Lior Ronen
@lior-ronen.bsky.social
CEO @ Finro | Tech startups valuation and financial modeling | 🚀 200+ clients | $1.4B+ deals
Pinned
Lior Ronen
@lior-ronen.bsky.social
· Jan 8
Time for a quick re-intro:
I’m Lior, a financial consultant with ~20 years of experience helping tech startups thrive.
I share insights on startup valuation, finance, whisky, and football (the European kind).
Ex-Twitter, ex-Threads… now here to keep things fun and positive.
I’m Lior, a financial consultant with ~20 years of experience helping tech startups thrive.
I share insights on startup valuation, finance, whisky, and football (the European kind).
Ex-Twitter, ex-Threads… now here to keep things fun and positive.
If every email is urgent, none of them are.
That’s just science.
That’s just science.
October 30, 2025 at 5:08 PM
If every email is urgent, none of them are.
That’s just science.
That’s just science.
Hearing a founder is building cool tech with no product is nuts to me.
Not every cool tech is worth something. Many are worth zero.
If you have no product, users, revenue, team, or go-to-market, that’s not a company. That’s a hobby with good PR.
Not every cool tech is worth something. Many are worth zero.
If you have no product, users, revenue, team, or go-to-market, that’s not a company. That’s a hobby with good PR.
October 9, 2025 at 7:27 AM
Hearing a founder is building cool tech with no product is nuts to me.
Not every cool tech is worth something. Many are worth zero.
If you have no product, users, revenue, team, or go-to-market, that’s not a company. That’s a hobby with good PR.
Not every cool tech is worth something. Many are worth zero.
If you have no product, users, revenue, team, or go-to-market, that’s not a company. That’s a hobby with good PR.
My 6yo: Daddy, why aren’t you working?
Me: I am working.
6yo: No, you’re not. You just talk to people and play on the computer.
🤦♂️
Me: I am working.
6yo: No, you’re not. You just talk to people and play on the computer.
🤦♂️
May 5, 2025 at 4:54 PM
My 6yo: Daddy, why aren’t you working?
Me: I am working.
6yo: No, you’re not. You just talk to people and play on the computer.
🤦♂️
Me: I am working.
6yo: No, you’re not. You just talk to people and play on the computer.
🤦♂️
Forget the M&A work, financial analysis, and endless research.
I just reduced a client’s Excel file from 2MB to 700KB without breaking a single formula.
Feeling absolutely almighty.
I just reduced a client’s Excel file from 2MB to 700KB without breaking a single formula.
Feeling absolutely almighty.
April 21, 2025 at 6:55 AM
Forget the M&A work, financial analysis, and endless research.
I just reduced a client’s Excel file from 2MB to 700KB without breaking a single formula.
Feeling absolutely almighty.
I just reduced a client’s Excel file from 2MB to 700KB without breaking a single formula.
Feeling absolutely almighty.
Many founders I’ve talked to lately mention a 25x revenue multiple for AI.
But LLMs are averaging 44x.
Legal Techs AI are 16x.
Those aren’t the same — and neither is how investors view them.
Using more accurate multiples makes your valuation more credible.
Just saying.
But LLMs are averaging 44x.
Legal Techs AI are 16x.
Those aren’t the same — and neither is how investors view them.
Using more accurate multiples makes your valuation more credible.
Just saying.
April 15, 2025 at 3:19 PM
Many founders I’ve talked to lately mention a 25x revenue multiple for AI.
But LLMs are averaging 44x.
Legal Techs AI are 16x.
Those aren’t the same — and neither is how investors view them.
Using more accurate multiples makes your valuation more credible.
Just saying.
But LLMs are averaging 44x.
Legal Techs AI are 16x.
Those aren’t the same — and neither is how investors view them.
Using more accurate multiples makes your valuation more credible.
Just saying.
Apparently, AI tools for COBOL are a real niche—and in surprisingly high demand.
Feels like future Marty McFly met past Marty McFly and launched a startup together.
Feels like future Marty McFly met past Marty McFly and launched a startup together.
March 26, 2025 at 10:14 AM
Apparently, AI tools for COBOL are a real niche—and in surprisingly high demand.
Feels like future Marty McFly met past Marty McFly and launched a startup together.
Feels like future Marty McFly met past Marty McFly and launched a startup together.
The best part about valuing AI startups in 2025?
Half the comps work is already done.
Between LinkedIn humblebrags and TechCrunch features, everyone’s shouting their valuation, revenue, and user numbers from the rooftops.
Of course, the most interesting stuff is usually what they don’t post.
Half the comps work is already done.
Between LinkedIn humblebrags and TechCrunch features, everyone’s shouting their valuation, revenue, and user numbers from the rooftops.
Of course, the most interesting stuff is usually what they don’t post.
March 26, 2025 at 8:58 AM
The best part about valuing AI startups in 2025?
Half the comps work is already done.
Between LinkedIn humblebrags and TechCrunch features, everyone’s shouting their valuation, revenue, and user numbers from the rooftops.
Of course, the most interesting stuff is usually what they don’t post.
Half the comps work is already done.
Between LinkedIn humblebrags and TechCrunch features, everyone’s shouting their valuation, revenue, and user numbers from the rooftops.
Of course, the most interesting stuff is usually what they don’t post.
If there’s one thing I learned this month is that I need to sign a contract before EVERY job.
Even if a client I know for 10 years referred his best friend to me. I still need to sign a contract.
Ugh.
Even if a client I know for 10 years referred his best friend to me. I still need to sign a contract.
Ugh.
March 25, 2025 at 5:38 PM
If there’s one thing I learned this month is that I need to sign a contract before EVERY job.
Even if a client I know for 10 years referred his best friend to me. I still need to sign a contract.
Ugh.
Even if a client I know for 10 years referred his best friend to me. I still need to sign a contract.
Ugh.
Also, the number of AI agents focused on managing or building other AI agents is mindblowing. At least half of the industry is trying to sell these internal tools to other players in the industry. Consolidation is inevitable
Been analyzing the AI agents space, and while it looks like a wave of indie developers have launched new tools recently, the reality is a bit different:
1. Many of these tools are actually developed by big tech or spun out of it—not so indie.
1. Many of these tools are actually developed by big tech or spun out of it—not so indie.
March 20, 2025 at 12:18 PM
Also, the number of AI agents focused on managing or building other AI agents is mindblowing. At least half of the industry is trying to sell these internal tools to other players in the industry. Consolidation is inevitable
Been analyzing the AI agents space, and while it looks like a wave of indie developers have launched new tools recently, the reality is a bit different:
1. Many of these tools are actually developed by big tech or spun out of it—not so indie.
1. Many of these tools are actually developed by big tech or spun out of it—not so indie.
March 19, 2025 at 11:56 AM
Been analyzing the AI agents space, and while it looks like a wave of indie developers have launched new tools recently, the reality is a bit different:
1. Many of these tools are actually developed by big tech or spun out of it—not so indie.
1. Many of these tools are actually developed by big tech or spun out of it—not so indie.
"How is Finro better than other firms? Why should we work with you?"
Honestly, I’m not even sure I want to work with you.
These questions are a sign that someone isn’t looking to buy, just shop around.
From my experience, almost no one who asks this actually ends up closing.
Honestly, I’m not even sure I want to work with you.
These questions are a sign that someone isn’t looking to buy, just shop around.
From my experience, almost no one who asks this actually ends up closing.
March 19, 2025 at 7:24 AM
"How is Finro better than other firms? Why should we work with you?"
Honestly, I’m not even sure I want to work with you.
These questions are a sign that someone isn’t looking to buy, just shop around.
From my experience, almost no one who asks this actually ends up closing.
Honestly, I’m not even sure I want to work with you.
These questions are a sign that someone isn’t looking to buy, just shop around.
From my experience, almost no one who asks this actually ends up closing.
With all the cool new AI agents, the one that brings me the most value isn’t some shiny, futuristic tool—it’s Zoom’s AI companion.
Used to juggle notes, keep up with calls, and make sense of everything.
Now, Zoom’s AI summary does it for me. Worth every penny.
Used to juggle notes, keep up with calls, and make sense of everything.
Now, Zoom’s AI summary does it for me. Worth every penny.
March 17, 2025 at 2:09 PM
With all the cool new AI agents, the one that brings me the most value isn’t some shiny, futuristic tool—it’s Zoom’s AI companion.
Used to juggle notes, keep up with calls, and make sense of everything.
Now, Zoom’s AI summary does it for me. Worth every penny.
Used to juggle notes, keep up with calls, and make sense of everything.
Now, Zoom’s AI summary does it for me. Worth every penny.
A few months ago, I quietly started offering off-the-shelf multiples analysis for different tech niches. It gained some traction, but I never really promoted it.
Then I got this message today.
Apparently, even without promotion, there’s real demand for this. Maybe I’m onto something?
Then I got this message today.
Apparently, even without promotion, there’s real demand for this. Maybe I’m onto something?
February 28, 2025 at 4:06 PM
A few months ago, I quietly started offering off-the-shelf multiples analysis for different tech niches. It gained some traction, but I never really promoted it.
Then I got this message today.
Apparently, even without promotion, there’s real demand for this. Maybe I’m onto something?
Then I got this message today.
Apparently, even without promotion, there’s real demand for this. Maybe I’m onto something?
Numbers matter in AI.
2025 multiples analysis shows:
• AI companies average a 23.4x revenue multiple (3x that of public SaaS).
• Infrastructure tops the charts at 47.7x.
• Cybersecurity & Health Tech are surging.
These are clear signals of where innovation grows.
2025 multiples analysis shows:
• AI companies average a 23.4x revenue multiple (3x that of public SaaS).
• Infrastructure tops the charts at 47.7x.
• Cybersecurity & Health Tech are surging.
These are clear signals of where innovation grows.
February 6, 2025 at 1:07 PM
Numbers matter in AI.
2025 multiples analysis shows:
• AI companies average a 23.4x revenue multiple (3x that of public SaaS).
• Infrastructure tops the charts at 47.7x.
• Cybersecurity & Health Tech are surging.
These are clear signals of where innovation grows.
2025 multiples analysis shows:
• AI companies average a 23.4x revenue multiple (3x that of public SaaS).
• Infrastructure tops the charts at 47.7x.
• Cybersecurity & Health Tech are surging.
These are clear signals of where innovation grows.
Hardcoding your revenue forecast is useless.
It shows nothing and it adds no value.
The same is true for using TAM for revenue forecasting.
The hard truth is only bottom-up analysis is helpful for you and investors.
Might take more time, but it adds value to the discussion.
It shows nothing and it adds no value.
The same is true for using TAM for revenue forecasting.
The hard truth is only bottom-up analysis is helpful for you and investors.
Might take more time, but it adds value to the discussion.
February 5, 2025 at 4:44 PM
Hardcoding your revenue forecast is useless.
It shows nothing and it adds no value.
The same is true for using TAM for revenue forecasting.
The hard truth is only bottom-up analysis is helpful for you and investors.
Might take more time, but it adds value to the discussion.
It shows nothing and it adds no value.
The same is true for using TAM for revenue forecasting.
The hard truth is only bottom-up analysis is helpful for you and investors.
Might take more time, but it adds value to the discussion.
Pro tip: If someone shows you a business valuation using ‘innovative methods’ and ‘creative forecasting,’ they’re hiding something.
Probably the actual value.
Probably the actual value.
February 4, 2025 at 3:16 PM
Pro tip: If someone shows you a business valuation using ‘innovative methods’ and ‘creative forecasting,’ they’re hiding something.
Probably the actual value.
Probably the actual value.
Wow, I just had a completely normal call with a normal founder building a normal startup.
Feels almost… unnatural.
Feels almost… unnatural.
February 4, 2025 at 10:09 AM
Wow, I just had a completely normal call with a normal founder building a normal startup.
Feels almost… unnatural.
Feels almost… unnatural.
ffs, feels like another WeWork moment for Softbank.
Exclusive: OpenAI is in talks for a new funding round led by SoftBank that would value the ChatGPT maker at up to $340 billion
Exclusive | OpenAI in Talks for Huge Investment Round Valuing It Up to $340 Billion
SoftBank would lead $40 billion round for the ChatGPT maker, some of which would go to Stargate AI infrastructure venture.
www.wsj.com
February 2, 2025 at 9:12 AM
ffs, feels like another WeWork moment for Softbank.
Just got off a call with a new lead.
After 20 minutes of discussing her business idea:
‘Ok, so how much is my startup worth?’
Me: ‘It doesn’t work like that. There’s a process.’
Her: ‘I have an investor meeting in 2 hours. What do I do?’
Me: ‘Hire me or make up a number.’
Her:
Me:
After 20 minutes of discussing her business idea:
‘Ok, so how much is my startup worth?’
Me: ‘It doesn’t work like that. There’s a process.’
Her: ‘I have an investor meeting in 2 hours. What do I do?’
Me: ‘Hire me or make up a number.’
Her:
Me:
January 20, 2025 at 6:43 PM
Just got off a call with a new lead.
After 20 minutes of discussing her business idea:
‘Ok, so how much is my startup worth?’
Me: ‘It doesn’t work like that. There’s a process.’
Her: ‘I have an investor meeting in 2 hours. What do I do?’
Me: ‘Hire me or make up a number.’
Her:
Me:
After 20 minutes of discussing her business idea:
‘Ok, so how much is my startup worth?’
Me: ‘It doesn’t work like that. There’s a process.’
Her: ‘I have an investor meeting in 2 hours. What do I do?’
Me: ‘Hire me or make up a number.’
Her:
Me:
Reposted by Lior Ronen
⃝⃤ OG [the real from threads] starter pack • here or there • people not platforms
go.bsky.app/EjyxkGW
go.bsky.app/EjyxkGW
January 14, 2025 at 5:53 AM
⃝⃤ OG [the real from threads] starter pack • here or there • people not platforms
go.bsky.app/EjyxkGW
go.bsky.app/EjyxkGW
‘No, I don’t need more work. Just 1-2 hours will do.’
This is literally you asking for more work. 🤦♂️
This is literally you asking for more work. 🤦♂️
January 11, 2025 at 7:03 PM
‘No, I don’t need more work. Just 1-2 hours will do.’
This is literally you asking for more work. 🤦♂️
This is literally you asking for more work. 🤦♂️
Lior Ronens of the world, unite!
January 10, 2025 at 10:09 AM
Lior Ronens of the world, unite!
Time for a quick re-intro:
I’m Lior, a financial consultant with ~20 years of experience helping tech startups thrive.
I share insights on startup valuation, finance, whisky, and football (the European kind).
Ex-Twitter, ex-Threads… now here to keep things fun and positive.
I’m Lior, a financial consultant with ~20 years of experience helping tech startups thrive.
I share insights on startup valuation, finance, whisky, and football (the European kind).
Ex-Twitter, ex-Threads… now here to keep things fun and positive.
January 8, 2025 at 1:04 PM
Time for a quick re-intro:
I’m Lior, a financial consultant with ~20 years of experience helping tech startups thrive.
I share insights on startup valuation, finance, whisky, and football (the European kind).
Ex-Twitter, ex-Threads… now here to keep things fun and positive.
I’m Lior, a financial consultant with ~20 years of experience helping tech startups thrive.
I share insights on startup valuation, finance, whisky, and football (the European kind).
Ex-Twitter, ex-Threads… now here to keep things fun and positive.
The world has enough problems. We don’t need Adjusted EBITDAX (Non-GAAP) operating margin—it doesn’t mean anything.
If you’re going to make something up, at least give it a cool name.
Call it the Steph Margin or the Messi Margin.
But save us from the BS.
If you’re going to make something up, at least give it a cool name.
Call it the Steph Margin or the Messi Margin.
But save us from the BS.
January 7, 2025 at 4:02 PM
The world has enough problems. We don’t need Adjusted EBITDAX (Non-GAAP) operating margin—it doesn’t mean anything.
If you’re going to make something up, at least give it a cool name.
Call it the Steph Margin or the Messi Margin.
But save us from the BS.
If you’re going to make something up, at least give it a cool name.
Call it the Steph Margin or the Messi Margin.
But save us from the BS.
Let’s be real: no one’s reading the fine print on page 57 of your business plan. Don’t overthink it—focus on what actually matters.
December 11, 2024 at 1:19 PM
Let’s be real: no one’s reading the fine print on page 57 of your business plan. Don’t overthink it—focus on what actually matters.