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How SaaStr Fund-Backed RevenueCat Went from a $1.5M Round at $7M Valuation in 2018 to $500M+ Today

SaaStr

When SaaStr Fund made the first investment in RevenueCat back in 2018, nobody could have predicted that this “simple API for managing in-app subscriptions” would become the infrastructure powering 33% of all mobile subscription apps and reach a $500M valuation in 2025. No one else was even building anything like this.

Payments 271
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Dear SaaStr: How Should I Calculate Gross Dollar Retention For Our Investors?

SaaStr

Here’s the best-practice way to calculate it: Start with your Beginning ARR (Annual Recurring Revenue) : This is the ARR from your existing customers at the start of the period you’re measuring. Subtract Churned ARR : This is the revenue lost from customers who canceled their subscriptions during the period.

Retention 176
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M&A Is Back! Melio’s $2.5B Exit to Xero — In Just 7 Years!

SaaStr

The Bottom Line Melio’s journey proves that solving a massive, painful problem with elegant technology can build a billion-dollar business—even in a crowded market. For founders: Focus on real customer pain, diversify your monetization, and remember that great exits come in many forms—not just peak valuations.

Payments 217
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GTM in The Age of AI: The Top 10 Learnings from ICONIQ’s 2025 B2B SaaS Report

SaaStr

It’s about fundamental organizational redesign —from pricing models (hybrid consumption/subscription) to team structures (forward-deployed engineers vs traditional CSMs) to investment priorities (94% AI spend increases among high-growth companies). vs $8.7K), and dramatically leaner operations.

Scale 184
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Never Quit If

SaaStr

The last thing anyone needs is another CRM, another invoicing app, another quoting tool, another recruiting app, etc. And they are actually happy and love your product? But 8 times out of 10, it shows the earliest stages of real product-market fit, i.e., potentially having something. That’s real.

Scale 362
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Clouded Judgement 6.27.25 - New Rules For a New Game

Clouded Judgement

Whether it’s polishing a blog post, a product release, or anything else…Speed of execution and iteration is now becoming more important. Don’t wait 3 weeks to get the product marketing perfect…Or the blog post perfect. Spinning up GTM before product-market fit is fully obvious. Then iterate.

Cloud 157
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3 Ways I’ve Changed Venture Investing at SaaStr Fund

SaaStr

– RevenueCat now powers 1/3d of all new mobile subscriptions world-wide – New Apps using RevenueCat doubled in last 6 months – Powering monetization for ChatGPT, Notion, VSCO, Runna, and pic.twitter.com/McFmCBZ0eE — Jason SaaStr.Ai Lemkin (@jasonlk) May 22, 2025 But also, over time, I’ve made more mistakes too.