Benchmarks
Date: 2026-05-27 Status: Founder review. Items marked (undisclosed) are private; figures carry an inline source where public.
Comparative benchmarks for category positioning. Cited from public sources where available; labeled (undisclosed) where private. Competitor M&A facts are verified, see notes.
1. Credentialing software (direct comp)
| Vendor | Founded | Ownership | Revenue / round (where public) | Notes |
|---|---|---|---|---|
| symplr | 2006 | Clearlake Capital + Charlesbank | est. category leader; revenue undisclosed | Roll-up of multiple credentialing acquisitions; facility-side data silos |
| Modio Health | 2014 | Acquired by CHG Healthcare (Oct 2019) | undisclosed | Credentialing CRM (OneView). Acquirer is CHG Healthcare, not HealthStream; terms not disclosed |
| Medallion | 2020 | VC-backed (Sequoia, Spark, GV, Acrew) | ~$130M raised; ~$50.6M 2024 revenue (reported) | Credentialing + payer enrollment; SaaS-native |
| CertifyOS | 2021 | VC-backed (General Catalyst, Transformation Capital) | ~$69M raised ($40M Series B, Jun 2025) | API-first credentialing; closest to Rōvn architectural posture |
| Verifiable | 2018 | Independent, VC-backed (Craft Ventures) | $27M Series B (2023); ~$47M total | Healthcare verification API. Independent, not a Stripe acquisition |
Rōvn positioning vs comps: - Worker-owned data + shared network (vs facility-side data silos at symplr / Modio) - API-first like Verifiable / CertifyOS, but with the facility workflow layer SaaS surface those don't have - Cached-replay margin moat that none of these have (because they don't run a shared network) - HIPAA-alignedHIPAA posture06.2 HIPAA Posture Memo · canonical procurement-safe phrasing (not 'compliant' / not 'certified') + SOC 2 Type II in progressSOC 2 status06.3 SOC 2 Type II Plan · auditor selected, controls in implementation + engineering partner (named under NDA) matches procurement bar
2. Workforce / staffing comps (adjacent)
| Vendor | Founded | Public/Private | Revenue (estimated) | Notes |
|---|---|---|---|---|
| Trusted Health | 2017 | Private (a16z, Felicis, Stepstone) | (undisclosed) | Travel nurse staffing marketplace |
| Vivian Health | 2019 | Acquired by IAC 2021 | (undisclosed) | Healthcare jobs marketplace |
| ShiftKey | 2016 | Private (Lorient Capital) | (undisclosed) | Per-diem healthcare staffing |
| Aya Healthcare | 2001 | Private | $5B+ revenue (widely cited) | Largest healthcare staffing in US |
Rōvn positioning: - Rōvn is NOT a staffing agency (per master strategy §7 anti-positioning) - Rōvn is the trust rail the staffing layer reads from - Distinct revenue surfaces: facility SaaS (facility workflow layer) + verification API (Verified API)
3. Identity / verification infrastructure (analog comp)
| Vendor | Founded | Valuation | Notes |
|---|---|---|---|
| Plaid | 2013 | ~$8.0B (2026 tender; $13.4B 2021) | Bank identity / data API; closest analog to "trust rail" |
| Persona | 2018 | ~$2.0B (Series D, 2025; prior $1.5B 2021) | IAL2 identity (already a Rōvn vendor) |
| CLEAR | 2010 | $4B+ market cap | Identity verification |
| Verifiable | 2018 | Independent · $27M Series B (2023) | Healthcare verification API |
Rōvn positioning: - Rōvn is healthcare-specific verification rail; Plaid / Persona are horizontal infrastructure - Healthcare regulatory surface (NCQA, Joint Commission / CMS surveyor, NPDB, DEA, ABMS, state boards) is the moat horizontal infra doesn't have - Cached-replay margin pattern is borrowed conceptually from Plaid (asset history caching) but applied to credentials
4. SaaS metrics benchmarks (pre-seed → Series A)
Industry benchmarks for vertical-SaaS at pre-seedRound stage02.1 Use of Funds · pre-seed $2.25M raise → Series A:
| Metric | Pre-seed | Seed → Series A | Notes |
|---|---|---|---|
| ARR at Series A | $1-2M | $1-3M typical for vertical SaaS | Rōvn Year 1 Base ~$0.6M |
| Gross retention | 80%+ | 90%+ | Rōvn Base target 90%+ |
| Net retention | 100%+ | 120%+ | Rōvn Base target 130% |
| Gross margin | 60-70% | 70-80% | Rōvn Y1 ~40%, scaling to ~76% via cached-replay |
| Magic Number | 0.5+ | 0.75+ | (target, pre-revenue) |
| Sales efficiency | varies | improving | Pilot → Core conversion is the leading indicator |
Sources cited: OpenView SaaS Benchmarks 2024, ChartMogul SaaS Benchmarks 2024.
5. Pre-seed round comparables
Recent comparable pre-seedRound stage02.1 Use of Funds · pre-seed $2.25M raise rounds in healthcare workforce / credentialing infrastructure.
Indicative range: - Pre-seed: $1-3M @ $8-15M post - Seed: $4-8M @ $20-40M post - Series A: $12-25M @ $50-120M post
Rōvn pre-seedRound stage02.1 Use of Funds · pre-seed $2.25M raise: single-target $2.25MRound sizeRōvn SAFE term sheet · 2026-05 · canonical raise (see 02.1 Use of Funds) / $2.75M hard cap @ $15M post, upper-mid range for healthcare vertical at this stage. Cap defense: ~$97M Base PV per DCF ($15M cap = 15.5% of Base), ~$48.5M Bear PV ($15M cap = 30.9% of Bear), within healthcare-vertical seed comp range. See 02.4 DCF Valuation.
6. Acquisition / strategic comparables
| Acquirer | Target | Year | Price | Notes |
|---|---|---|---|---|
| CHG Healthcare | Modio Health | 2019 | undisclosed | Credentialing CRM; terms not disclosed |
| Clearlake / Charlesbank | symplr (roll-up history) | multiple | $1.25B+ total | Serial credentialing roll-up |
| Datavant | Ciox Health | 2021 | ~$7B | Health-data adjacent |
| IAC | Vivian Health | 2021 | undisclosed | Healthcare jobs marketplace |
Verifiable is independent ($27M Series B, Craft Ventures, 2023), there is no Stripe/Verifiable transaction. Do not list it as an acquisition.
Strategic exit logic for Rōvn: - Vertical-SaaS strategics (HealthStream, symplr, UKG, Workday Health) - Healthcare data strategics (Datavant, Cotiviti) - Large IDN / staffing platforms (HCA, Aya), less likely but possible
Conservative exit framing: ~$360M-$600M+ range at Y5 Base-case ARR of $45M ($30-60M Bear/Base/Bull band) at an 8-10x revenue multiple consistent with healthcare-vertical SaaS comps.
7. Market sizing reference
Per 01_strategic_foundation/MARKET_SIZING.md:
- US healthcare workforce: ~22M (BLS 2024)
- US credentialing coordination tax: $5-15B/yr (analyst-range estimate; distinct from the software TAM)
- US healthcare workforce trust-infrastructure TAM: $30-50B
- Rōvn Y5 base case: $45M ARR midpoint ($30-60M Bear/Base/Bull band)
8. Sources
- OpenView SaaS Benchmarks 2024; ChartMogul SaaS Benchmarks 2024
- NSI Nursing Solutions, 2026 National Health Care Retention & RN Staffing Report (credentialing / time-to-fill data)
- BLS 2024 Occupational Outlook (healthcare workforce sizing)
- CHG Healthcare announcement, Modio Health acquisition (2019)
- Craft Ventures / TechCrunch, Verifiable Series B (2023)
- NCQA Credentialing Accreditation (2024 revision); Joint Commission / CMS surveyor MS.06.01.03 PSV standard; CMS 60-Day Overpayment Rule (42 CFR 401.305)
End of benchmarks.