Seraf calculates Value based on the share price of the most recent round of financing multiplied by the number of shares held in any equity round. Investments in notes and SAFEs are left at their cost basis.
Seraf's Professional and Enterprise clients, can add a valuation to better reflect the current value of their holdings by marking them up or down. In this case, it is the most recently dated round or valuation that drives the Value. Note that not only can Enterprise clients change the value of stock rounds, they can also change the value of non-equity rounds on a round-by-round basis.