We're finalizing the details of a new shareholders agreement but we're stuck at setting the EBITDA multiple that will get used for future valuation of the company.

The agreement was written by one of the new investors (VC). but the other investors commented that EBITDA is the wrong way to calculate the valuation of a social technology startup that has assets like its users, and that should be looking for revenue and market share.

The startup could be not generating high revenues, but the numbers of its users for example could be another thing that should be part of the equation as it represents an opportunity and a market share.

We're confused and don't know what is the right method to use. I hope that there's a standard for something like that.