Quipu Needs 53,000 Customers for Its 8 Million Valuation

Spanish startup Quipu recently raised 2 million euro with Dutch investor CNBB.

Quipu sells accounting software to Spanish startups and SMEs for 20 euro per month (annual subscription).


Assume that Quipu sold a market standard 25 percent equity stake to its investor. 

Then they are valued at 2 million euro / 25 percent = 8 million euro post-money.

How many customers does Quipu need for this 8 million euro valuation? 


Assume this is a small Series A. And that the investor did this deal at a market standard 8x money multiple.

Then Quipu needs an 8 million euro * 8 = 64 million euro exit for its 8 million euro valuation. 

Monthly Revenue

Quipu is a SaaS startup.

Assume that at the time of exit they are traded at a market standard 5x trailing-twelve months revenue multiple. And that there is no cash and debt. 

Then Quipu needs 64 million euro / 5 = 12.8 million euro in annual revenue at exit for its 8 million euro valuation.

Or 12,8 million euro / 12 = 1.1 million euro in monthly revenue.

Total Number of Customers

A subscription is priced at 20 euro per month.

Then Quipu needs to invoice 1.1 million euro / 20 euro = 53,333 subscriptions per month at exit.

Assume that customers buy 1 subscription. 

Then each month Quipu needs 53,333 / 1 = 53,333 (recurring) startups and SMEs for its 8 million euro valuation.


This contribution contains assumptions. Do you have different ones? Copy the spreadsheet used, enter your own assumptions and draw your own conclusions.

Joachim Blazer is founder of Venture Value. And author of The #1 Guide to Startup Valuation: How to Value Your Startup in 12 Easy Steps.