Joko: a biannual valuation for fair and defensible equity

A profitable scale-up with new equity challenges

Joko is a French scale-up that helps its users increase their purchasing power by rewarding their everyday spending.

The company reached profitability very early, without relying on successive fundraising rounds. A rare achievement in the ecosystem, but one that quickly raised new governance needs.

“We hadn’t raised funds since 2020,” says Quentin Chaleard, COO of Joko. “Our valuation dated back to that time, even though in the meantime, we were generating far more revenue. It was obvious that number no longer made sense.”

Beyond a simple accounting update, the challenge was to manage team equity with confidence: BSPCE grants, employee departures with share buybacks, and consistent conversations with investors.

“We needed to bring rationality back into the way we value the company,” Quentin explains.

The challenge: setting a fair, neutral, and current price

At Joko, BSPCE are a core part of the company culture. But for these options to be meaningful, their exercise prices must reflect the company's real value.

“Our belief is that employees should be tied to the success they help create during their time at Joko. That requires having a valuation that isn’t too outdated.”

With its recent expansion into the United States, Joko also needed to ensure compliance with the 409A standard, in order to produce a single harmonized valuation for its operations in both France and the US.

Sovalue’s solution: a biannual, precise, and transparent valuation cycle

To address these challenges, we set up a biannual valuation process.

Every 6 months, Joko receives an updated assessment of its value and the applicable BSPCE exercise price. A pace that guarantees consistency and fairness.

A double reading of value

Our work is built around two valuation levels:

• the global company valuation, used to determine Joko’s market value
• the valuation of ordinary shares, used to set the BSPCE exercise price

“Sovalue helps us calculate two layers of discount: one linked to preferred shares, and another linked to the illiquid nature of ordinary shares.”

This approach allows the company to offer an exercise price that reflects “fair value” and remains defensible.

💡 Also read: our white paper “From valuation to discount: everything you need to know to secure your BSPCE”, available here.

A scientific and evolving methodology

Sovalue’s valuation relies on the comparable-company method using linear regression. This common but demanding approach analyzes financial multiples from similar companies to derive the most realistic value for Joko.

As the company continues to strengthen its profitability, we plan to enrich this work with cash flow projections (Discounted Cash Flow method) to incorporate a longer-term perspective.

For the COO, this approach finally provides a clear, well-argued understanding of valuation: he now knows not only how much the company is worth, but also why.

A collaboration marked by rigor and pedagogy

Beyond the deliverable, Joko especially appreciated the clarity and professionalism of our team. “Illan really gets involved to meet deadlines, even when the timing is tight,” Quentin emphasizes.

This availability is crucial during discussions with investors, where decision windows can be very short.

The reports also stood out for their accessibility: “they’re digestible, even for non-financial people.”

Thanks to this educational approach, the COO now has a detailed, well-documented view of Joko’s valuation and the discounts applied. “It’s also a way always to stay three steps ahead of upcoming conversations,” he adds.

The result: more rationality, less uncertainty

In an ecosystem where market trends or stakeholder interests often dictate valuations, Sovalue helped Joko reintroduce neutrality and method into its financial decisions.

“The valuation world is full of actors with divergent interests: investors, business angels, employees… What I appreciate is that Sovalue brings rationality to all that, with the most scientific approach possible. I find it refreshing, because I have a duty of neutrality toward all parties.”

This collaboration made it possible to:

• Update the company’s valuation regularly
• Secure BSPCE allocations with defensible and compliant foundations
• Strengthen the finance department’s credibility with the board and investors

A sustainable approach to fair value

Today, valuation is no longer viewed as a one-off exercise, but as a continuous process. The biannual cycle introduced by Sovalue has become part of Joko’s financial routine and its internal equity culture.

The COO sees it as a tool for transparency and trust between all stakeholders: executives, employees, and investors.

Thanks to this clear framework, each equity decision is now based on objective and understandable data.

Key takeaway

As a startup becomes profitable, valuation changes roles: it shifts from an investor-facing storytelling tool to a genuine internal capital-management instrument.

Joko’s experience makes this clear: implementing a regular, clear, and well-documented valuation process helps maintain control, ensure fairness across teams, and defend decisions before both the board and auditors.

Working with Sovalue means benefiting from an independent perspective, a recognized methodology, and a pedagogical approach that finally makes valuation comprehensible to everyone.

A reliable, transparent, compliant framework, designed for companies growing fast without wanting to lose their rigor.

Are you facing the same challenges as Joko? Reach out to Sovalue to obtain a clear, defensible, and tax-compliant valuation aligned with French and international standards.

👉 Request a valuation.