Diversity Outreach A good and tricky Q. You’re probably best off trying a combination of all those methods to get a triangulation. You could estimate the growth on the marketplace for the next 3-5 years and project the associated revenues/cost with it and then discount back for a DCF. This would be pretty ballpark but it depends on how robust your user growth estimates are. You could try to get early stage growth data on eBay and other marketplaces from around the internet to understand how fast other marketplaces have grown historically. Not perfect but useful data to get in any case. A revenue multiple would also be useful though you need to gather some precedent data for the types of multiples that VCs etc pay (that will be harder to do). Naturally the multiple expands with the current and projected growth of the business so you need to benchmark against comparable ecommerce platforms (i.e. you can’t take a revenue multiple for a business growing at 50% vs. 500% YoY). 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