13 mo sector norm.
    • Round 50.0× larger than the prior — scaling up.
    • 33 investors on this round.
  4. Seed$2.1M2022-05-20
    • Raised 14 mo later, in step with the ~13 mo sector norm.
    • Round 2.4× smaller than the prior — bridge or down round.
    • 11 investors on this round.
  5. Seed$3.3M2022-05-20
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.6× larger than the prior — scaling up.
    • 17 investors on this round.
  6. Series A$4.0M2022-05-20
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 21 investors on this round.
  7. Seed$2.1M2022-05-20
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.9× smaller than the prior — bridge or down round.
    • 11 investors on this round.
  8. Series A$500K2025-03-07
    • Raised again after 34 mo — slower than the ~13 mo sector norm.
    • Round 4.2× smaller than the prior — bridge or down round.
    • 1 investor on this round.
Intelligence
2026 ~Q1
Modeled next raise · ~11mo cadence
$500K
Modeled next size est.range $500K$800K
0.2×
Last step-up
$1.7M/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
Michael Li4 other2018-12
Quentin Coolen2018-12
Sam Barnsley2021-03
Samuel Barnsley2018-12
William C. Marcoux2021-03
William Marcoux2022-05
Registry & provenance

Waffle Labs, Inc. 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
1762643
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
EcoMap Technologies, Inc.Software / TechSeries A$10.3M$727Ksame sector · same stage
Intermap Technologies CorpSoftware / TechSeries A$10.7M$3.3Msame sector · same stage
Optasia Technologies, Inc.Software / TechSeries A$9.5M$3.4Msame sector · same stage
Chain.io, Inc.Software / TechSeries A$12.0M$3.7Msame sector · same stage
Aesir Technologies, Inc.Software / TechSeries A$8.9M$999Ksame sector · same stage
Ryp Labs, Inc.Software / TechSeries A$12.7M$688Ksame sector · same stage
Omnivore Technologies, Inc.Software / TechSeries A$13.0M$3.1Msame sector · same stage
Tm Technologies IncSoftware / TechSeries A$13.3M$2.5Msame 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
WAGMI Labs Inc.Software / TechSeed$38.0M86%
JAM-Labs CorpSoftware / TechSeed$40.9M83%
Salad Technologies, Inc.Software / TechSeries A$37.5M81%
Workflow Labs Inc.Software / TechSeed$3.7M81%
Wyze Labs, Inc.Software / TechSeries D+$2.7B81%
Nest Egg Labs, Inc.Software / TechPre-Seed$4.8M81%
Cheehoo Labs Inc.Software / TechSeries A$63.5M81%
Sesame Labs, Inc.Software / TechSeries A$50.6M81%
Frequently asked
How much funding has Waffle Labs, Inc. raised?
Waffle Labs, Inc. has raised approximately $10.5M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Waffle Labs, Inc.'s estimated valuation?
Provath's modeled valuation for Waffle Labs, Inc. is approximately $2.1M (modeled range $668K–$3.9M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Waffle Labs, Inc. at?
Waffle Labs, Inc.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Fri Mar 07.
What does Waffle Labs, Inc. do and where is it based?
Waffle Labs, Inc. operates in the Software / Tech sector, based in NEW YORK.
Explore related

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

Is this your company?

If you work at Waffle Labs, Inc., claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.