Tom Tunguz

APRIL 1, 2019

In 2010, one venture dollar bought $1.24 If we look at the ROIC across IPOs across the last 12 years or so, we see that same initial dynamic of incredibly efficient companies in the 2010 and 2014 IPO cohorts. It’s tripled from about $92m to more than $300M since 2010. One venture dollar bought forty-two cents at IPO.

Startup 279

Startup Software Review SaaS Acquisition 279

Tom Tunguz

OCTOBER 7, 2019

The top left chart shows a $1M round had about 41% market share in 2010; that grew to about 54% in 2014; now it has fallen to 35%. But is now at the same level it was in 2010. In 2010, it was very likely that a business raised a $1M round before raising a $3-5M dollar round. The $3M round has suffered a similar loss of share.

Marketing 247

Marketing Benchmarks Trends Startup 247

SaaStr

JUNE 2, 2022

in May 2009 … but then returned to normal 2% by 2010: #4. Customers kept buying more SaaS than ever, which masked all-time high churn in SMB accounts. SMBs just plain went out of business in ’08-’09. So our gross SMB churn spiked to a crazy high of 5.5%

SMB 361

SMB SaaS Churn Enterprise 361

Tom Tunguz

NOVEMBER 19, 2020

And it would be 4x the size of 2010. Let’s go through these one by one using the Pitchbook Venture Monitor Report. VCs have raised $57b through Q3, implying $75b for the year, a total which would eclipse any other year in the last decade. The late stage venture market is on pace to set a record in 2020.

Venture Capital 353

Venture Capital Government Pricing Investment 353

Tom Tunguz

JUNE 23, 2024

We gathered data on the US venture-backed software companies that went public between 2010 & today. What does it take to go public? Has it changed over the last 15 years? We corrected the trailing 12 months’ revenue at the time of IPO for inflation & plotted the data.

Revenue 308

Revenue Finance Trends Startup 308

Tom Tunguz

JANUARY 7, 2020

Since 2010, the number of round by quarter has followed a periodic growth, with consistent seasonality. Mean round sizes have increased from 5 million in 2010 to 17.5 I wondered if Softbank's changes in investment strategy had much to do with it, but as the chart shows, they were not a meaningful contributor.

Marketing 276

Marketing Finance Investment Trends 276

SaaStr

JULY 17, 2024

Founded back in 2010 (SaaS takes time!) So we’ve finally got another SaaS IPO gearing up — OneStream. It’s SaaS for CFOs and financial operations, a large but somewhat under-discussed category. SAP and Oracle are very strong here.

Enterprise 321

Enterprise Scaling Revenue SaaS 321

SaaStr

JANUARY 25, 2023

It’s 2010 customers have grown their ACV … a stunning 24x over the following 12+ years. Others are seeing this as well, although some, like MongoDB, aren’t. But many in SaaS are seeing tougher times in Europe than North America. ServiceNow’s growth has slowed there: And a few interesting learnings: #6.

Azure 324

Azure Cloud Enterprise Payment Features 324

Tom Tunguz

MAY 24, 2020

And it indeed has contracted by about 30% per year since 2010, while M&A has tripled. And this persists for all the reasons that have made Silicon Valley special: the open networks, the universities, the culture, the concentration of capital. You might counter the startup IPO market is dead, long live the IPO market.

Venture Capital 321

Venture Capital Entrepreneurship Startup Acquisition 321

Tom Tunguz

AUGUST 20, 2023

The red is a linear model based on data from 2010 to 2018 that predicts activity rates for each financing series of US & Canadian software companies. [1] By looking at the cumulative rounds since 2010, we can see that Seed, A, & B volumes all trended meaningfully above their predicted counts.

Investment 236

Investment Venture Capital Startup Finance 236

Tom Tunguz

SEPTEMBER 19, 2024

1 I’m using PitchBook US venture backed software exit data & running Spearman correlations on data from 2010-2020 on the subsequent year’s change in the relevant field. But there is some evidence within the data that laxer monetary policy will increase exit activity in the subsequent twelve months.

Marketing 279

Marketing Acquisition Startup Software 279

Tom Tunguz

APRIL 18, 2022

Circa 2010, there was only one full-time analyst at the company working on data, and his laptop was effectively the company’s data warehouse. Oh, Revenue_new is the old column. The company moved to customer_revenue last quarter when we hired a new VP of Finance and they updated the definition. Airbnb faced this problem, too.

Revenue 325

Revenue Sales Hiring Finance Metrics 325

SaaStr

JUNE 24, 2021

SproutSocial was founded in 2010. It’s not your valuation today that matters. It’s where you can grow into, in SaaS. Also a reminder that power laws are everywhere in SaaS. Nine years layer, it was worth $815m — impressive. But then 2 years after that, they are worth $4.7B. Keep going in SaaS. Value compounds.

Social Media 328

Social Media SMB Cloud Scale 328

SaaStr

SEPTEMBER 15, 2023

Big Bet #1: Cast Your Net Wide — Bet On Inbound While Going Global Freshworks was founded in October 2010 in Chennai, India. Big Bet #2: Find Tomorrow’s Great Anglers — Hire Talent With A Learning Mindset In 2010 and 2011, San Francisco was the place for SaaS talent. It helped them get funding in the first round.

Sales Hiring 289

Sales Hiring Scale SMB SaaS 289

SaaStr

MAY 22, 2023

The best of us kept growing , albeit with elevated churn through 2010: What Really Happened to SaaS in the ’08-’09 Recession And to those of us who have been doing SaaS a long time … 2023 just feels Like it Used to Be. SaaS markets had fully recovered later that year. Back when you needed CFO approval on a bigger deal.

SaaS 318

SaaS Churn Sales Software 318

Tom Tunguz

FEBRUARY 21, 2021

Appearing suddenly in 2010, it promptly disappeared - confoundingly abruptly and surprisingly unexpectedly - in 2015 - albeit, justly in my view. ” As a SaaS investor, these businesses aren’t in my bailiwick, but since.gg suffix certainly is in yours. polyptoton). killing Hemingway softly).

Startup 323

Startup Business AI Trends 323

Tom Tunguz

MARCH 10, 2019

2018 observed the fewest number of angel-led financing rounds since before 2010. Angel investing was an important part of the Startupland ecosystem. Today, you can’t make the same argument. Angels led 156 rounds last year, a figure that collapsed from 714 in 2015.

Finance 280

Finance Investment Trends Startup 280

SaaStr

JANUARY 24, 2024

Founded back in 2010, it had steady growth to $100m ARR, IPO’d quietly in 2019, then has grown 30%+ annually every year since. So sometimes steady and even is the right path. SproutSocial is one of those. That’s compounded to $360m in ARR today, and a market cap of $3.4 Billion, so about 9x ARR.

Social Media 288

Social Media SMB Enterprise Scaling 288

SaaStr

NOVEMBER 25, 2021

2010: Ease-of-Use. By 2010, we were finally started to get to basic feature parity. If you haven’t localized an app before, and didn’t architect it that way from the beginning, it’s a big project. We won Google, Facebook, Twitter, and so many other deals just with this feature. Phew, a long time!

Scale 246

Scale Mobile Branding Engineering 246

Tom Tunguz

FEBRUARY 26, 2018

The chart above depicts the total disclosed value of US venture-backed SaaS startups which have been acquired by PE firms since 2010. The median venture-backed SaaS acquisition by PE has increased to $250M, up from $50M in 2010. Private equity hasn’t been a common exit route for venture backed startups in the past.

Startup 202

Startup SaaS Acquisition Pricing 202

SaaStr

AUGUST 9, 2020

A Good Day: Dec 31, 2009; Dec 31, 2010; Dec 31, 2011; Dec 31, 2012. A Bad Day: When I Had No Salary And Didn’t Get My Requested $10k Bonus Even Though I Brought In an Extra $300k All-Cash Upfront Deal. And again, Dec 31, 2018 and Dec 31, 2019. When we killed it every year on the last day of the year. New Years was spent in the office.

Sales Hiring 357

Sales Hiring SaaS Revenue Churn 357

Tom Tunguz

FEBRUARY 6, 2022

Venture investing clocked more than $329b invested last year , up 10x since 2010. The rapid halving of software multiples has disjointed the valuations between public and private companies, and between growth and value companies.

Investment 257

Investment Pricing Business Model Enterprise 257

SaaStr

MAY 6, 2022

The point is that SaaS multiples are still higher than where they were from 2010-2017. The Bear Case: Multiples are still elevated compared to the pre-2018 period. You can see a lot of VCs and others talking about this on Twitter. It just went nuts during Peak Covid. The argument here is that SaaS even in 2018 was overvalued.

SaaS 348

SaaS Azure Cloud AWS 348

Tom Tunguz

AUGUST 6, 2023

Then GreenDot’s IPO in Q2 2010 at $1.4b Companies chewed gravel, gritting out each quarter. About 5 quarters later, the exit market offered a little sprig of hope. In Q4 2009, Amazon acquired Zappos for $1b. suggested the IPO market wasn’t icy. at $1.5b.

Venture Capital 231

Venture Capital Acquisition Investment Marketing 231

SaaStr

JANUARY 11, 2024

He was also awarded the 2010 Salesperson of the Year at the MIT Sales Conference. Prior to these roles, Mark was the founding CRO at HubSpot, where he scaled annualized revenue from $0 to $100 million and expanded his team from 1 to 450 employees. Mark was ranked #19 in Forbes’ Top 30 Social Sellers in the World.

Technical Review 306

Technical Review Scale Management Sales Hiring 306

Tom Tunguz

JULY 16, 2020

The book recounts five crashes: 1907, 1929, 1987, 2000, and 2010. I read Galbraith’s The Great Crash of 1929 and it’s good, but focuses only on a single event. A History of the United States in Five Crashes is the best I’ve found. So it doesn’t cover all US stock market crashes.

Marketing 262

Marketing Banking Investment Pricing 262

Tom Tunguz

JULY 15, 2017

If we plot San Francisco startup fundraising activity through the first six months of the year, rounds A through D, beginning in 2010, we see the surge during the 2014-2015 heyday and then a reversion to an elevated mean in 2016 and 2017. Note, the levels still exceed 2010-2013. But the 50% decline is real.

Investment 203

Investment Startup Venture Capital Trends 203

Intercom, Inc.

DECEMBER 31, 2019

To give some perspective, there were about 300 million smartphones sold in 2010. Netflix had 12 million subscribers for its DVD delivery service in 2010, when it decided to make video streaming its primary focus (dear reader, feel free to insert Qwikster joke here). There are about 3.2

Payment Solutions 259

Payment Solutions Payment Methods Software SaaS Payments 259

SaaStr

AUGUST 24, 2019

2010: Ease-of-Use. By 2010, we were finally started to get to basic feature parity. If you haven’t localized an app before, and didn’t architect it that way from the beginning, it’s a big project. We won Google, Facebook, Twitter, and so many other deals just with this feature. Phew, a long time!

Scale 216

Scale Mobile Branding Engineering 216

SaaStock

FEBRUARY 14, 2019

In 2010, he joined DGF Investimentos, one of the top VC firms in Brazil. In 2010, he became one of the Co-Founders of Warehouse Investimentos, a prominent Brazilian VC company. In 2010, he founded Influitive, which helps B2B companies employ brand advocates for faster growth and development. His focus there was deal-sourcing.

Technical Review 207

Technical Review Scale Entrepreneurship Sales Hiring 207

SaaStr

MAY 29, 2019

In 2004 he became CEO of MarkLogic where he stayed until 2010. Dave Kellogg has a lengthy history in tech from his start in product marketing at Ingres Corp in 1985 to his ensuing leadership positions at Versant and Business Objects. Today he is an avid blogger on his personal blog “Kellblog” and sits on the boards of Alation and Nuxeo.

Payment Methods 252

Payment Methods Payment Solutions Payment Services Banking 252

Tom Tunguz

SEPTEMBER 9, 2017

Professor Adam Grant wrote Emotional Intelligence is Overrated in 2010. A paper published in 2010 called Emotional intelligence: An integrative meta-analysis and cascading model accumulated the largest data set on emotional intelligence until that point. Professor Grant teaches at Wharton. Is this broadly true?

Sales Hiring 185

Sales Hiring Startup Construction Interviewing 185

SaaStr

DECEMBER 1, 2024

Deeper Bio: Early Life and Education Graduated with a Computer Science degree from The Academic College of Tel Aviv-Yaffo Demonstrated early interest in technology and software development Served in the Israeli Defense Forces’ Intelligence Corps, where he developed technical and leadership skills Early Career Began career as a software developer (..)

Scale 256

Scale SaaS Company Culture Leadership 256

SaaStr

JULY 22, 2023

.” — Brian Halligan, co-founder and chairman of HubSpot “Secondary” liquidity for SaaS founders has been part of the VC toolkit for funding later stage SaaS founders since at least 2010-2011 or so. I got a significant offer as we approached $10m ARR back in the day at Adobe Sign / EchoSign — and I should have taken it.

Scale 245

Scale Pricing Acquisition Scaling 245

SaaStr

JULY 11, 2024

Two Case Studies Scale Ventures invested in Box in 2010 while in the high-growth, low-burn bucket. In the later-stage venture market today, companies are rapidly trying to get to that gray box by lowering their spend, even though growth might take a hit. It means they’ll survive and maybe have a chance to move back up to the green box again.

Scale 305

Scale Scaling Churn Investment 305

SaaStr

JUNE 5, 2020

2004-2010 marked the early days of SaaS where the model was still risky, and cloud providers were competing hard with their on-prem predecessors. . Because the SaaS model wasn’t entirely proven, venture capitalists took more risk, and expected a higher return. .

Venture Capital 296

Venture Capital Technical Review Scale SaaS 296

Natalia Luneva

JANUARY 7, 2023

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User Experience 40

User Experience Payment Features Subscription Software 40