HoneyBook, the business management platform built for independent service pros, just revealed it has crossed $140 million in annualized recurring revenue (ARR)—and it’s not being shy about sharing the numbers. In a startup world where many companies are still silent about post-2021 performance, HoneyBook stands out not just for its growth, but for its confidence.
The company, last valued at $2.4 billion during its late 2021 Series E round led by Tiger Global Management, is part of a rare group: startups that raised peak-valuation rounds and are actually hitting metrics to back it up. At the time, it secured $250 million in funding, and since then, it’s stayed quiet—until now.
While plenty of VC-backed startups from the 2021 boom are struggling to justify their sky-high valuations in today’s leaner market, HoneyBook seems to be thriving. The ARR milestone positions the startup with a valuation multiple of roughly 17x ARR, which, while higher than the current SaaS median of 13x for companies growing 25%+ annually, is not entirely surprising.
What’s pushing that premium valuation? HoneyBook’s recent pivot to AI may be the answer.
The platform—designed to support solopreneurs like photographers, designers, and event planners—has just launched new AI features aimed at helping users make smarter business decisions. From pricing strategies to customer service suggestions, the AI tools are built to boost efficiency and revenue for independent professionals who often juggle it all solo.
HoneyBook’s AI doesn’t just live in a standalone module—it’s woven into the tools users already depend on: CRM, billing, payment processing, and even financial access to business growth funds. With access to rich, real-world data on how thousands of small business owners run and price their services, the company claims its AI recommendations are uniquely practical.
Jeff Crowe, senior managing partner at Norwest and an early investor in HoneyBook, believes this is where the company’s true value lies. “Solopreneurs, like photographers, don’t have the time or business savvy to think strategically about growth,” he explained. That’s where HoneyBook’s platform steps in—offering guidance, automation, and now, data-driven AI insights to help small businesses thrive.
The strategy is simple: if users can grow their businesses using HoneyBook, they’ll process more transactions—and that directly benefits the platform. More transactions mean more revenue, which could help HoneyBook hold onto, or even grow, its multibillion-dollar valuation in a post-AI investment landscape.
At a time when many high-flying 2021 startups are tightening their belts and avoiding the spotlight, HoneyBook is doing the opposite. It’s not just surviving—it’s evolving, embracing AI, and betting that its users’ success will be its strongest growth engine yet.
