What do JUUL and Upgrade have in common? A Decrease in Common Share Pricing

Everyone knows that JUUL Labs, Inc. is a tobacco company that manufactures vaporization products. But not everyone knows that JUUL is also a component in the Prime Unicorn Index benchmark, the standard bearer for private markets benchmarking. The company has developed the JUUL vaporizer that has regulated temperature control and uses a JUULpod filled with a proprietary e-liquid formulation that combines glycerol, propylene glycol, natural oils, extracts and flavor, nicotine, and benzoic acid.

JUUL raised $1.28 billion in a preferred round in February 2020, which valued the company at approximately $40.4 billion on a post-money valuation basis at a preferred price per share of $307.90. Since its last financing, the company has filed three Employee Plan Exemption Notices with the state of California. The last three government filings indicated its common shares were priced at $281.16 per share (March 26, 2019), $74.08 per share (March 5, 2021), and $16.07 per share (May 17, 2023), indicating a 78.31% decrease since its last filing in the value of its common shares that were granted to company executives.

Upgrade, Inc. (FKA: Credify Finance Corporation) has developed an online lending platform designed to reduce the cost of credit and deliver access to new products to help consumers better understand their credit and make responsible credit decisions. It, too, is also a component in the Prime Unicorn Index benchmark.

Its last preferred round of Series F was $280mm in November 2022, with participation from Coatue, Dragoneer Investment Group, G Squared Ventures, Ribbit Capital, and others which valued the company at approximately $6.4 billion on a post-money valuation basis at a preferred price per share of $5.64. Since its last financing, the company has filed two Employee Plan Exemption Notices with the state of California. The last two government filings indicated its common shares were priced at $2.32 per share (February 1, 2022) and $1.55 per share (May 31, 2023), indicating a 33.18% decrease in the value of its common shares that were granted to company executives.

Gaining insights into private market pricing used to be difficult and subjective. Now it’s simple and objective. The Prime Unicorn Index is the standard for Private Company benchmarking and has been for over five years. For more granular data, charting analytics, objective trends, or to review the actual documents, get started here.

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