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A $30B Software Company from a $15m Investment

Tom Tunguz

Constellation Software is a $30b+ publicly-traded software holding company employing more than 25,000. A former venture capitalist, Mark Leonard started Constellation in 1995 with $15m of outside investment & a goal of buying vertical software companies with a moat & good unit economics. Growth Source. Acquisition.

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How Our Journey with Snowflake Began

Tom Tunguz

It was March 2014. You can read more about the investment memo and diligence that supported the investment here. It’s a far cry from 20 people and sub-$100M valuation in 2014. Snowflake is the fastest growing enterprise software company we’ve seen, and we’ve analyzed many.

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The Inflationary Forces in Startupland

Tom Tunguz

Over the last ten years, the 75th percentile post-money valuation of a cloud software or infrastructure company has grown 11% annually. 2014: Alibaba. Many run auctions effectively, and pick the right partner conducting similar diligence to the investors themselves. In 2021, the post-money valuation has spiked 60% from $48.1m

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5 Interesting Learnings From Five9 at $550,000,000 in ARR

SaaStr

In 2014, when I invested in then up-and-comer Talkdesk , it had long since IPO’d and was struggling at a $200m market cap. Five9’s revenues were 60% enterprise at IPO in 2014, but now are 83% enterprise. And Five9 has grown from just 3 $1m ACV customers in 2014 to 91 today: #2. Five9 is particularly interesting.

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Do SaaS Startups Still Require Less Capital than 10 Years Ago?

Tom Tunguz

In 2014, I published a post called Do Startup Require Less Capital to Succeed than 10 Years Ago ? In 2014 we saw increasing efficiencies over time, which was very exciting because it reaffirmed the efficiency of SaaS go-to-market. It’s been five years and time to see how things have changed. The chart above updates that analysis.

Startup 279
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6 things SaaS founders should keep in mind in 2014

The Angel VC

I hope you've had a great start into the new year, and I wish you a happy, healthy and prosperous (and of course SaaSy ) 2014. Here are six things that I think SaaS founders should keep in mind in 2014. Which additional ones do you think SaaS founders should pay attention to in 2014? Fixing your weaknesses is the tougher part.

Scale 155
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Doubling Down: Jay Levy Managing Partner at Zelkova Ventures

SaaStr

Obviously, this is both challenging and frustrating to founders but ultimately, they will wind up with investors who have really done their diligence and are fully committed to helping them succeed. #5. Since 2014 Jay has invested in over 90 startup companies with 35 successful exits. Jay Levy is Managing Partner of Zelkova Ventures.