Crispa Insights
Articles on company valuation for founders: what the three kinds of multiple actually mean, what Danish and Nordic rounds are pricing at, and how your finance function moves the number.
Issue 01 · 2026
PreMoney
The magazine for informed founders, investors and acquirers.
Seven pieces inside Published September 2026
“Most founders dread the question: ‘At what valuation?’ Valuation shouldn’t be a dark art.”
Thomas Helms, Founder & CEO · from the welcome letter
Pre-Money, Issue 01 · seven piecesClose
PreMoney
The magazine for informed founders, investors and acquirers.
Seven pieces inside Published September 2026“Most founders dread the question: ‘At what valuation?’ Valuation shouldn’t be a dark art.”Thomas Helms, Founder & CEO · from the welcome letter
The three types of valuation multiples
Know the difference before you put a number on the table.
Thomas Helms · 4 min read P 5 Market insightsTrading multiples for SaaS companies
A ten-year view of how the market has priced SaaS companies.
Lukas Grundström · 3 min read P 6 Funding storyFlatpay: the Danish fast-track unicorn
The journey from Seed to Series C in four years, and the revenue ambitions that drove the valuation.
Elie Mascott · 6 min read P 8 Fundraising valuationRaising at the right valuation
Insights from Danish funding rounds in 2026 to inform what you should go for in your next raise.
Lukas Grundström · 5 min read P 10 Finance fundamentalsThe value-creating finance function
What your finance team must deliver to help you optimize your valuation.
Thomas Helms · 8 min read P 12 Funding storySwedish showdown: Lovable vs Legora
Two Stockholm unicorns, two very different journeys, with very different underlying metrics.
Elie Mascott · 6 min read P 14 Exit valuationImproving your exit valuation
How we helped a client find the right levers to pull when an acquirer put an offer on the table.
Elie Mascott · 5 min read
Series
ValuationFundamentals
Clear, data-backed guides to what your company is really worth.
Nine episodes inside Updated August 2026
“Walk into the room with a top-of-range number you cannot defend, and you lose credibility you will not get back.”
Episode 2 · The anchoring trap
Valuation fundamentals · nine episodesClose
ValuationFundamentals
Clear, data-backed guides to what your company is really worth.
Nine episodes inside Updated August 2026“Walk into the room with a top-of-range number you cannot defend, and you lose credibility you will not get back.”Episode 2 · The anchoring trap
How much is my company worth?
Not a guess, and not a headline. Value your company across four lenses for a defensible range — with the SEG 2026 data and a live valuation calculator.
8 min read EP 2 The anchoring trapWhy your SaaS company probably isn’t worth 10x revenue
A 10x revenue multiple is a trophy, not a target. See where SaaS companies actually trade — and how to value yours with a defensible range.
5 min read EP 3 Lens 1Revenue growth
Why your growth rate is the single biggest driver of your valuation multiple — and how much a faster one is really worth.
4 min read EP 4 Lens 2Gross margin
Two companies, the same sales, very different value. Why margin measures the quality of your revenue, what each band is worth, and how to read your own.
5 min read EP 5 Lens 3EBITDA margin
The profitability lens. Why buyers don’t punish losses the way founders expect, and the 20% margin step where the multiple re-rates.
5 min read EP 6 Lens 4The Rule of 40
Growth plus profitability in a single score, with the widest valuation upside of any lens — about 1.6x to 9.5x. How to calculate yours and steer with it.
6 min read EP 7 The valuation gapEnterprise value vs equity value
The headline number and the cheque you take home are rarely the same. How net debt turns enterprise value into equity value — and why it matters.
5 min read EP 8 Choosing your yardstickRevenue multiple or EBITDA multiple?
Pick the wrong yardstick and the whole number is off. See which one fits your stage, and the exact math that makes 5.3x revenue and 29.3x EBITDA the very same companies.
5 min read EP 9 NegotiationCompany valuation negotiation
A single number sounds like conviction, but it hands the buyer a target. Why a reasoned range sets your frame, and lets an offer land where you’ve prepared.
4 min readPut the data to work.
Crispa turns these fundamentals into your live numbers — real-time KPIs, forecasts, and a defensible view of what you're worth.