📈 Funding Timeline
Market Benchmarks
Equity ranges for Senior SE / IC-level roles at late-stage pre-IPO cybersecurity companies.
Holloway / Industry Benchmarks
Post-Series A Silicon Valley baseline — scaled down for late-stage reality
| Level | Post-A % | Late-Stage % |
|---|---|---|
| VP Engineering | 1.0–2.0% | 0.05–0.15% |
| Director | 0.4–1.25% | 0.02–0.06% |
| Lead / Staff Engineer | 0.5–1.0% | 0.003–0.008% |
| Senior SE (IC3) | 0.33–0.66% | 0.0013–0.0025% |
| Junior SE (IC2) | 0.2–0.33% | 0.0008–0.0015% |
Late-stage = post-Series E/F. Apply ~200–300× reduction from post-A.
Comparable Companies
| Company | Valuation | SE Level | Est. Shares |
|---|---|---|---|
| Zscaler (Anchor) | $1.9B | Junior SE | 7,200 |
| Wiz | $12–20B | Senior SE | 1,000–3,000 est. |
| CrowdStrike | ~$3B pre-IPO | SE IC3 | 3,000–5,000 est. |
| Arctic Wolf | ~$4.3B | SE | 2,000–4,000 est. |
| Illumio | ~$2.7B | SE | 3,000–5,000 est. |
Estimates based on valuation-adjusted ZS anchor. Actual data varies significantly.
Senior SE Equity Range — Your Company
Based on Cyera at $9.0B with 200M diluted shares. FMV: $45/share.
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| Scenario | Shares | % Ownership | Value @ Current | Value @ 2× Exit |
|---|---|---|---|---|
| Market LOW | 2,600 | 0.0013% | $117K | $234K |
| Market MEDIAN | 3,800 | 0.0019% | $171K | $342K |
| Market HIGH | 5,000 | 0.0025% | $225K | $450K |
| Your Offer | 2,000 | 0.0010% | $90K | $180K |
📐 Ownership % Vergleich
Absoluter Ownership-% als Maßstab — unabhängig von Valuation-Niveau.
| Position | Shares | Diluted Total | Ownership % | Wert bei Valuation |
|---|---|---|---|---|
| ZS Junior SE (Dez 2017) | 7.200 (Vertrag) → 4.800 @IPO | 118M | ~0,004% | $76K @IPO ($16/Share) |
| Cyera Angebot | 2.000 | 300M est. | 0,00067% | ~$44K (409A) |
| Cyera LOW | 4.500 | 300M est. | 0,0015% | ~$99K |
| Cyera TARGET | 6.500 | 300M est. | 0,0022% | ~$143K |
| Cyera STRETCH | 9.000 | 300M est. | 0,003% | ~$198K |
Diluted share count Cyera: ~300M geschätzt (Basis: Series F Preis × Valuation). ZS: 118M diluted zum IPO (SEC S-1). Alle Werte vor Vesting und Steuern.
Anchor Analysis
Starting from the Zscaler reference point, adjusting for size, seniority, illiquidity, and region.
⚓ Reference Point: Zscaler (Dec 2017)
IPO (März 2018): Preis $16/Share — die nachprüfbare Ankerzahl. Tag 1 eröffnete bei $27,50 (+72%) und schloss bei $33 (+106%). $16 ist der konservative Anker; $33 zeigt die realistische Marktaufnahme.
Lock-up: 180 Tage post-IPO → erste Verkaufsmöglichkeit September 2018, ZS handelte dann bei ca. $45–55/Share. Effektiver Liquiditätswert: ~$216K–$264K auf 4.800 Shares.
Ownership-Kontext: 4.800 / 118M diluted Shares = ~0,004%. $16 als konservativer Anker; $33 als Kontext für realistische Marktbewertung.
🧮 Calculation Steps
📊 Share Comparison Chart
Factor Summary
| Factor | Low | Target | Stretch | Rationale |
|---|
Exit Scenarios
Projected value of your equity at various IPO/acquisition exit prices. IPO assumed in 24 months.
Exit Value Table
Assumes constant diluted share count. For IPO, apply 10–15% additional dilution. 4-year vesting, no early liquidity.
| Exit Valuation | $/Share | Offer (2K) | LOW (2.7K) | TARGET (3.8K) | STRETCH (4.9K) | $/Year (Target) |
|---|
EUR Value (Target Scenario)
| Exit Val. | $/Share | USD Total | EUR Total | EUR/Year (4yr vest) |
|---|
Negotiation Playbook
Three structured counter-offer strategies based on anchor analysis and market data.
📌 Ausgangslage
"Mein ZS-Vertrag hatte 7.200 Shares bei $1,9 Mrd. Bewertung und 3 Monaten bis zur Liquidität. Heute bin ich Senior mit Leadership-Hintergrund, Cyera ist 5× größer, und die Liquidität ist 2–3 Jahre entfernt — plus Reverse Split wahrscheinlich. 2.000 Shares bildet das nicht ab."
📝 Talking Points
"Mein ZS-Vertrag hatte 7.200 Shares bei $1,9 Mrd. Bewertung und 3 Monaten bis zur Liquidität — nach dem Reverse Split 4.800 Shares (~0,004% Ownership). Adjusting for your $9B valuation, seniority uplift, and illiquidity premium, the market-equivalent is 3,800 shares."
"Zscaler was 3 months from IPO — near-liquid. Cyera is an estimated 24 months from IPO. Standard finance models apply a 25–30% illiquidity premium for a 2-year lock-up. That alone justifies ~500 additional shares."
"Reverse Splits vor dem IPO sind normal — Zscaler hat es einen Monat vor dem IPO gemacht. Aus 7.200 Vertrags-Shares wurden 4.800 am IPO-Tag. Wenn Cyera dasselbe macht, werden aus 2.000 Shares etwa 1.300. Das Angebot ist noch dünner als es auf dem Papier aussieht."
"Comparable late-stage cybersecurity companies (Wiz at $12–20B, Arctic Wolf at $4.3B) grant Senior SEs 0.0013–0.0025% equity. At your diluted share count, that's 2,600–5,000 shares. The current offer of 2,000 is below the market LOW."
"DACH-based compensation often runs 10–15% below US levels in cash. Equity is the mechanism to bridge that gap. A 10% DACH equity premium on a fair base adds another ~350 shares to the justified ask."
📊 What each option yields at exit
| Option | Shares | @ $10B exit | @ $15B exit | @ $20B exit | Annual (4yr, $15B) |
|---|
💸 Tender Offer — Kontext
Cyera Employee Tender Offer: 4. Februar 2026
Cyberstarts Employee Liquidity Fund + Evolution Equity Partners. Mitarbeiter konnten Anteile vor IPO verkaufen — ein frühes Liquiditätsfenster das bei Wettbewerbern selten ist.
Jährliches Programm geplant. Cyera hat signalisiert, dass Tender Offers ein wiederkehrendes Instrument bleiben — nicht ein einmaliges Event.
Einordnung: Das Tender-Programm ist eine positive Zusatzoption, keine Verhandlungsbasis. Es ändert nichts an der Berechtigung, mehr Equity zu verlangen — treat it as a separate benefit, not a replacement for fair initial grant terms.