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Notice - Real Time Private Company Pricing
Connecting The Dots Between Funding Rounds

This week’s Startup feature is Notice.co. Notice is a data platform for private market investors to access real-time pricing for thousands of the world's largest venture-backed startups.
Company & Team Introduction
Notice is an investment platform that gives customers real-time access to private company data. The company was founded by serial entrepreneur and CEO Tyson Hendricksen with CTO Philip West in 2021. Hendricksen has an impressively diverse entrepreneurial background, including founding Affinity Circle, a professional networking and job-finding platform, a software consulting business, and even a pineapple farm in Uganda before becoming a partner at Fideras, a late-stage boutique investment advisory firm that specializes in shareholder liquidity and capital raises. While at Fideras, he realized the massive pricing inefficiencies of privately held companies and set out to build a solution. Notice’s team has already grown to ~8 people, and the company has chosen to build their team remotely for greater employee flexibility and broaden their access to talent.
Product Overview
Notice’s platform gives private market investors instantaneous pricing data on thousands of the most prominent venture-backed startups in the world based on secondary market transactions. Pricing in the private markets is based on the company at a point and time based on internal metrics like growth rate, revenue, users, and external factors such as market conditions can quickly change the value of a business. For example, OpenSea, the NFT marketplace, raised a series C at a 13.3B valuation at the beginning of 2022. Due to internal factors (steep user growth & revenue declines) and external factors (rise in interest rates), investors like Coatue are marking down their investment by 90% from 120M to 13M. Notice helps investors better understand the current value of their investments, not the value of the business when they raised their last round 2 years ago, because things change quickly. Notice’s pricing data is incredibly useful for various types of investors, including venture capital firms, cross-over hedge funds, family offices, private market brokers, angel investors, etc., to help understand the current fair value of an individual investment and their portfolio value at large. The company also offers features such as their Notice 50 index, which tracks the real-time value of the top 50 privately held startups in the world chosen by Notice, a company’s buy/sell ratio, bid/ask spread, waterfall analysis, technical indicators like SMA, EMA, and Bollinger Bands.
Total Addressable Market
The total addressable market for private market investment data is enormous and continuously growing. Due to the nascency of their platform and the market for private market pricing data at large, it is difficult to quantify. Though it is clear that there are a myriad of customers Notice’s platform could be a valuable tool for including cross-over hedge funds, venture capital firms, and individual angel investors.
Business Model & The Numbers
Notice utilizes a simple freemium SaaS business model. The company offers a free tier with limited data, giving users a 24-month pricing history that is delayed by 30 days to help their bottoms-up product adoption. The company offers flexible pricing based on customer needs. Users can choose to pay per company they want to track and select a time period to track for:
$50/month per company for 1 year of tracking
$62.5/month per company for 6 months of tracking
75$/month per company for 3 months of tracking
Or clients can access their entire database of 4,350 companies for $2000/month for 1 year of access. The company also offers an enterprise tier for companies looking to pull Notice’s data to other systems via access to their API.
Traction
Notice has had strong traction thus far. The company has some built-in virality to their data as it is frequently referenced in startup and VC-based content, routinely cited by publishers such as Forbes and Tech Crunch. Hendricksen was a recent speaker at the last TC Disrupt to talk about liquidity windows and how quickly they can open and close again.
Competitors
Notice’s biggest competitor is CapLight, as the two companies offer much of the same private market data. However, CapLight also provides derivatives for private market investors, allowing for hedging and other protective measures for investors to better manage risk in a historically illiquid and “long-only” asset class. CapLight has chosen the venture funding route to build their platform and accelerate growth. The company is well funded, with over 10M in total capital raised with strong institutional backers, including venture firms Better Tomorrow Ventures and PLG Ventures, also a strategic investment from international financial advisory firm Deutsche Börse to further strengthen CapLight’s resources and connections. The company currently has ~14 employees.
Funding
Notice has yet to raise any funding since being founded in 2021.
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