A
Augment Markets, Inc.
Private Securities Marketplace — Series A Preferred Stock · Delaware C-Corp
GS ALLOCATION
$1,000,000
265,985 shares · 1.54% FD
Closed Sep 9, 2025
ATS Registered
$11.6M ARR
FinTech Marketplace
Delaware · Founded 2022
Post-Money Val.
$65M
~5.6x ARR entry
ARR (Q2 2025)
$11.6M
↑ 1,434% YoY
Share Price (A-1)
$3.7596
Par $0.0001/sh
Gross Margin
~75%
↑ Targeting 80%+
Lead Investor
Builders VC
Fund III · $10M
YoY Revenue Growth
1,434%
Product live since Aug 2023
Exceptional tractionNet Income (Ann.)
~$4M+
Already profitable at ARR
Cash flow positiveFounder Ownership
51.48%
Moldvai 26.55% + Crawley 24.93%
Strong alignmentTotal Round Size
~$11.57M
+ $4.53M SAFE conversions
Series A-1 new cashFinancial Assessment
Revenue Trajectory · Q2 2025 ARR $11.6M
| Period | Revenue | Metric | Status |
|---|---|---|---|
| Aug 2023 (Launch) | ~$100K | Platform goes live | Launch |
| FY2023 | ~$750K | Initial traction | |
| Q1 2024 | ~$1.1M | Accelerating | |
| Q2 2024 | ~$1.8M | Marketplace scaling | |
| Q2 2025 | ~$2.9M | $11.6M annualized | |
| ARR Run Rate | $11.6M | Gross margin ~75% |
Key: Revenue streams include transaction fees from buyers/sellers, subscription fees, data & analytics for institutions. High gross margins (80%+) typical of marketplace businesses. Under 2 years to $11.6M ARR demonstrates exceptional product-market fit. ~$4M+ annualized net income.
Capitalization Table
Post-Series A Pro Forma
| Holder | FD Shares | FD % |
|---|---|---|
| Noel Moldvai (CEO) | 4,590,000 | 26.55% |
| Adam Crawley (COO) | 4,310,000 | 24.93% |
| Other Common (8 holders) | 648,958 | 3.64% |
| SERIES A PREFERRED (35.64%) | ||
| Builders VC Fund III (Lead) | 2,745,593 | 15.38% |
| GSV Investors II + SPV XXVI | 1,882,969 | 10.55% |
| Neo 2.0 L.P. (+ 2.0a) | 1,071,874 | 6.01% |
| Other Preferred + SAFE Conv. | 905,802 | 5.07% |
| OPTION POOL (12.88% total) | ||
| Allocated + Unallocated Options | 1,691,745 | 9.48% |
| Issued to employees (in Other Common) | 607,170 | 3.40% |
| Total FD | 17,846,371 | 100.00% |
Series A Deal Terms
Closed Sep 9, 2025
Security
Series A Preferred Stock
Share Price (A-1)
$3.7596 / share
Post-Money Valuation
$65,000,000
Lead Investor
Builders VC Fund III ($10M)
GSV Allocation
$1M (GSV II LP + SPV XXVI)
Shares Purchased (GSV)
265,985 shares (1.54%)
Liquidation Preference
1x (equal to OPP)
Anti-Dilution
Broad-Based Weighted Avg.
Board Structure
3 Directors (1 Pref + 2 Common)
Auto-Conversion
Qualified IPO ($50M+ gross proceeds)
Vesting
4-year, 1-year cliff
Founder Vesting Reset
30% unvested, 24-mo revest
SAFE Conversion
$4.525M to A-2 + A-3
SAFE Conversion: All outstanding SAFEs convert to shadow series preferred with identical rights except liquidation preference. Standard protective provisions. Non-cumulative dividend, preemptive, ROFR, co-sale, and registration rights.
Company Overview & Product
ATS Registered · Live since Aug 2023
Platform & Business Model
Multi-Sided Marketplace: Connects buyers and sellers of private company shares, addressing the critical liquidity gap. Facilitates transactions, provides valuation tools, enables efficient price discovery.
Revenue Model: Transaction fees from buyers/sellers, subscription fees for advanced features, data & analytics for institutional clients. Gross margins ~75%, targeting 80%+.
"Collective" Feature: Functions like an SPV enabling group investments. AI tool "Orion" for order creation. Withpersona for accredited investor verification.
Compliance: ATS registered with SEC. Subsidiaries: Augment Capital (broker-dealer), Augment Collective (Series LLC), Augment Advisors.
Technology Stack
Tech Assessment — Highly Positive
Dev Team: 1 CEO (Rubrik Eng #10), 2 SWE, 2 Product Eng, 1 Designer. Full AWS suite, handles current volume without issue.
React (Amplify)
Golang
MySQL
AWS Full Suite
Sacra
Withpersona
+ AWS Amplify + Lambda (scalable)
+ Next.js migration for SEO
+ Collective feature differentiated
! Transaction model, not B2B SaaS
! Withpersona incident — tight coupling
Market Size & Competitive Landscape
Market Opportunity
| Total Private Market Value | $7-9 Trillion |
| Annual Secondary Volume | $100B+ (20%+ CAGR) |
| Addressable Market (Fees) | $30-50B / yr |
| Avg. Time to Exit / IPO | 10-12 Years |
| Key Growth Driver | Extended private timelines |
Competitive Positioning
| Competitor | Type | Notes |
|---|---|---|
| Forge Global | Public (FRGE) | SPAC at $2B+ |
| EquityZen | Pre-IPO platform | Remains private |
| CartaX | Cap table integrated | Acquired SecFi |
| Nasdaq Private Market | Institutional | Enterprise focus |
Augment's Edge: Efficient marketplace pricing, "Collective" group investments, ATS registration, tech-first lower costs, direct order placement vs. broker model.
Investment Thesis
Exceptional Growth & Already Profitable: $11.6M ARR in under 2 years from Aug 2023 launch — 1,434% YoY growth. ~$4M+ annualized net income. Capital efficiency and PMF rare in early-stage marketplace businesses.
Large & Growing Market Need: $7-9T private market value, $100B+ annual secondary volume growing 20%+ annually. Average exit timeline extended to 10-12 years creates structural demand for liquidity solutions.
Strong Founding Team: CEO Noel Moldvai (Rubrik Eng #10, lived the problem). COO Adam Crawley (SharesPost/Forge, 20 yrs private markets, Morgan Stanley). Combined 51.48% ownership demonstrates commitment.
Strategic Lead — Builders VC: $10M commitment provides both capital and deal flow. Mike Rosengarten serves as Series A Board Director with industry connections.
Attractive Entry Valuation: $65M post-money (~5.6x ARR) with 1,434% growth and profitability. Similar-stage fintech marketplaces trade at 10-15x revenue. 1x liquidation preference for downside protection.
Multiple Value Creation Levers: Transaction volume growth, take rate expansion, network effects, adjacent services (custody, escrow, analytics). Multiple exit pathways (strategic acquisition, IPO, PE).
Risk Assessment
HIGH
Transaction-Based Revenue: Not subscription SaaS. Dependent on private market activity. Economic downturns or VC funding winters could significantly reduce deal flow.
HIGH
Well-Capitalized Competitors: Forge Global ($2B+ public), CartaX (Carta), Nasdaq Private Market, traditional investment banks. Commoditization risk.
HIGH
Regulatory & Compliance: Securities regulations, broker-dealer compliance, accredited investor requirements. Potential for increased scrutiny of private market transactions.
MED
Key-Person & Team Risk: Small team (6 dev/product). CEO 26.55% + COO 24.93% = 51.48% combined. Strong alignment but concentration risk.
MED
Third-Party Dependency: Withpersona (verification) had an incident causing downtime — tight coupling. Full AWS dependency. Compliance outsourced to Hadrius and Red Oak.
LOW
Valuation Risk — Favorable Entry: $65M post-money appears low for the momentum. Discount to public comps. 1x liquidation pref provides downside. Potential 3-10x over 5 years.
Mitigating Factors: ATS registration + broker-dealer structure. Strong founding team (51.48% ownership). Capital efficiency (~$4M+ net income). Strategic Builders VC partnership.
ROI Analysis & Exit Landscape
Return Scenarios ($1M @ $65M Post)
| Base Case (3x) | $3M · ~25% IRR / 5yr |
| Upside Case (5x) | $5M · ~38% IRR / 5yr |
| Home Run (10x) | $10M · ~58% IRR / 5yr |
Value Drivers: Transaction volume growth, take rate expansion, network effects, adjacent services (custody, escrow, analytics).
Exit Pathways
Strategic Acquisition (Most Likely): BlackRock, Goldman Sachs, Nasdaq, Charles Schwab. Financial institutions seeking private market capabilities.
IPO (5-7 Year): Following Forge Global (NASDAQ: FRGE) path. Potential for direct listing once scale achieved.
Comparable Exits: Forge ($2B+ SPAC), SharesPost (acquired by Forge), SecFi (acquired by Carta), EquityZen (private, growing).
Founder & Team
NM
Noel Moldvai
Co-Founder & CEO · 26.55% equity
Background
Engineer #10 at Rubrik ($18B public data security). 14 years' experience building products as engineer and entrepreneur. Lived the problem through selling Rubrik stock pre-IPO.Key Strengths
Technical product visionary. Understands shareholder pain firsthand. Detailed product roadmap. Strong conviction about democratizing private market access.AC
Adam Crawley
Co-Founder & COO · 24.93% equity
Background
2 decades financial market experience in private markets. Ran institutional trading at SharesPost (acquired by Forge). Directed secondary market strategy for multi-family office.Key Strengths
Former institutional trading at Morgan Stanley. Deep institutional investor relationships. Operational expertise complements CEO's technical vision.Mike Rosengarten
Series A Director · Builders VC
Board Director representing lead investor Builders VC Fund III ($10M). Only Preferred Director on 3-member board.
GSV Coverage
Dougal Cameron & Oscar Kutch
Managing Director and Investment Director at Golden Section Ventures. Led GSV's thesis and diligence.
GP Recommendation: PROCEED — $1M Series A Preferred
Augment Markets represents a compelling investment in private market liquidity infrastructure with exceptional traction: $11.6M ARR in under 2 years, 1,434% YoY growth, already profitable (~$4M+ net income). At $65M post-money (~5.6x ARR), the entry valuation is attractive relative to growth trajectory and public market comps. The founding team combines deep technical expertise (CEO, Rubrik Eng #10) with decades of private market domain expertise (COO, SharesPost/Forge). Strategic lead from Builders VC provides deal flow advantage.
Use of Proceeds
Platform expansion & Next.js
Engineering team scaling
Regulatory compliance infra
Sales & BD growth
Engineering team scaling
Regulatory compliance infra
Sales & BD growth
Key Milestones
Transaction volume growth
Collective feature adoption
Gross margin to 80%+
2nd institutional partner
Collective feature adoption
Gross margin to 80%+
2nd institutional partner
GS Value-Add
B2B marketplace playbooks
FinTech regulatory network
LP/investor introductions
Board advisory & governance
FinTech regulatory network
LP/investor introductions
Board advisory & governance
Prepared by Derek · September 2025 · Sources: Augment Markets Deal Memo (Aug 2025), Series A SPA, Cap Table, Restated Certificate (Sep 9, 2025), Financials, SPV XXVI Documentation.
Derek AI
Augment Deal Intelligence
Augment · Series A