Envelope-to: andrew@sterlingcal.com
Delivery-date: Sun, 21 Apr 2024 09:34:30 -0500
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Date: Sun, 21 Apr 2024 14:34:15 +0000 (UTC)
From: Ryan Allis <saasrise@mail.beehiiv.com>
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Message-ID: <fS85QkcoSLuQTII4IG3eZg@geopod-ismtpd-28>
Subject: The SaaS VC Report 2024
Reply-To: Ryan Allis <ryan@saasrise.com>
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To: "andrew@sterlingcal.com" <andrew@sterlingcal.com>

--5bd3f3d4be6c6dae0518057a62641f68ad211a31990a617ada145d535cf2
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View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8H2xd9tywFPH35mixQTqP-MXT=
Ga1-XfMCjC-D1oWJH4onto3JFiUbZOKawtwMQnfsr7jVw7KG5z3NOKmB-AVtg89P_LG5bqMsR1i=
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vDK6iAD-axgN_GDL0pNeC2yDHw__HLoA_xY
Follow image link: (https://link.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D=
-7I1gfdvb1VvSm5a8W0-LVmoN4MC4_xhCeo-nvJ2pa2x_2kyI/45p/Ytp7xrZCT-aIP5ILjqPJp=
Q/t1/h001.3PzIb0LOjaPrDDGvO6AYO_2zrEor96o1zA-W2IJ1XkU
Caption:=20

It=E2=80=99s Ryan Allis at [Saas](https://link.mail.beehiiv.com/ss/c/u001.d=
1Y1-FGtvkksf5D-7I1gfdvb1VvSm5a8W0-LVmoN4MC4_xhCeo-nvJ2pa2x_2kyI/45p/Ytp7xrZ=
CT-aIP5ILjqPJpQ/t2/h001.0_oahDQoHfKluP9e_pa_zowlpyMfzTN-E55r7dxwEv4[Rise](h=
ttps://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRzA0t_5eScHdzFd2=
1xBwIuhLV55FN0IJHgoVcmi1eumt/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t3/h001.TaecVmB0Nqx=
iEs9fAKyiTJNBzBcV68vn7twzwUpEuPI the community for SaaS CEOs and founders.

Today we have The 2024 SaaS VC Report fresh off the presses. I=E2=80=99ve b=
een personally writing it over the last week covering valuations, amounts i=
nvested, revenue multiples, EBITDA multiples, and my [annual ranking of the=
 Top 250 Global SaaS VCs](https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpw=
ndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_=
UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFKE71PQJ3nEttx33zxgvbPSyu8cTHQOX=
i2YTD0NV6Xw8/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t4/h001.Q3L4VSKbsUcW1GbfREbOjw_J3fr=
Gf_yqMWG9TnzUknQ

Let=E2=80=99s jump right in to the report, which might just be the most det=
ailed report I=E2=80=99ve ever written. My goal is to give you a full brief=
ing of SaaS venture capital.

View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8H9GuvC2DtwHj6baeO3O7LDW1=
mA58rfkwz6Og-ebWW9jN9phf2zeoCQh4aCn7DWjcUu8sYO8HrFS_npB1WWlVHVKBXdP36X5PpCQ=
bQt3R_C-6/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t5/h001.pSNkPA1yXTd17sMnBCFBzBOdkwcyid=
4GyhOhByai4hE
Follow image link: (https://link.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D=
-7I1gfdvb1VvSm5a8W0-LVmoN4MC4_xhCeo-nvJ2pa2x_2kyI/45p/Ytp7xrZCT-aIP5ILjqPJp=
Q/t6/h001.Qp8T3tmVJ5kPORn3Z8RjBO4iWD0mU1aXbIeZbdgJWWE
Caption:=20

=E2=80=9C**About the Author: **Ryan Allis, is the founder of [SaasRise](htt=
ps://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwR-f4On1cHtGf4DJn5c=
oPRqZIsLK0WuIDFMAgIpJOcVCh/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t7/h001.G0PNPf4CQz27Z=
ZgUWThJrf2khe4xzlgMjgjOacPhan8 the community for SaaS CEOs with $1M-$100M i=
n ARR. Apply to join our community [here](https://link.mail.beehiiv.com/ss/=
c/u001.UXwWVAixgZ-oyJn_0myWAd8vA1Wvqe3WhxBdae9dxCg/45p/Ytp7xrZCT-aIP5ILjqPJ=
pQ/t8/h001.nW4KtKm9NHxhH978j80CvNH-V4gssfWp3sJX8bs_nuo Ryan previously led =
iContact as CEO and Co-Founder from $0 to $50M ARR and a $169M exit and the=
n earned an MBA from Harvard Business School. Today, Ryan coaches SaaS CEOs=
 on growth, runs a [SaaS digital ads agency](https://link.mail.beehiiv.com/=
ss/c/u001.iONMcImK8a-Nu11tvHuwR-f4On1cHtGf4DJn5coPRqZIsLK0WuIDFMAgIpJOcVCh/=
45p/Ytp7xrZCT-aIP5ILjqPJpQ/t9/h001.EEnYyVQfwL-X4uxTZGx8yV3oCd-5RDEGImBlI-bY=
mJE and helps prepare SaaS firms for successful $100M+ exits.=E2=80=9C =E2=
=80=94=20

Over the last week, I crunched some serious numbers and created my annual r=
anking of the** Top 250 Global SaaS VC Firms**. My goal was to create some =
seriously valuable content for our SaasRise community of CEOs and founders.

This year, I did the rankings by [firm AUM](https://link.mail.beehiiv.com/s=
s/c/u001.iONMcImK8a-Nu11tvHuwRxWxmQpTTap_VANK696F-XvwzTqVCI08W6VJJHEBwOTWpi=
fgY7ySL_eaFlnhpWK8_WF4VnL7Kn4rk5ukXTftf-nSoDTgj9_26APSbGeFEnlBbnVY8lh-a8yrM=
At-Vq-YVcNlO6UKtqgz40_tU9y2_gM/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t10/h001.v3FKpbFq=
LqHRJjTyYcQNucMsmTln0wtIEc1QocPgD10 [investment count](https://link.mail.be=
ehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRxWxmQpTTap_VANK696F-XvwzTqVCI08W6V=
JJHEBwOTWpifgY7ySL_eaFlnhpWK8_WF4VnL7Kn4rk5ukXTftf-nSoDTgj9_26APSbGeFEnlBHo=
bTdbnXWkjd66MfZMWgMR0bhhWinQc3rcra-9K6L5E/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t11/h0=
01.uI2kw4kyoDmm7UXaArwdejE9kSNnVTxGFjPDaQt3oKw and [number of exits](https:=
//link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRa=
jUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunv=
i0_3nhTbb4LFv9TczLxJ__uprGQvt4bVpg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t12/h001.ibts=
whbFQjgJ6XGtl6HB8Se-_6vcqfATm0JARraaR9A as well as by my own [Power Ranking=
 Formula](https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34C=
jWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_=
XcE1HVc_BfTCZunvi0_3nhTbb4LFKE71PQJ3nEttx33zxgvbPSyu8cTHQOXi2YTD0NV6Xw8/45p=
/Ytp7xrZCT-aIP5ILjqPJpQ/t13/h001.ofgTlMelO7jmMV65TGMhhlOS_0BdlzxjCoU4qRX0GK=
Y You can [see my full rankings here](https://link.mail.beehiiv.com/ss/c/u0=
01.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2=
toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFKE71PQJ3nEttx33zxgv=
bPSyu8cTHQOXi2YTD0NV6Xw8/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t14/h001.SEUFD1MR3n_aC6=
yp0oPjT_0VK-1_zIMm6BjzIDWobKo=20

## **Key SaaS Venture Capital Stats**

But first, let=E2=80=99s begin with some stats that firmly demonstrate that=
 SaaS is here to stay=E2=80=A6

* In 2023 in software venture capital=E2=80=A6

  * Total VC investment was an impressive $144 billion up from $28B just ni=
ne years ago in 2015.=C2=A0

* The median Series A investment was $9.5M on a $30.7M pre-money valuation

* The median Series B investment was $20.0M on a $82.5M pre-money valuation

* The median Series C investment was $34.0M on a $250M pre-money valuation

* The median revenue multiple for all software venture investment rounds wa=
s 10.89x

* There were 9,334 venture deals =E2=80=93 up impressively from just 1,636 =
in 2013 =E2=80=93 yet down from 15,048 in 2022 as capital flowed less freel=
y due to rising interest rates.

* In 2023 there were also 2062 SaaS M&A deals, down only slightly from the =
record of 2157 SaaS M&A deals in 2022.

* As of February 2024, The total amount of assets under management by the t=
op 250 global SaaS VCs is $871 billion.=20

* The total amount of dry powder in the top 250 global SaaS VCs is $177 bil=
lion. There is **plenty** of equity capital out there available for SaaS fi=
rms that are growing ARR at venture-backable rates (50%+ annually).=20

* The top three active SaaS VC firms by Total AUM are Sequoia ($85B), Tiger=
 Global ($75B), and Shenzhen Capital Group ($66B).

* San Francisco is the #1 city in the world for software VC firm capital wi=
th $377B in AUM, representing 43.5% of the total AUM among the top 250 glob=
al SaaS VC firms =E2=80=93 followed by New York City (12.6%), Beijing (11.2=
%), Shenzhen (8.8%).

* Two countries, the U.S. (66.2%) and China (23.4%) represent the large maj=
ority of the AUM for software-focused venture capital firms, followed by th=
e UK (4.3%).

Below we show the long-term rising trend line of software VC deal count, wi=
th the low-interest rate outlier =E2=80=9CCovid years=E2=80=9D of 2020-2022=
 excluded from the trend line.=20

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfZsGbKISRbm63hxmbxLSt7kSHxJfiAlqg0CfpaPLp4JR1-geoAP0nOXD=
7mHdqJpH34SZ9DvU8sJLBTJ8kgCAY4B-aww18wb-8LqErhVFLNHppo9YMYPo715eSKbrPFFLphI=
NBC5-6sHgYphZwIx6P-Ck3Mv28-F0e0_jzAF3OhX5fP-joDu1QlsFYPQnxzIz_OPN3cNplFjF38=
Zsh1L2sgfCfJOfk6Kne_PnGIwW8_ysQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t15/h001.-gl1lxQ=
WmTcBi5Lq_1pt9Lf9vl-WB4rlEOzaj5TD02c
Caption: [SaaS VC Deals By Year](https://link.mail.beehiiv.com/ss/c/u001.FF=
ZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1=
m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFMJGVewjBisX5x5hMDOBikg/4=
5p/Ytp7xrZCT-aIP5ILjqPJpQ/t16/h001.LflwzAZik3GrcjBSwpInT1S9A8QKPW_fCbeS1mSP=
HJY

The compound annual growth rate (CAGR) of software VC deals from 2010-2023 =
is an impressive 25.9% per year.

Now, let=E2=80=99s look at total investment amounts by year in software ven=
ture capital (in billions). As you can see, there was $144 billion invested=
 in software venture capital globally in 2023.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfaWssaIOczGOgRtbUntvkoYT2Xrxw8GNcmKIse-Xd-mnTpKiltityQuL=
vEDJZxg_6dh-V8uJTK_EMu_7r0itEDjqB21FZVH4DxTfIm6vTJR9dcaZq6aJKax3kdxNzLlxhJE=
SlFg-bIMTsJpYlOA6zWZeNrqdnsCqz1jNWnTZPZMgK74VBWbDKu5MlNGfKmDJmcqKnP-pFjM-89=
ekNtkQw4VsmSwr5zMudumQ4KCDuqXqw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t17/h001.Z0qxudB=
7UihyN_mdBr1bGTCgc1N-nBMurVkGN0Ku5ys
Caption: [SaaS VC Dollars Invested By Year](https://link.mail.beehiiv.com/s=
s/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW=
3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFRbbcG2dmr-X7b=
cZksZfw2A/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t18/h001.8OKmGqWZuIiBU0ZZuwRsq_CJfdvJK=
uPh0s8J9Y4PeQQ

To put it into perspective this is $2.7 billion per week being allocated by=
 venture capital firms into private equity purchases of software companies,=
 a staggering figure. For $144 billion you could buy every single NFL team.=
 That=E2=80=99s a lot of money for one year of capital allocation.=C2=A0

We are definitely in a continually and rapidly growing industry, even if we=
 reached a temporary peak for valuation and investment count in 2021 due to=
 the unique circumstances of artificially cheap capital in 2020-2022.=C2=A0

Let=E2=80=99s see how the money breaks down between Seed, Series A, Series =
B, Series C, and Series D-E-F+ rounds.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfZbuDoy81AUPh2G-S-6S5oP1YILAHahK7ANRQW-av3IRYwvvcSutl-Pe=
y_T8lQ691HPzCOxzqLlFrYKCpI86MNQIMicALITbhdRlfp0TqFZkR1d26G8vzYrG8uFuVt7y_Fg=
hYUYFhhoZF0WocxIcCPrnIReybha_iXTkUm6KJSsGGcFOI9YYE6V_5yIiY6_rQPXQO9IVfU3Rvq=
Q2XE3p5IwC4YvdruZW01kNgJ9gpJFvQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t19/h001.mYtyKWb=
1Ovkkmh_C58-zbWI4-N1uyf5SqRQqrSmg78A
Caption: [SaaS VC Dollars Invested By Year](https://link.mail.beehiiv.com/s=
s/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW=
3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFRbbcG2dmr-X7b=
cZksZfw2A/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t20/h001.Pscrn34h3qed1NrY64w8Z_UIEB88q=
p7cjieUqLdQtfQ

As the rapidly growing category of AI software is a subset of software, we =
expect to see major continual growth in software VC investment in 2024-2026=
.

Now, let=E2=80=99s share the rankings of the top Global SaaS VCs, ranked by=
 investment, AUM, exits, and our combined power ranking formula.

## **How Software Valuations Have Changed**

Venture valuations for software firms peaked in 2021/2022 and came down sli=
ghtly in 2023. Here are the median valuations per round over the last eleve=
n years.=C2=A0

You can see that Series A median pre-money valuations are still holding str=
ong at $30M. We use median to show what=E2=80=99s normal as the mean is too=
 heavily weighted by the big outliers.=C2=A0

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfadxsNP4GyR-ioyNI1MrrfbIqZ6jScOWNKdUmOBm47YVBp6pacHLjAfp=
5rb27gEspVvCAPeHZM8Nyk-7Dg7GhBbVjDE6HBCEfYg2s9S1Yc60D6Sfs0YK5jtTtdSLAMOh1pD=
5rkFu8Vc1J59LwJbzp43hjBdA_d_HLuLKZeEux6FvnpZCP2lqZFoRe7q4-QMiCUfgTCuQai-1ol=
ppSO3KTgrKSogNkgibGMXlNpGnTD8zQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t21/h001.Lob5gl2=
YZ5NW0sboWKwrVqgldY5WF-2PCygr3GoJ5E4
Caption: [SaaS Valuations By Round By Year](https://link.mail.beehiiv.com/s=
s/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW=
3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFunPWXpoRJF2A2=
WprF67tHQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t22/h001.FUEiCAXu68QXRzmVAjgRBLOkkitMV=
skWVP-f03JKhOU

Below, you can see that Series B median pre-money valuations are still hold=
ing strong at $82M after peaking at $117M in 2021 (those Covid times were c=
razy!).

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfaqzWCOKV_w3NVjIz-2NPoLyd8uEmyc64-1pSHqq6fKp3bP40-pDqL_O=
nBWWwcaWXw87viuhrhX0yKVOACqAhc7PIMjCAhtLA58FcAroWeSakICRPSmcP_Q-lFlq46y0okr=
elfeC78HucmtbT43qd2qt14KkNxqI-19tzmXdHaiZ7I3IpAUkTlaLMSKWfol0aig9a6uylbPLyo=
k8hu32A-yn0l30lWfYkFZcJnKxe2ulg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t23/h001.CIqNdb3=
0YRw24soGYhg2fhi_HaCB1MFBqrVuf3A5DM4
Caption: [SaaS Valuations By Round By Year](https://link.mail.beehiiv.com/s=
s/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW=
3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFunPWXpoRJF2A2=
WprF67tHQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t24/h001.CSruRciB26oPOXRg6pNPjEXFKfgTf=
YtKXbZ2mbe3KXM

Finally you can see that Series C median pre-money valuations are still hol=
ding strong at $250M after peaking at $325M in 2021.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfYze63xaReuGHMsVcmcTL9Adx3eiaSbjKXOyTAdRsFC87l7jexFEr_8Y=
9EvZSIjkvEqTJgzaAZxSPgGtQeyeY4UTDUoZAAPH_MYx5mHcvJjGpCNLhthWZdJkSFHjqjBCTmK=
rJsJwaFIn6DXxNHiizuSTc1WUER_ttQXs1ycHKDVy4J_V7cIx2q999h46y8wn5jTfX8DnXaZLhO=
0olnqJg2kqsvLz_YXuzPvnSrQwo_wzg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t25/h001.oRelucn=
eLbhZQdoR_SGnFEkvkq6lZLpz5TzIVrLuQ2U
Caption: [SaaS Valuations By Round By Year](https://link.mail.beehiiv.com/s=
s/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW=
3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFunPWXpoRJF2A2=
WprF67tHQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t26/h001.-SG9E0JyOyJBE6VHxb76Ey-xOG080=
uY9M6cd0vE9Amo

The percentage of shares sold (technically speaking created newly and then =
sold) in venture deals has also declined over time from 24.4% per round in =
2010 to 18.3% per round in 2023, with each successive round requiring usual=
ly requiring slightly less equity to be sold (23% in Series A, 19% in Serie=
s B, and 12% in Series C).

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfakk5769DzxPhx7g7jWpNes-9UKIZQRpT3pRw3r7kkbuWRYAG1HIbSuN=
StpK1xPYDDAjhXlMeRKKy-c8Bt56gUZvvwAWUchMJxhAEMrQEtQNf6v61xnS5zbyQA6g7gff8_v=
BTL6tRAxvkJyzO426GOYk9Z_I1jfm-WzweTkRbew5CBuCfeAUb80pIiK2cdeKJurw5JnbNBmWBD=
6HRIn6f6tNoGTQy5EUQIxF1n10YayGQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t27/h001.Etxd2T-=
8v1LYF32sjlOowUF6ajJpuj6AOLaL6T1GDbg
Caption: [SaaS Valuations By Round By Year](https://link.mail.beehiiv.com/s=
s/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW=
3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFunPWXpoRJF2A2=
WprF67tHQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t28/h001.Ofgz9dyw2Qb5VSbaOsoGegp6S_UBq=
vo5T50GI2KWZw8

Lower down in this report, we go into median revenue multiples and EBITDA m=
ultiples as well.

Now that we=E2=80=99ve provided the overview, let=E2=80=99s jump into what =
everyone=E2=80=99s been waiting for =E2=80=93 the SaaS VC Rankings for 2024=
.

## **The 2024 SaaS VC Rankings**

=E2=80=9C**Research Methodology:** For these rankings, I reviewed the top 2=
50 global software VC firms by investment count, which required firms to ha=
ve made 176 software investments to qualify. The research inputs behind the=
se rankings was compiled from Pitchbook, Crunchbase, AUM13F, Bessemer Ventu=
re Partners, Adventis Advisors, and Software Equity Group.=E2=80=9C =E2=80=
=94=20

To view and download our full 2024 rankings of all 250 firms, see the below=
 Google Sheet tabs.

* [Top SaaS VC Firms - Power Rankings](https://link.mail.beehiiv.com/ss/c/u=
001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l=
2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFpHedXGhaVmHTNqgjrM=
t_iA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t29/h001.yGvYdkljpUqlW7q0WfVLZSOlqJ6p4mwQtz=
cjNtoqa3o (combines investment count, exits, & AUM)

* [Top 250 SaaS VC Firms by Investment Count](https://link.mail.beehiiv.com=
/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6=
wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LF7CnuIXRA6ph=
q1L7RRTaaYg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t30/h001.D8S4TDU_y5G8rkWG5HH_UF4X8rx=
11P0zfotOS6TKPac

* [Top 250 SaaS VC Firms - By AUM](https://link.mail.beehiiv.com/ss/c/u001.=
FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toU=
M1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFfEsg_ZTXC6sVlthVfcohdA=
/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t31/h001.CqE32g7lhed0qfu9xKlQWSTDiCVZ25j01s7uii=
oH2uU

* [Top 250 SaaS VC Firms - By Exits](https://link.mail.beehiiv.com/ss/c/u00=
1.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2t=
oUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFv9TczLxJ__uprGQvt4bV=
pg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t32/h001.hEnyolAxapwF2DzoPVQaMFrGtdd4X8E64_3F=
DpOMoec

* [Top 250 SaaS VC Firms - By City](https://link.mail.beehiiv.com/ss/c/u001=
.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2to=
UM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFpKsruCEaQGKOsk1o5QKtt=
g/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t33/h001.AOf551msWIBnTXwHE3e64DiRDxB9LUD564eAU=
12T55g

* [Top 250 SaaS VC Firms - By Country](https://link.mail.beehiiv.com/ss/c/u=
001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l=
2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LF81GE-wkBjPvO0w_q7Z=
lgmA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t34/h001.Il81rQi7gQkaqHYSaCsS5ABHpRffHucnma=
7SpzGxYcE

* [Top 250 SaaS VC Firms - By Continent](https://link.mail.beehiiv.com/ss/c=
/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO=
1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFta1mtxK4iDTKKuyA=
WL-dRg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t35/h001.Mwu-spO8pNZlXKBmUg14VkBB0sKVtArj=
XwQH5ur9xxg

* [Top 50 SaaS VC Firms - North America](https://link.mail.beehiiv.com/ss/c=
/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO=
1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFuzc6SWn5dtymk6LP=
iNjv-Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t36/h001.BpY-fYBT4Rgx9e2SRfkTbvfYZd6RH9_c=
wJoNFd3gBNk

* [Top 50 SaaS VC Firms - Asia](https://link.mail.beehiiv.com/ss/c/u001.FFZ=
tJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m=
3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LF-f7sl1h1YN4yI1IkbJfS0A/45=
p/Ytp7xrZCT-aIP5ILjqPJpQ/t37/h001.hrFqBfmLU1hiOEWeuvRq9k5uQjR7veUuroxbwEMbA=
qw

* [Top 50 SaaS VC Firms - Europe](https://link.mail.beehiiv.com/ss/c/u001.F=
FZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM=
1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFc6ab3lCSEXua5afcEV_1wA/=
45p/Ytp7xrZCT-aIP5ILjqPJpQ/t38/h001.Y91Ggu-iaAdoeJqsAkyCG4SiXKiYTl-z8Zz2c7a=
Ly5U

* [The Top 20 SaaS VC Firms](https://link.mail.beehiiv.com/ss/c/u001.FFZtJe=
QpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3Fx=
gL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFoNA76aRteyK-GD4rlW6leQ/45p/Y=
tp7xrZCT-aIP5ILjqPJpQ/t39/h001.Tj-OFq_K46koAMs9VZpW86-Uqdib7yIA1coNUWeqo5s

* [SaaS VC Deals By Year](https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpw=
ndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_=
UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFMJGVewjBisX5x5hMDOBikg/45p/Ytp7=
xrZCT-aIP5ILjqPJpQ/t40/h001.w2DxUzuu-cSCGc5nvQJYaLkq2OUmnXw8zMaPTDunb3U

* [SaaS VC Dollars Invested By Year](https://link.mail.beehiiv.com/ss/c/u00=
1.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2t=
oUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFRbbcG2dmr-X7bcZksZfw=
2A/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t41/h001.MXxgd8CFGwSKqrRS6iEpqwrFB89V22mwfj-K=
9jfOyQY

* [SaaS Valuations By Round By Year](https://link.mail.beehiiv.com/ss/c/u00=
1.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2t=
oUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFunPWXpoRJF2A2WprF67t=
HQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t42/h001.l-x7resMuV-O_DKOh1WHlWnD78cYN4nPFcRb=
z6_xhqo

* [SaaS Revenue Multiples](https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQp=
wndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL=
_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFWJ8xw6kvgpzsJR86gWt5lw/45p/Ytp=
7xrZCT-aIP5ILjqPJpQ/t43/h001.1Ilbv_I2WPilCSmjJTklyoIvc5dWjAKuCIsjKfzBl1U

* [SaaS Revenue Multiples](https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQp=
wndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL=
_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LF5xX6CMDcn-CD_-bhjDUBtg/45p/Ytp=
7xrZCT-aIP5ILjqPJpQ/t44/h001.VPbqr9LytUtVoe48su3eHTwgT2i-bnbt8RazoTcLOFk[ b=
y Growth Rate](https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJ=
vP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8M=
J-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LF5xX6CMDcn-CD_-bhjDUBtg/45p/Ytp7xrZCT-aIP5I=
LjqPJpQ/t45/h001.0qxJGWApUUVZbC3L7qQO0uASpRkA84g5RBCX8uB52kg

* [SaaS M&A Deals By Year](https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQp=
wndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL=
_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFLxDUyOry9Mp0iJfp_TUfJQ/45p/Ytp=
7xrZCT-aIP5ILjqPJpQ/t46/h001.S6xaTLCT0Gd1QpBSvDzNdFuMMRFcGkF79tYeMOweQaQ

Let=E2=80=99s get right to it. Here are the top 20 software VCs by investme=
nt count, AUM, and number of exits.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfY9b5nit4A4us9WCRyvplu2p7YG6BGygh4etg1XUKQi5VHHa3vrF7zNU=
5_unAktq5ex2RJGKk9yKokNX6Pji0muRBssystX8pbGQrqn5M-kl1B-TwsUtPRrHPCvNmBWxHA5=
HbBNic7dRtJAee8qJGruTu4aTBLjcqpkkFemsNJ3xILtPBxfwV-vV_-J_Nbw9wJO_lhNol6FfPU=
wJZ2cyTO8M-M6zysXzT2G5QOWitBOmg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t47/h001.4rrI0Jf=
nvTsIxCps9uiXrqucBNJ9jPNsd2r6RWv1Hvg
Caption: [The Top 20 SaaS VC Firms](https://link.mail.beehiiv.com/ss/c/u001=
.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2to=
UM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFoNA76aRteyK-GD4rlW6le=
Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t48/h001.nUoNLCiRwNjqZ1AEN-EEHO5z91FgmMM-q_CsX=
TDatuk

If we give equal 33% weighting to software investment count, 33% weighting =
to AUM, and 33% weighting to number of software exits to create a **Softwar=
e VC Power Ranking**, the top 20 list becomes:

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfbxYdWkDL6LiX9ChdDHYOyo4UOe4royV_OM1G-6NK8q4JvilxweYznZ_=
tl5JdxWbmUSj7nttjr_xehbc2s6QNdwpHbYvSTiwByzbZPdiSv2fFmC2F2m6yF7_BHHV55eaLda=
ly7FIFrbIOjChSYtQIEUowOOqIP8qrLw18ReP6xf1_oJkK37-oFGrRQEHtTAv2Yao2GExqBh-6Y=
0j6MPMeX5a7xHhqTy4E1CGUTg59XMSg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t49/h001.-fB0OUV=
1dfSu6UPagAdP4snapBbHrZfOYZ7MGwQ94rc
Caption: [Top SaaS VC Firms - Power Rankings](https://link.mail.beehiiv.com=
/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6=
wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFpHedXGhaVmH=
TNqgjrMt_iA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t50/h001.RN236_Q8IPmHehoRcecvmX9zLYY=
VupvCCC_XuP0zIMI

These 20 firms together control $521 billion and have over $88B in dry powd=
er. Not surprisingly, 13 of the top 20 firms are based in the San Francisco=
 Bay Area.=C2=A0

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfZBMxKa73XsbbF6lypLkG9rxJ9KBCUcbPdofOV-Wb1NyKdc11DQKuYM1=
kG3h9dOCBCpFKMnElQYI32CzFVteM24GiiYT65JD7neonqlV4GH5A-rye08y8Ju64V4DPynWDwl=
eJ1F8U7kHy4dcRvZnHGmo7H4F4jC3dlXvhSFgRsw6M-PPi3SUyciPmwy_KoMSGvIH1quy4ITvcz=
_uz3nRWBwnjpiFbDw7ORSBXRXKlnAVQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t51/h001.ygPbYIe=
tTYID378q5hfkp2XAk1fw0qTKAeydBz0HAtY
Caption:=20

Just missing the top 20 software VC power rankings this year were Redpoint =
Ventures, Menlo Ventures, and First Round Capital.

## **The Best Locations for Software VC**

The top ten cities for software venture capital firm headquarters are San F=
rancisco, NYC, Beijing, Shenzhen, London, Boston, D.C., Austin, Shanghai, a=
nd Hong Kong. Let=E2=80=99s see how this breaks down in terms of percentage=
s.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfaH8kpixExkl2aQGStKgeaNjAiYaJRWhvRkhicrzpDngU6Byro3gA2vK=
bk5jlWbZ_yTbYWmqx748PYPHNrDA79YnPcFYmVqLaPuem6xXUS3JK_kVYljHAhKjx5r6HtTI97a=
drTBybbJUxyDg-pvwE5BcB8cFEx0EOG3qpzp6z-90gaAzjAIVpK6_sQbpSIDevbs7g1MOeYPjUc=
Q7oMKyP_5e3BoaYr01J_wQPknic6_7A/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t52/h001.4jbgIil=
jwfADmg35jiDbuPNVHVOR8d74OaskoT2fgVs
Caption: [Top 250 SaaS VC Firms - By City](https://link.mail.beehiiv.com/ss=
/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3=
QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFpKsruCEaQGKOsk=
1o5QKttg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t53/h001.kWSUb_0ROTOpn1KnPSTdEJb83rRteE=
fA95lkGFIO5Oo

Just five cities (SF, NYC, Beijing, Shenzhen, London) represent 80% of the =
world=E2=80=99s VC firm headquarters. Considering there are 512 cities in t=
he world with over 1 million residents, it=E2=80=99s extraordinary that the=
 four fifths of venture capital (based on VC fund headquarters) are the abo=
ve five megacities.=C2=A0

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfbiVRrLCKe6sBD66Sn9bzP98QtznIQHOrPvVKjk3QjOzvYVaNK646Tym=
qKJL9E85_c-tTDfBGPd33kGOzcdbqqYYppxqzEDHCBJx76coSgPnS3ggCWp6179OnBV4cZwX4Ae=
qllSGNaEWaUxW74YiVBrkL21dBhKD9xzP04_1ZC8Td6nlUy2XtRs3u0s3bG1-H0NZVEl21cGGHB=
SgkBacwlOi5NbojrWchpGV5DY48UhYg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t54/h001.zrVyPgf=
Dav0WSwcugf6WpD3LlZTzO_hcEvn2jYUN_YU
Caption: [Top 250 SaaS VC Firms - By City](https://link.mail.beehiiv.com/ss=
/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3=
QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFpKsruCEaQGKOsk=
1o5QKttg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t55/h001.8VtaHzXdSOJ69p08z0cl1fX4juETCz=
fPw48QSbQ-zUg

By country, the United States and China are running away with the top 2 spo=
ts for the VC Firm HQ locations, with no other country even close. It=E2=80=
=99s no surprise these two countries have the two highest GDPs in the world=
.=C2=A0

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfZA8Nzv0CH3Kz2ap69diz7vgUYrFvkv-uRXmknl_jfZb1PbIimIqicb1=
8WVwEr-_jacGTxnvpPsAi7LMvJgw6JxGPCc9iJVZX5ry6dl2LwNTwOZahyPAMYprCkf_G1074KO=
PWgN_fMZBeg4NY8MyRkNe_iGLwVMJcneKIAARxSwiALY-tOdEDXzudMKdVkCsu6Qwj3M4pwGpdH=
FyGeazjCZU7MubQwYdWRLFGnKGsFohg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t56/h001.sLnrln-=
mYN_Y0KDK9ZjRqPrWQqtbOesGzgEEuWp9170
Caption: [Top 250 SaaS VC Firms - By Country](https://link.mail.beehiiv.com=
/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6=
wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LF81GE-wkBjPv=
O0w_q7ZlgmA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t57/h001.jTB0apiqp-_r_qsS6R__nAS_hBA=
37i_qqmmaFmhzOeg

What is the secret sauce that makes the USA and China world economic leader=
s? Well, these two countries being the source of 90% of the world=E2=80=99s=
 software venture capital is a powerful sign that there will be continued w=
orld changing innovation for many years to come.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfaSZKYJINcram5rAOntct9AxyV-n-i_45Xt-DbsSgIRc0y3qf4WAMBiz=
zMTMN1nCd5SdT_VqRyhLlYbXIPflevjQ465yt5BkxEMm_sS3Kp-1fznEa0mErL00JEv6I7FLiLy=
9V5qfadrwYY8mmarqxyzOMMM2TApqZm9LAi1ZfUxkYvCz2ND0b3TqMmtuYVVvVIKfDndre5RrkP=
cMGufKrMiHV6mz7wqBsBtcMetlNPT8Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t58/h001.HLlN6r0=
JkYwd3f4IUSwCYzfmnJ2t1zjspLwZk8Plotc
Caption: [Top 250 SaaS VC Firms - By Country](https://link.mail.beehiiv.com=
/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6=
wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LF81GE-wkBjPv=
O0w_q7ZlgmA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t59/h001.eNo42vtc4cg3iIirciZEUCibxaA=
zCCh33eNr49pnljU

Which global region is winning? Well among the top 250 software VC firms gl=
obally, the AUM by region was:

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfY5vWpy5L15AHbPDmh1g6kH6RrCblJU5HE-0nGyMgBIjvuUR5n-3tNui=
9mSp3mk2oLAihW9eJGlcXXg8GTQgLFhH8v_Zu0ztZ7smJd0Rfnv-JKgd181O3mlbKUtKfAhHbyd=
la8xOB6eu7zxPxw6h2-DqWkFmyVBzOtjeD-yctZWUZBLviV3Ljw5_RY_n0qjYiRl59LdbBhNl0L=
7BUDpOV_rJstGbjQAUda6rOsLNByXUw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t60/h001.nVQ6wKu=
MZdtXatffwAAqKQET-yhv6j3A6KRVUJxHTLY
Caption: [Top 250 SaaS VC Firms - By Continent](https://link.mail.beehiiv.c=
om/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-=
V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFta1mtxK4i=
DTKKuyAWL-dRg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t61/h001.SlQS0J962_631PaJ7Emcfyqbk=
0y4k88YMgC80GBqaY8

As noted, my research reviewed the top 250 software VC firms by investment =
count, which required firms to have made at least 176 software investments =
to qualify for this year=E2=80=99s rankings, so there=E2=80=99s more capita=
l in Europe, Middle East, South America, Oceania, and Africa within firms t=
hat have made 175 or fewer software investments that is not fully counted h=
ere.

That said, among the top 250 software VC firms by investment count, North A=
merica and Asia represent 90% of the world=E2=80=99s software venture capit=
al =E2=80=93 an extraordinary figure. The story of the 21st century truly i=
s the rise of Asia =E2=80=93 and the West=E2=80=99s effort to keep ahead in=
 innovation and economic might.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfYkmMRrEbX1PJvk0r3McHSM2KvFxSW5rFgPlnr_ztXQU4D1TAESvW35f=
rOTNX8ecPiNVkXwsF4gj5WR7CC5kyzefx7Y9oHlyvIXUeozWeDolxEr6gWRh78LB0orQ6LrpcUr=
VQpsLaG1or1Tkw_L5hdy4sKXICrWQ7oI8E1jmb9avvd06wbeCSYcHqqlhU6RBIeqXdJUBD_DAX0=
AfIZbQfylfLmjPFWtyykDXz2J2YWJ4Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t62/h001.YUZMlMy=
NTW4uAtbNUWY4dD2X5gtbEjhmT_SSvWcvSio
Caption: [Top 250 SaaS VC Firms - By Continent](https://link.mail.beehiiv.c=
om/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-=
V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFta1mtxK4i=
DTKKuyAWL-dRg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t63/h001.epmlBQlFk5VFseRy7kcJYkUz7=
V-9E319qUbAG9j-cCI

## **The Top North American Software VCs**

Here are the top 20 SaaS VCs for North America by investment count. 500 Glo=
bal is leading the way, with 3,102 software investments so far.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfYKdB6-ZMh35xv7RsBbI4wgGRng-3Xi8PYaziDs8_3uSw8t-SIITzi8F=
L2QMaRpWsY1l0p5jwVomoro4JRht46bt4Qs1k1EMWa2lzNmLCDMAMK9otd58ie_E17SuLUL_wRM=
04JQzQf-stCbq_7TDQQ4eflGka-NLbMQVSF1cu-7BkwINOeRJb271MY3u0XQRipqcagLx_n-R4L=
Xj1Zp2Wf83GDZgfgAyHZkg9izsJLXZA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t64/h001.LJ4PC0S=
tpoQkBjrG-eg7rrFf-83rZL4yfZ2NsZO7MH4
Caption: [Top 50 SaaS VC Firms - North America](https://link.mail.beehiiv.c=
om/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-=
V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFuzc6SWn5d=
tymk6LPiNjv-Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t65/h001.wiac32Q-MX0InJbjVp4b-qIMQ=
IwCavdrTczbVPrBxjE

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfb0_VPG2xF4BA1Mxk1pjHtQCQjuIGplTqbYS5IWRNDNt5157JvprErn3=
3dkgWohlVealkQECYX7wIEhyudq6Y4W3sE3t_qab8w_848Uy5GBT4cDsgKJ5TTZyk1ebIBLqzQ_=
5NUR9Lpiyfx0gNYBbPFETGbVLDSgGgRDFi0DjeQhEXbyMzftp5CexiUost_IqNtfg_E-vEMcekh=
Rh98N6DuwsXtZj-MvRrcYb_F0j5vA9g/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t66/h001.HnpjFfm=
VWe9x7QUM8Daw2jMKeCkeZOh6pJmuvy8u0Jc
Caption:=20

## **The Top Asian Software VCs**

Here are the top 20 SaaS VCs for Asia by investment count. Antler is leadin=
g the way with 890 software investments so far.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfZ3oqFMHzseMwDRltuupti6hyfB-pSz-po9Yunq7h_nPBM0kjmVLWp7h=
qZ38dIeDmVmWQ45dsXNxSytobchEllLkC8w_9grnOK1MPGZBmG6GmeAVdKRcwe6NHsNsugWy_75=
niArMUmQlKr-hjn2R23G-pn_EDWHppk-1KV3MdJ8EQUGrGa6p__H2WuniBc5gIdqGzFgxwY_-EG=
rA10tfQkpF09ZkhQaznQ1UJVh7eqAfw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t67/h001.ZhI9TAc=
vsdFlNYE6-ClIiDin1U0-PN7ECNz6h43vgjw
Caption: [Top 50 SaaS VC Firms - Asia](https://link.mail.beehiiv.com/ss/c/u=
001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l=
2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LF-f7sl1h1YN4yI1IkbJ=
fS0A/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t68/h001.0OdpEhp13uYov-uOPcxKa-NHjLzitkHv43=
TOsmwraGM

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfYP7O0h8ZKrZhO0DvqFGxH888Ok5hgKm3P34a3dDmaHrvjXUnj_H5H1h=
vFhx0hxdV_6R4Vi9WbBqKg0bCcrkoqFuN8ltAOOG9eRfs1ZAHduFxQSp5NwmqHwihLushR2sxuW=
ymChr1hHrmYzh5OLm5J8IULZFhqdiEqRs0p4cpRveQmBM3YTE01jsai6HjOytaBBrFFeMG7abKY=
hvkcYmT4bK4ZAIKdvqwIkyS0oZONDIA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t69/h001.uRoS8Wl=
Hgr1S1Wo4mk-uh-fpGjcJxv6JwPMxQE1TjJw
Caption:=20

## **The Top European Software VCs**

Here are the top 20 SaaS VCs for Europe by investment count. Enterprise Ire=
land is leading the way with 1509 software investments so far.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfZ4fG_XmOjNqsoAnWuof6ipvyKd2VYR7lkSeYJkkg0LpL70hRvJekons=
vWzsmLFaOWnXkU1iHGCUeZvuDx4a2r2bWu6bLmWhP23cQ0pK-5-KbvUXrqA4u4Fd1iThSKXRFHl=
wqJC987dYntCh_9AINtS-H6ThyisGxCa5wqAJjek7JxNrJfDGSR3qUIiDoKA8mzg2TBPJOlOeSv=
X_pQmgZG1pBPEWR9kbSfr8XzNZ1eEbw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t70/h001.OUAFgkA=
s_f6SoiQGeJAnDmSd9N1LTri-6aCfNnie5Hw
Caption: [Top 50 SaaS VC Firms - Europe](https://link.mail.beehiiv.com/ss/c=
/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO=
1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFc6ab3lCSEXua5afc=
EV_1wA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t71/h001.3lFxXjAbRsQ4N7IxjBfmmPi9eFJl4zbA=
Ji-EZZyDrsY

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfYwZe8GVoE7d7pSzQLvq-KbOYp_nslFCMXViy1cxpC6eQ9qlRvYD9hxn=
icCwZtxY7UPqROyr3TPzjmJfQ1AJ-bkZvGnAAk1fPMTBR2Q0bnAZni7qioYp3QRclBImoUlUynl=
ixZ-nBwsXbOdmwUj5IJvnP2MC2J6fBtnRbYvprVlQt15cS2TH1P1lDewAlkH_4B3G2UaWVCT-4V=
-8nN0Idppy-I53nXNf8ly9DEQekmVDA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t72/h001.H2V_vu3=
tGYLTvrAXu2x2JovK_ZFeI3e5AGxG-EFW0tU
Caption:=20

## **SaaS Revenue Multiples Remain Strong**

Because of the compelling business model of SaaS (recurring revenue annuity=
 streams), SaaS firms command a higher revenue multiple than most industrie=
s.

Considering that a venture-backable SaaS company is likely growing revenues=
 at between 50%-200% per year, it=E2=80=99s no surprise that revenue multip=
les for venture-backed SaaS firms are higher than the average company.=C2=
=A0

In 2023, we saw median venture investment revenue multiples in the 8-12x ra=
nge, with a median deal at 10.89x. It=E2=80=99s important to keep in mind, =
this is for the most successful SaaS companies that are venture backable. M=
ost SaaS firms that aren=E2=80=99t growing as quickly will trade at more li=
ke 2x-5x ARR.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfaI0KK8CGeQbiqSAaKhDDPk0ERxrbsjkTV2eCjhUd1HxE74AkbIekXeG=
5DxfO0R7Voye07-SnspLTv-XQtfSRCCaT7zfZE0CQKMdnEiBah-JmgaLTnMrjJIPuqFaHmICKEC=
uc130zS5vaQXlCoshmLOS96qgz0l0I1PesBmQyZQFiOrwgdbfFcNp493pJNskEbpsmtRwZAqOae=
cd3GG5e5KAEVCs84rqohK4GBIASsKZw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t73/h001.GFieYWv=
jHwC8YhpeZnFE5wuPeJ4PoYVNlDa24PEqIH0
Caption: [SaaS Revenue Multiples](https://link.mail.beehiiv.com/ss/c/u001.F=
FZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM=
1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFWJ8xw6kvgpzsJR86gWt5lw/=
45p/Ytp7xrZCT-aIP5ILjqPJpQ/t74/h001.o2BL9g7_7ZKEgNkt-KYD9DI0VG_5ioD3j0t7RB1=
avWw

Below, let=E2=80=99s look at this in chart form. It=E2=80=99s clear that re=
venue multiples peaked in 2021/2022 and then came back to Earth in 2023. Ye=
t, they still remain high compared to a decade ago =E2=80=93 and much highe=
r than nearly any other industry.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfbYo6cUpGiSDvII86xib2vXDO-WillkF3Uep6_P4PDbuTWv1w1jfIxZ_=
SJ3gRVoft9R3sdYAUNuAVFqvFt3fRY6qCGlYk_MgNe-4ko4L5qPVfZ-s8SsUPMRV0gcEZzYbXQd=
X-DvchYQkQSg_3zqkHFAHrz6Mx0oEp9syjgQRkx26WIaP1kYKNB3vIJn4lCYO0V5oDlP9hXKAno=
483kr6n-RYm4wrbTCUdYwj0k1BDbzkA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t75/h001.w62G_e2=
5dmqTpZOGbJ8AF-4MQ53Unxv8sP1EdhhHZcU
Caption: [SaaS Revenue Multiples](https://link.mail.beehiiv.com/ss/c/u001.F=
FZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM=
1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFWJ8xw6kvgpzsJR86gWt5lw/=
45p/Ytp7xrZCT-aIP5ILjqPJpQ/t76/h001.B55f2Q3GbC3H6MoJQdMvyYsGaHdi2F0OhF6FSKD=
w1yg

Even though average SaaS revenue multiples have come down since 2021/2022, =
they still remain much higher than a decade ago =E2=80=93 as the investment=
 community has realized the staying power of recurring cloud revenue.=C2=A0

According to [Bessemer Venture Partners Cloud Index](https://link.mail.beeh=
iiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwR7jmJdNji2vFMVGpMh2zOPy5Kzi5HFXrWB6mf=
d9I855H/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t77/h001.ohHdEcLAqnXPXWFe2QlkrtsP6YT1UmM=
DV-6MIZm2u8I the median revenue multiple of a publicly traded SaaS company =
is **5.98x**, down from a peak of 18.43x in September 2021. It makes sense =
that these multiples would be lower in public companies, as the firms in th=
eir index are larger and and thus don=E2=80=99t grow as quickly. The averag=
e publicly traded firm in the BVP Cloud Index is growing at 20.5% annually.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfas6k5rX3z6P1mXv2bfusp0uEtJQOXwZD5DgIgSYEzt7AFO6ueBI1utj=
i3vxojJ1-eCA_pSPePsRaqDScWx_GiXMvAKu61sTSsSoLKPdTlnFxKYtc9fSS1Vrh3mP_DQEoVr=
LC6y3N_ezouRnTterZyd1ctIncJuwdp93xPyA4Jfkcx0YjKQGm_r4EthFsOwRvMxmoMwx88X-Ly=
gcmIbMMQ6zMFYSz5c-5bEwBsMuM0jNw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t78/h001.680IfBl=
NwS55FbN3OVHkrBNMN2AYwWCGcaHqppGg1kY
Caption:=20

We see similar data in the [SEG SaaS Index](https://link.mail.beehiiv.com/s=
s/c/u001.iONMcImK8a-Nu11tvHuwRwNE68dg3AgvqXCwKiVxW5k2EjZeZkKzkk9KtSTLNEfb0v=
lurwX4AXlDVVul-iOrzw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t79/h001.jaBtSRUmL6YFx3jw8i=
OLNNtvMJxo5Xg8lGJWT2gIJHc which is showing an average public company SaaS r=
evenue multiple of 6.2x.

## **What Revenue Multiple to Expect For Your SaaS Firm**

What revenue multiple can you expect for your SaaS firm in a venture round =
or at an exit? Well, it depends on how fast you=E2=80=99re growing. Here=E2=
=80=99s a handy chart designed to give you some rules of thumb.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfZ-L1pXgvfF9mDfc1il82_ZsYAE5Aj08oenKjt2GjwdpM7UGrqegk4Cm=
IA9HlXtMEk3zkBRcSao-dhBKgBLciCCJqr3FGdnlYEXS64uHmztSmyu8ATp1vs-giOBxOlWbhde=
c67v5aJJeEoRdohlOaDF3YTqFa2wUEAxa-7axl7YQzqA31TYOCTHe58A_tgQ18yn6XtV6rwqvUa=
aKYy8wXGMiAo3_usNq3UO7ebHKI907A/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t80/h001.n4nX62e=
usGhejSIzzdzbvB1LnkVoh7LH-hkOME9XCUg
Caption: [SaaS Revenue Multiples](https://link.mail.beehiiv.com/ss/c/u001.F=
FZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM=
1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LF5xX6CMDcn-CD_-bhjDUBtg/=
45p/Ytp7xrZCT-aIP5ILjqPJpQ/t81/h001.a19ORpRMNiZzajMaSlLEmJLxdzD58GLj7MoTAWA=
yYfM[ by Growth Rate](https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDg=
TRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAg=
VNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LF5xX6CMDcn-CD_-bhjDUBtg/45p/Ytp7xrZC=
T-aIP5ILjqPJpQ/t82/h001.SbxPzXISphE2YEc_iPUr_fIWd4nOrkPBUUO0gIln-Jo

Actual multiples achieved will vary of course based on gross margin, churn =
rates, industry subsector, EBITDA levels, and venture deal competition.=C2=
=A0

Check out the [free SEG SaaS Valuation Scorecard](https://link.mail.beehiiv=
.com/ss/c/u001.5LVZgu6haJjMb5mfcCcNJoOn3IZhpl4mOXLfdlTW5F2JenLVD4Ut-fPs7Yhm=
MNxpmuigUreHAlAdy61N-rhOTC99El70QR-wNeGuYxE3d6ns6wli2GdnxuCtbZRcJUK_M11amYa=
26EKd4d4_vcgjTeXRfoLX0x72g0zJDv0OODgnlDjCM4PyeQU2Psp86tzy7T-FdsqmKW2XCg3qlk=
nADt50qGuVbQdBop9uJOiV--yKEPc80mOwGR4qs6wafV07MpDW1oery83V87APiCXuDcN8d_4eW=
ExYBF5GLMYlZbmzFLroNsEokwwwh3p8bdAlf7FyTIasN3Fb8L_s8gSqdtvdJnTndyEWhdqGjQkE=
E-qNwBjHXNRDbwyWKTt-sAVi2nb6cj4rQukfL10TIFx3JIpNQIKBetK4zeLjpeKIph0sNn7VQ0i=
MAQgcEssXQQdMQndOPHCvBi3X03fVGM5w0AiMU0-xefeorD_ZJTf_xM8ErekPnq1ifKiarTu8yH=
mEO7UPL1A5yBmxoH9b7yREUZU7u_uO-JDbCETCu1ZrKA69OSohUepXTddOzLL6jfHObjkyg3ZTk=
ruOm2vDbEgABV7R9J6vfOneRXHVSdwuDwDiMnNCLS2yB_F-Gt97D1PSR-zR1AEHcthgk-VDTRnD=
7Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t83/h001.VX875rJm99Y4m-0JrteZZwZdALRn8ATBlTwy=
KtFjOMw for the 20 Factors that go into estimating a firm=E2=80=99s valuati=
on.=C2=A0

## **SaaS EBITDA Multiples Remain Very Strong**

What EBITDA multiples can you expect for your firm, once you reach profitab=
ility?=C2=A0

Across a sample size of 144 SaaS M&A deals tracked by Aventis Advisors, the=
 median 2023 EBITDA multiple was 22.4x.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfb9FAfA9CMGaIlVA_4_2lvWKYJj79qPmQkDAZVLLezjuukv08CvXtqrq=
qSx07b9FxmxzgkVOuBAaANq97Z99DKzkjkkUWmdKIh0pkMeqAX3NFLNF_1VhU8j4_Y17XT-mxX-=
0uYBLOfoFCJrV8xbD26n2LQQt6XMf7auTIPedsuAVIlPJEgS9N76YSyapa5KIzP9CMHjxgItAew=
qzZAAcrA5R8vaibx9uOWa6EyKfZK79g/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t84/h001.nlDjoeK=
IkLFQnZyprD36c870b-CeHJTM0Lvt905vygw
Caption:=20

Breaking this down [by country](https://link.mail.beehiiv.com/ss/c/u001.iON=
McImK8a-Nu11tvHuwR9QYiG7yOJCXEikfrFC2HviLlTKd2SkrrkLQp789g6B1k__FsWW0WF8Bfn=
sK9a1mVeOtouiwXOXG4P25g6mmSoEMCG_4r4OFhf8_Ren0N4eQSVxcULMGJcxa3DaPSZ0NhQ/45=
p/Ytp7xrZCT-aIP5ILjqPJpQ/t85/h001.vuuxRtiVlCZWcRFKWjeopDTVJvcv3qJeuBfHduPM_=
Zc US-based SaaS companies saw a median EBITDA multiple of 31.7x in 2023.

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfbhLzgIq_Prrg4p_dcebcz3x6sqoqG_5Lup3QtXPJpc9omj2wbwkDQMw=
nYkeLub2HR5wVRO_HUM2mj4iyXO_GArLYKMyCBYVt3M5VMWuKCE1JL0FCdviVGEXfX2N56dRsSf=
hm7LFGCntEC0f0vATKxL_JinQWNdWIK-f1uwvbQUwA4_XcFDoT_KnJjQqCtcrt-X340Gy7Ay1rT=
vueyLYRcx4QYF1fEg-kt3i--AM7q-sQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t86/h001.8F8COMx=
-uMKFJ-u5qvX-jy9HaJdf1F11nuvvq0o-HNU
Caption:=20

## **SaaS M&A Levels Remain Near Record Highs**

We=E2=80=99ll end this report with this positive note. While SaaS valuation=
s may have peaked in 2021/2022, SaaS M&A activity in 2023 was the 2nd highe=
st ever, and materially higher than 2020 or 2021. We firmly believe that Sa=
aS is here to stay. Here=E2=80=99s the SaaS M&A Deal chart, using [data fro=
m our friends at Software Equity Group](https://link.mail.beehiiv.com/ss/c/=
u001.UXwWVAixgZ-oyJn_0myWAXwO84Lqsm7t6tVTlTMRWz-euJTpXyUM4R05Eaub1CmzS726mK=
pUNgRDfZQ9EEHg7Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t87/h001.I7AFqLn8_BCKLXB1Bq176g=
Bt_unz0mbW3WsH4MSX1G0

View image: (https://link.mail.beehiiv.com/ss/c/u001.C3F-GaICR7fQJeCe9tPaU4=
pvC0YlZJ0nujnmbgfgVfY6r8gJ5YrxImqKtmBWKV6AJ1lvOe3s2YkHAvQo8UK6FciVfKJM1C3Bz=
bdud3Ov9wL0UkoRbynLW9FGEdJKOsjNdQ5Htlsf493XC6nmb2roubzkFnqj1UkN9lhweL2_I5_6=
z6fMqD90MWShUmdelpzOj9LUCmGMhJZDfdKz-GCAHhoZFsVHkC2SNZhEzpDyhsrrvHgJrj1KJcZ=
z-fS-dFA-fF0IGqWVeXdEUCAsuj5HrQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t88/h001.fHQ6ecu=
ppOWkgYs1CJfpnf3UK4jOKcLs4NlK37PY9pc
Caption: [SaaS M&A Deals By Year](https://link.mail.beehiiv.com/ss/c/u001.F=
FZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM=
1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVc_BfTCZunvi0_3nhTbb4LFLxDUyOry9Mp0iJfp_TUfJQ/=
45p/Ytp7xrZCT-aIP5ILjqPJpQ/t89/h001.S9N5IYCG9vHtpae22pTTACwoZWgkkhCT9_7tRqp=
Sx-I

## **Join Our Community of SaaS CEOs & Founders**

Thanks for reading the SaaS VC Report 2024. We hope this article has been h=
elpful to you. Please take a moment to learn more about [SaasRise](https://=
link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwR-f4On1cHtGf4DJn5coPRqZ=
IsLK0WuIDFMAgIpJOcVCh/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t90/h001.A0_G0BQHjd6IYsqWb=
PZd9AifODj3W4aXaFgaOzG0h0M our community for SaaS CEOs and Founders. We wel=
come all CEOs and Founders with $1M-$100M in ARR to join us. You can [apply=
 here](https://link.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D-7I1gfZhEIMvX=
8vXWZQqHB6MecCkQ1qBNeTP1tlK36LKKJbJO/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t91/h001.XZ=
2Ru8nZWJYXk1nz4YEOfcJSE10GFE9Dsuz1qjLAfTA

If you enjoyed this article, [apply to join our SaaS CEO/Founder community =
here](https://link.mail.beehiiv.com/ss/c/u001.UXwWVAixgZ-oyJn_0myWAb91GdGyG=
Vv9pdjG2DYlJp0/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t92/h001.CVBFdw01miN_ZT63bBJfL24q=
WOR5mFBQNDqAaQDFzMs to get even more. [Read my free guide to SaaS Omniprese=
nce](https://link.mail.beehiiv.com/ss/c/u001.UXwWVAixgZ-oyJn_0myWASEqQKbhO9=
qj3LqYEK6wKejug1PqL9QoHCSrRU8PlSC361AN71xRyktpZw2nQwDlkOoQJ4GCToVTvk9ccW8zt=
HQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t93/h001.UVJ4UKuC2pkBXhhJZ0xxhsWJ0QBxWoJOE_vI=
5dWjRGw if you haven=E2=80=99t already for more background on this process =
of setting up ads.=20

See you next week with more killer SaaS scaling content!

=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=
=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=
=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=
=E2=80=94=E2=80=94

View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8Hy2TWAl0KII2gnJnTv5AAadX=
R8Oa_JRorNZtScXEHMmEZY4t7LP0S0y5Oe6PefsUx5U8105F9UezIzWT2QSvb-wL0FCnKFBrXLu=
YBeVVSq_gXMJbGsKdaFyL7lNCTaAc8Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t94/h001.pb2fx7t=
1a6ek6o0cz2nJFpoSatME9G2syHHCNC4_dHc
Follow image link: (https://link.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D=
-7I1gfdvb1VvSm5a8W0-LVmoN4MC4_xhCeo-nvJ2pa2x_2kyI/45p/Ytp7xrZCT-aIP5ILjqPJp=
Q/t95/h001.PndI55kWIDy-2f5AkV54U8JApA-r_db2dA9AYP2P_xA
Caption:=20

### **Join Our Community for SaaS CEOs at $1M+ in ARR**

If you like this type of content, please apply to join [SaasRise](https://l=
ink.mail.beehiiv.com/ss/c/u001.UXwWVAixgZ-oyJn_0myWAb91GdGyGVv9pdjG2DYlJp0/=
45p/Ytp7xrZCT-aIP5ILjqPJpQ/t96/h001.D_dIU496dmG_nCtXPZyyNDX0FeheT3XUl1iolDg=
hn7w our community for SaaS CEOs with $1M-$100M in ARR here. It=E2=80=99s a=
 mastermind community of growth-focused SaaS CEOs. Membership is $200 per m=
onth =E2=80=93 but might just be the difference between your firm making it=
 across the chasm and getting to a successful nine figure outcome from a PE=
 firm or strategic acquirer.=20

=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=
=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=
=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=
=E2=80=94=E2=80=94

Thanks for reading! If you liked this article, join the SaasRise community =
at [www.saasrise.com](https://link.mail.beehiiv.com/ss/c/u001.nSzEwh8Hvg1v-=
dLg6I2b_W--29XtlHMogw2tq2FuQ_M/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t97/h001.zte1nIR_=
EioDQbEKm6D83B5AtfazQ3l-4Um-ZJRVLwc for even more helpful growth content an=
d weekly SaaS CEO masterminds.=20

_**About the Author: **__Ryan Allis is the founder of _[SaasRise](https://l=
ink.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRzA0t_5eScHdzFd21xBwIuie=
BIMH3cjB7OgZKMTnKdMB/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t98/h001.R0dccMflRO2YOOW7rM=
pc7_uEs4BEu-kWTYYze0J7bCQ a community for SaaS CEOs with $1M to $100M in AR=
R. Ryan previously led iContact as CEO and Co-Founder to $50M ARR and a $16=
9M exit, raised $47M in equity capital and $6M in venture debt, and earned =
an MBA from Harvard Business School. Today, Ryan advises B2B SaaS CEOs on s=
caling up and helping them prepare for nine figure exits._

P.S. - Below are six valuable SaaS growth resources we=E2=80=99ve put out. =
I hope they are useful to you!=20

=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=
=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=
=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=
=E2=80=94=E2=80=94

## _**Six Helpful Free SaaS Growth Resources from SaasRise**_

View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8H5SJgCVHMuhd16jFN7-V4I8c=
JwhL-f_DAKcOlabSzhjv9btDzKotLx37g7Z5JS7oiuG0flmpmaNsbUR5xA9UJMUmUyf7uzbMCGz=
C9dBn_f7wyVFKCXp9via3HjCucmcTojjYXe8Kueo9XmAQFLJzyNg/45p/Ytp7xrZCT-aIP5ILjq=
PJpQ/t99/h001.woFXBgYgavMg-cEZJpxzKJfWTkC8JXDs83awPdEmwf0
Follow image link: (https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTR=
pDqFJvHyl6Fx9-g1r7uh7NK5YfTuV21gI3PH6jnS4uvftVRJAAPhtgQK0p2t_uiv4AO4Nexzcts=
-pTgjHN73hQcw0x15J0nTEb0YBJpoOfBC8Bi6V4zt-1t9LHb-GiB9WBwHAGQ/45p/Ytp7xrZCT-=
aIP5ILjqPJpQ/t100/h001.813Pd_UWWHJhKuxlgLl-ZXDcIC-S1iMEEi7z2XA4Q0c
Caption:=20

_The most in-depth guide for scaling up SaaS companies from $0 to $50M in A=
RR. Including over 1,200 slides on every aspect of SaaS scaling._

View Google Slides (https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTR=
pDqFJvHyl6Fx9-g1r7uh7NK5YfTuV21gI3PH6jnS4uvftVRJAAPhtgQK0p2t_uiv4AO4Nexzcts=
-pTgjHN73hQcw0x15J0nTEb0YBJpoOfBC8Bi6V4zt-1t9LHb-GiB9WBwHAGQ/45p/Ytp7xrZCT-=
aIP5ILjqPJpQ/t101/h001.QNMFdTqz-5x57AfZqaNkNnEdFbmZ0kBBdArQ66Jn3g0

View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8H7HMMjZFBUf735tisNcg31M7=
0V9I14BruMHUzhzpEZBm1scnBXmpcGs2zUiFdZnrTorVgaheRoC2L9HOC3VcD8EsT8b8qeBa4Wx=
0g-kT4QOwApyOShSpBxe_mWvxs6-W9SKM5HeQl2sZuckldf9HVPc/45p/Ytp7xrZCT-aIP5ILjq=
PJpQ/t102/h001.a9HPeOTTq02mxgnvKcxvg7s8x-ex3TBrjsje3a7HzWs
Follow image link: (https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTR=
pDqFJvP34CjWryES5fztgLyVRajWlq9P7uPkYNoou8RKs8F_LCryTvmWh5y8ODCVCmLCwNF0Q7x=
Fd9JLQJl_zibZ0qMYG_8_gYuPzp4Xw8K5-ayVs2KOadyCc2ygSN8iVkUZhbg/45p/Ytp7xrZCT-=
aIP5ILjqPJpQ/t103/h001.ZFVqJcSA4SJO9Go58IXB5uHsoLDNwnv1_AT8ZjXTb0U
Caption:=20

_How to determine whether to scale up or down your marketing channels_

Channel Scaling Spreadsheet Template (https://link.mail.beehiiv.com/ss/c/u0=
01.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajWlq9P7uPkYNoou8RKs8F_LCryTvmWh=
5y8ODCVCmLCwNF0Q7xFd9JLQJl_zibZ0qMYG_8_gYuPzp4Xw8K5-ayVs2KOadyCc2ygSN8iVkUZ=
hbg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t104/h001.DNPlWpZhRwvISey62rOhZtivs5Af6-223r=
2h4NSnXnE

View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8H_mYoOQR5h50rVGhpQf_u9B8=
Nm9mttp9PLM3t6nnCGeogvSPsAN0nVuQTUN9Z1jKA33ffTPQuX25ESFAWJm7LObjW0PKTfqlKfj=
9Zh5F0hSUPqolxTh5m1K6oaZyQrFAk57-ly2C1LRycfqjSZJjpwg/45p/Ytp7xrZCT-aIP5ILjq=
PJpQ/t105/h001.iVIWuNar9cai49oVRuTJ-0jHZSfIdldvsgdZVRidFXs
Follow image link: (https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTR=
pDqFJvP34CjWryES5fztgLyVRajWMBLLC6xyPf5YOpdg0gN63nPAbHAU1HDAEKRm8FrZUXMbSb9=
ArJMwesr_NnbbVPCpvjyDr81Fjhdj1yCSOgNpnkcbqZ0ajZItqclGqNJdVig/45p/Ytp7xrZCT-=
aIP5ILjqPJpQ/t106/h001.LzU_AlMkBQL1IqLoJnsXSDylaoMIitDBBoc1sp0dVaU
Caption:=20

_How to calculate ARPU, LTV, Churn, Lifespan, CPL, CAC, and Max CAC_

SaaS Unit Economics Spreadsheet Template (https://link.mail.beehiiv.com/ss/=
c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajWMBLLC6xyPf5YOpdg0gN63nPAb=
HAU1HDAEKRm8FrZUXMbSb9ArJMwesr_NnbbVPCpvjyDr81Fjhdj1yCSOgNpnkcbqZ0ajZItqclG=
qNJdVig/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t107/h001.7dz0smBy7c3fm_v3FHJNUJkXGvg_1K=
GAbYAJQB_d7TY

View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8H4DJIwxVeg7S0YS6akuD0zOD=
pHndVZ3i2SZmQ3UZhvDCCMXiQz2T372SKUNwcHRI0H8PabrkgCTqjrZezK9LSZcOJMtXwuwT4m9=
DZCvQv_5Z/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t108/h001.J0BIPkMj5CoSfbjYz3Sqtg7JPyZN=
gGYOnn--PZUESDU
Follow image link: (https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTR=
pDqFJvL779viTrGYjpt97inVIgiIDJrRVO8S3oMVsYXBWqIg7dDN3qruwJH4QLPuEk2d47Q/45p=
/Ytp7xrZCT-aIP5ILjqPJpQ/t109/h001.um46gOPpL9AnxbTZARWQMJQH_u82qzU1eq4oSngr7=
Gc
Caption:=20

_A fourteen page in-depth PDF on we take each CEO client through a six-phas=
e process designed to increase lead volume, customer acquisition, and reven=
ue growth =E2=80=94 and then scale up the sales team, executive team, and i=
nvestor support as we help you prepare for future fundraising rounds (if ne=
eded) or an exit (if desired)._

Download Now (https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJv=
L779viTrGYjpt97inVIgiIDJrRVO8S3oMVsYXBWqIg7dDN3qruwJH4QLPuEk2d47Q/45p/Ytp7x=
rZCT-aIP5ILjqPJpQ/t110/h001.gD9MK0YVmBifqEib24R2drxiI4USmvpeY-ZjqtjA_EE

View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8H24z_6X3jJeaZ4oltYn60-eB=
W0Kona7oXEPkr1828iTymGoW04ICQDW3BizxLAwRCI30hbDnikO5kXfkglq2yfDiOXLkfXCRV6v=
87-z9L3cvvcpYKySH0XY4-CVcnYSC-w/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t111/h001.ehXZH-=
HWMZlBHvWl9gpTT4EAzzmkVPBx-PaTkxnE4dI
Caption:=20

_A twenty page in-depth PDF on how to scale a B2B SaaS Company from $1M to =
$50M ARR. Covering CAC-based customer acquisition, sales team scaling, vent=
ure capital markets, and preparing for the exit. _

Download Now (https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJv=
L779viTrGYjpt97inVIgiLtj-0TmrDHvi4By4wwZDzy0jVwsm87j6AS9vYD8rVERQ/45p/Ytp7x=
rZCT-aIP5ILjqPJpQ/t112/h001.ByN1wDEethyhKA0h5D8nDTStjoXW3m9DOIHoQ08UvxY

View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8H0F-ayGsChEpMQHHq0cbpwUi=
f0S4e4Kl7ODqb3W5AcwK5ihGEyPqpF6uJrNqHX6CoPH3T3hHexBW-x3PMpgJc9k/45p/Ytp7xrZ=
CT-aIP5ILjqPJpQ/t113/h001.nqqdG02bEW5lEY4ytH6dtPW71HQzioUGIhf__NuwB1s
Follow image link: (https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTR=
pDqFJvL779viTrGYjpt97inVIgiIGkl0zMnx4ciEDFzUmYwbbVxmKOGNwugiDzFY4T1Hp8w/45p=
/Ytp7xrZCT-aIP5ILjqPJpQ/t114/h001.CgCDVUpmLidn83VajpaugB0lsp7c4K7oWxs5OdPbp=
G4
Caption:=20

_The SaaS Growth Formula was written to help SaaS CEOs who are focused on g=
rowing their company's sales - by implementing a simple formula called The =
Growth Formula. This formula is for companies that have already established=
 product/market fit, already have paying customers, and are now ready to sc=
ale up through scientific and CAC-based digital marketing, inbound sales, a=
nd outbound sales._

Download Now (https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJv=
L779viTrGYjpt97inVIgiIGkl0zMnx4ciEDFzUmYwbbVxmKOGNwugiDzFY4T1Hp8w/45p/Ytp7x=
rZCT-aIP5ILjqPJpQ/t115/h001.U_CtE4cn2dYQgKAJ8i3Pe2R1MAk82Gbs5p6QWXxUyQ0

=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=
=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=
=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=
=E2=80=94=E2=80=94

## **Join Our Saas Growth Mastermind for CEOs and Founders With $1M+ in ARR=
**

If you like the above resources and want more stuff like this, [apply to jo=
in SaasRise](https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwR1=
IsyNS8KftN7P2-Q_KlspR-kNagSXjj35bRtdYu4Kgz/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t116/=
h001.Lvm9kD09d4bL7YOcwuf735TUzZ6bIyqrw6ps_FdtVoo our mastermind community f=
or SaaS CEOs and Founders with $1M+ in ARR who are focused on scaling up MR=
R. Every Wednesday we jump on a call to support each other and share what i=
s working with scaling our companies =E2=80=93 and we support each other th=
roughout the week in our private community.

View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8HzHJsU2QN2SH4x4AnlfhmIZl=
dWPhiHpFOdu5r0Qqcxc7_SSDi0svrO0f5jg_Jn1vzuCN-vlbYE8xaqlFJtbUvoTIMIiJ-aZ-WeK=
kbfdFVjHU/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t117/h001.NTrdkO3b1RnGUSpSQPUxmsGdU0nI=
k-03ZcGzzOy4Eq0
Follow image link: (https://link.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D=
-7I1gfdvb1VvSm5a8W0-LVmoN4MC4_xhCeo-nvJ2pa2x_2kyI/45p/Ytp7xrZCT-aIP5ILjqPJp=
Q/t118/h001.ralWbU0c3UCFprbJA4SBqb761iz8p9E2ELLNHKa4g4s
Caption: Our private community platform, SaasRise

### _**About The Author**_

View image: (https://link.mail.beehiiv.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRy=
6IuNhWBSU-OefUNG_54MFrp7oQZDQYoJZtF4HjyqrnkzkhEVCZ2wGoWyGWMYi-4YcGLiyKspRbo=
5767Fj5icyiktY2YoJwHTyFw2kifQxRpjxb_yGN_yjiYLlt8Dz8H2hzRZAKdFAM8WKkjcZBhOrY=
8eGdxtmlO6DV-1sUWXFqsYO3TMjaddJdXR1Rm0pekx773cPssEra4l_TpccZRSwjRbI4qeEz3j2=
BqCrCZxef/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t119/h001.fEiCpO35aScrpZYd0hU6hfxxw93w=
e_Bp32jtieK7KYU
Caption:=20

=E2=80=9C_Ryan Allis is the founder of _[SaasRise](https://link.mail.beehii=
v.com/ss/c/u001.iONMcImK8a-Nu11tvHuwRzA0t_5eScHdzFd21xBwIuhgvq3cw2iRoeDacUU=
-HXYC/45p/Ytp7xrZCT-aIP5ILjqPJpQ/t120/h001.kVjIIp3TUGwkazO3jc7ITJyWhfLmVSI6=
208600M3euA the mastermind community for growth-focused SaaS CEOs with $1M-=
$100M in ARR. He is a three time INC 500 CEO. He was previously CEO of iCon=
tact and grew the firm as founder/CEO to 70,000 customers, 1 million users,=
 300 employees, $50M per year in sales, and an exit for $169M to Vocus (NAS=
DAQ:VOCS). _

_Since the sale of iContact, Ryan has been the CEO coach to high-growth Saa=
S firms including Tatango, Seamless.ai, Pipeline, Datalyse, Green Packet, R=
evenue Accelerator, Galleon, Clearstream, YouCanBookMe, Retreaver, and Even=
tMobi. Ryan has been part of the EO and Summit Series communities._

_He holds an MBA from Harvard Business School, where he was Co-President of=
 the Social Enterprise Club and a member of the Harvard Graduate School Lea=
dership Institute. He=E2=80=99s passionate about helping recurring revenue =
software companies grow and exit._=E2=80=9C =E2=80=94=20

_We=E2=80=99ll see you next time with more great SaaS growth and scaling co=
ntent!_


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tyle:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:=
#E5E7EB;" border=3D"0"/></a></td></tr></table></td></tr><tr><td class=3D"dd=
" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-break:break=
-word;"><p> It=E2=80=99s Ryan Allis at <a class=3D"link" href=3D"https://li=
nk.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D-7I1gfWkGw11k4H7s6J5NJaZfZSc5a=
6QmDzeenvyygyHkslhv-FeSShxxbjkdZcfHrqXP0p8VBMN8M-2kztQH8wEPHqfSwdbnbTFfBEBc=
3-smYa8FhquFUQM51XkqrfiGKBfw6ITlO7HhNvWz6Rt4cym5e5M/45p/Ytp7xrZCT-aIP5ILjqP=
JpQ/h122/h001.m0sjQN_4H_CBMUFJTAyTee2wsuLYK1uCe52cD1Yfkg0" target=3D"_blank=
" rel=3D"noopener noreferrer nofollow"><span>Saas</span></a><a class=3D"lin=
k" href=3D"https://link.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D-7I1gfWkG=
w11k4H7s6J5NJaZfZSc5a6QmDzeenvyygyHkslhv-FeSShxxbjkdZcfHrqXP0p8VBMN8M-2kztQ=
H8wEPHqfSwdbnbTFfBEBc3-smYa8FhquFUQM51XkqrfiGKBfw6ITlO7HhNvWz6Rt4cym5e5M/45=
p/Ytp7xrZCT-aIP5ILjqPJpQ/h123/h001.XERdDfTHgiIfG1cNvX7_s4RZpnCYYjntOo3fGEM-=
1oQ" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>Rise</spa=
n></a>, the community for SaaS CEOs and founders. </p></td></tr><tr><td cla=
ss=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-bre=
ak:break-word;"><p> Today we have The 2024 SaaS VC Report fresh off the pre=
sses. I=E2=80=99ve been personally writing it over the last week covering v=
aluations, amounts invested, revenue multiples, EBITDA multiples, and my <a=
 class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwnd=
DgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_Uc=
AgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCS=
Is_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Tj=
1xv-7h5zLo0BC8wTeRiEW4z1-DqcEED_x5VlUmRIQA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h124/=
h001.nYNwC8lmGfSMvkZ1yP9Q6Zz_T0wNPoy6ulxJ-BaYjKI" target=3D"_blank" rel=3D"=
noopener noreferrer nofollow"><span>annual ranking of the Top 250 Global Sa=
aS VCs</span></a>. </p></td></tr><tr><td class=3D"dd" align=3D"left" style=
=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> Let=E2=80=
=99s jump right in to the report, which might just be the most detailed rep=
ort I=E2=80=99ve ever written. My goal is to give you a full briefing of Sa=
aS venture capital. </p></td></tr><tr><td align=3D"center" valign=3D"top" s=
tyle=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"none" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 auto;">=
<tr><td align=3D"center" valign=3D"top" style=3D"width:630px;"><a href=3D"h=
ttps://link.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D-7I1gfWkGw11k4H7s6J5N=
JaZfZSc5a6QmDzeenvyygyHkslhv-FeSShxxbjkdZcfHrqXP0p8VBMN8M-2kztQH8wEPHqfSwdb=
nbTFfBEBc3-smYa8FhquFUQM51XkqrfiGKBfw6ITlO7HhNvWz6Rt4cym5e5M/45p/Ytp7xrZCT-=
aIP5ILjqPJpQ/h125/h001.U3ZRlnr1cPPMr0YSI4Hq5bv9O9Bu48o1ZHMnFyAVh-g" rel=3D"=
noopener noreferrer nofollow" style=3D"text-decoration:none;" target=3D"_bl=
ank"><img src=3D"https://media.beehiiv.com/cdn-cgi/image/fit=3Dscale-down,f=
ormat=3Dauto,onerror=3Dredirect,quality=3D80/uploads/asset/file/ecfc60a4-94=
2a-4122-a511-25977ffd67cc/report3-01.png?t=3D1708913676" alt=3D"" height=3D=
"auto" width=3D"630" style=3D"display:block;width:100%;border-radius:0px 0p=
x 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border=
-box;border-color:#E5E7EB;" border=3D"0"/></a></td></tr></table></td></tr><=
tr><td align=3D"center" valign=3D"top" style=3D"padding:12px 19px 12px 19px=
;" class=3D"dd"><table role=3D"none" width=3D"100%" border=3D"0" cellspacin=
g=3D"0" cellpadding=3D"0" align=3D"center" class=3D"d2" style=3D"border-lef=
t-color:#fe535e;border-left-style:solid;border-left-width:2px;border-radius=
:0px;"><tr><td align=3D"center" valign=3D"top" style=3D"padding:7px 12px 7p=
x 12px;" class=3D"dd"><table role=3D"none" width=3D"100%" border=3D"0" cell=
spacing=3D"0" cellpadding=3D"0" align=3D"center"><tr><td align=3D"left" val=
ign=3D"top" class=3D"i2"><p style=3D"margin:0px;text-align:left;"><b>About =
the Author: </b>Ryan Allis, is the founder of <a class=3D"link" href=3D"htt=
ps://link.mail.beehiiv.com/ss/c/u001.UXwWVAixgZ-oyJn_0myWAb-AJ0Mu__w4425SAq=
3JxfAdg2rLip74na7V4zcI1CkkJWIfWT5aFX5_Fx7fXo8ejlCd6r85AumOZ-XJue940kXm-L8lf=
7EofgroUvKFoINNACa-Kji0TL3vr11YyKBc_L12nV-wl4Pyhp6rlKtnX7Q/45p/Ytp7xrZCT-aI=
P5ILjqPJpQ/h126/h001.TVAVOzezchWI32qDk2RFrVZfoAxNCmaVDcHCq4jW4ls" target=3D=
"_blank" rel=3D"noopener noreferrer nofollow"><span>SaasRise</span></a>, th=
e community for SaaS CEOs with $1M-$100M in ARR. Apply to join our communit=
y <a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.UXwWVAi=
xgZ-oyJn_0myWAb-AJ0Mu__w4425SAq3JxfAdg2rLip74na7V4zcI1CkkJWIfWT5aFX5_Fx7fXo=
8ejlCd6r85AumOZ-XJue940kXm-L8lf7EofgroUvKFoINNACa-Kji0TL3vr11YyKBc_L12nV-wl=
4Pyhp6rlKtnX7Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h127/h001.Q0gIKnbNjykdNOQbD_8TwHP=
mrXnh8hG1zJLVhyn-We4" target=3D"_blank" rel=3D"noopener noreferrer nofollow=
"><span>here</span></a>. Ryan previously led iContact as CEO and Co-Founder=
 from $0 to $50M ARR and a $169M exit and then earned an MBA from Harvard B=
usiness School. Today, Ryan coaches SaaS CEOs on growth, runs a <a class=3D=
"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.UXwWVAixgZ-oyJn_0myW=
Ab-AJ0Mu__w4425SAq3JxfAdg2rLip74na7V4zcI1CkkJWIfWT5aFX5_Fx7fXo8ejlCd6r85Aum=
OZ-XJue940kXm-L8lf7EofgroUvKFoINNACa-Kji0TL3vr11YyKBc_L12nV-wl4Pyhp6rlKtnX7=
Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h128/h001.qQ1ry0VO3R96HylaJWlTTFRJY1lqt4i9gXsN=
VWYqpQc" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>SaaS =
digital ads agency</span></a>, and helps prepare SaaS firms for successful =
$100M+ exits. </p></td></tr></table></td></tr></table></td></tr><tr><td cla=
ss=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-bre=
ak:break-word;"><p> Over the last week, I crunched some serious numbers and=
 created my annual ranking of the<b> Top 250 Global SaaS VC Firms</b>. My g=
oal was to create some seriously valuable content for our SaasRise communit=
y of CEOs and founders. </p></td></tr><tr><td class=3D"dd" align=3D"left" s=
tyle=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> This y=
ear, I did the rankings by <a class=3D"link" href=3D"https://link.mail.beeh=
iiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGh=
FjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn=
77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf=
-TTA_KQGmdkAgveyCiFoIHYh9d_RCvpb4eyxkaPO7V4NVj_tIlrtRMf69W2NdJcmqcSqEqA/45p=
/Ytp7xrZCT-aIP5ILjqPJpQ/h129/h001.YOc_2DORoUe7tepKt2gJzpLkMoQjhnpfCZAx6hrDv=
ic" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>firm AUM</=
span></a>, <a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u00=
1.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2t=
oUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0=
tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgvey=
CiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiE5YQ3_cIvHEoEdx62uV_vzg/45p/Ytp7xrZCT-aIP5I=
LjqPJpQ/h130/h001.OKHY2Y7zPHUF9RWnffxdjbATvL3sQ-xh-pPHi4H59QI" target=3D"_b=
lank" rel=3D"noopener noreferrer nofollow"><span>investment count</span></a=
>, and <a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FF=
ZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1=
m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoD=
O1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFo=
IHYh9d_Sj4Yuxg5uv6bXO2ZuyC9AiPO0xrhcq9YuPy0I1zWd6GQ/45p/Ytp7xrZCT-aIP5ILjqP=
JpQ/h131/h001.vcCkpfvpk8d-7pWVCx-VB5yld8EPbpUZStjwCdrN5lM" target=3D"_blank=
" rel=3D"noopener noreferrer nofollow"><span>number of exits</span></a> as =
well as by my own <a class=3D"link" href=3D"https://link.mail.beehiiv.com/s=
s/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW=
3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEV=
n0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGm=
dkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiEW4z1-DqcEED_x5VlUmRIQA/45p/Ytp7xrZC=
T-aIP5ILjqPJpQ/h132/h001.LdSn9PInXYXBTb6XXEOJ0zBixo9mtZwzRYC2Aejl2s8" targe=
t=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>Power Ranking Formu=
la</span></a>. You can <a class=3D"link" href=3D"https://link.mail.beehiiv.=
com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb=
-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77gr=
ehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA=
_KQGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiEW4z1-DqcEED_x5VlUmRIQA/45p/Ytp=
7xrZCT-aIP5ILjqPJpQ/h133/h001.Fz2jZj4k9bId9-gTMuSCOnJCx5wdfFoBQdwsnQ28NBs" =
target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>see my full ra=
nkings here</span></a>. </p></td></tr><tr><td id=3D"key-saa-s-venture-capit=
al-stats" class=3D"dd" align=3D"left" valign=3D"top" style=3D"padding:0px 1=
5px;text-align:left;"><h2><b>Key SaaS Venture Capital Stats</b></h2></td></=
tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align=
:left;word-break:break-word;"><p> But first, let=E2=80=99s begin with some =
stats that firmly demonstrate that SaaS is here to stay=E2=80=A6 </p></td><=
/tr><tr><td style=3D"padding-bottom:12px;padding-left:37px;padding-right:27=
px;padding-top:12px;" class=3D"ee"><div style=3D"margin-left:0px;" class=3D=
"edm_outlooklist"><ul style=3D"list-style-type:disc;margin:0px 0px;padding:=
0px 0px 0px 0px;"><li class=3D"listItem ultext"><p style=3D"padding:0px;tex=
t-align:left;word-break:break-word;"> In 2023 in software venture capital=
=E2=80=A6 </p><ul style=3D"list-style-type:disc;margin:0px 0px;padding:0px =
0px 0px 0px;"><li class=3D"listItem ultext"><p style=3D"padding:0px;text-al=
ign:left;word-break:break-word;"> Total VC investment was an impressive $14=
4 billion up from $28B just nine years ago in 2015.=C2=A0 </p></li><li clas=
s=3D"listItem ultext"><p style=3D"padding:0px;text-align:left;word-break:br=
eak-word;"> The median Series A investment was $9.5M on a $30.7M pre-money =
valuation </p></li><li class=3D"listItem ultext"><p style=3D"padding:0px;te=
xt-align:left;word-break:break-word;"> The median Series B investment was $=
20.0M on a $82.5M pre-money valuation </p></li><li class=3D"listItem ultext=
"><p style=3D"padding:0px;text-align:left;word-break:break-word;"> The medi=
an Series C investment was $34.0M on a $250M pre-money valuation </p></li><=
li class=3D"listItem ultext"><p style=3D"padding:0px;text-align:left;word-b=
reak:break-word;"> The median revenue multiple for all software venture inv=
estment rounds was 10.89x </p></li><li class=3D"listItem ultext"><p style=
=3D"padding:0px;text-align:left;word-break:break-word;"> There were 9,334 v=
enture deals =E2=80=93 up impressively from just 1,636 in 2013 =E2=80=93 ye=
t down from 15,048 in 2022 as capital flowed less freely due to rising inte=
rest rates. </p></li></ul></li></ul></div></td></tr><tr><td style=3D"paddin=
g-bottom:12px;padding-left:37px;padding-right:27px;padding-top:12px;" class=
=3D"ee"><div style=3D"margin-left:0px;" class=3D"edm_outlooklist"><ul style=
=3D"list-style-type:disc;margin:0px 0px;padding:0px 0px 0px 0px;"><li class=
=3D"listItem ultext"><p style=3D"padding:0px;text-align:left;word-break:bre=
ak-word;"> In 2023 there were also 2062 SaaS M&A deals, down only slightly =
from the record of 2157 SaaS M&A deals in 2022. </p></li><li class=3D"listI=
tem ultext"><p style=3D"padding:0px;text-align:left;word-break:break-word;"=
> As of February 2024, The total amount of assets under management by the t=
op 250 global SaaS VCs is $871 billion. </p></li><li class=3D"listItem ulte=
xt"><p style=3D"padding:0px;text-align:left;word-break:break-word;"> The to=
tal amount of dry powder in the top 250 global SaaS VCs is $177 billion. Th=
ere is <b>plenty</b> of equity capital out there available for SaaS firms t=
hat are growing ARR at venture-backable rates (50%+ annually). </p></li><li=
 class=3D"listItem ultext"><p style=3D"padding:0px;text-align:left;word-bre=
ak:break-word;"> The top three active SaaS VC firms by Total AUM are Sequoi=
a ($85B), Tiger Global ($75B), and Shenzhen Capital Group ($66B). </p></li>=
<li class=3D"listItem ultext"><p style=3D"padding:0px;text-align:left;word-=
break:break-word;"> San Francisco is the #1 city in the world for software =
VC firm capital with $377B in AUM, representing 43.5% of the total AUM amon=
g the top 250 global SaaS VC firms =E2=80=93 followed by New York City (12.=
6%), Beijing (11.2%), Shenzhen (8.8%). </p></li><li class=3D"listItem ultex=
t"><p style=3D"padding:0px;text-align:left;word-break:break-word;"> Two cou=
ntries, the U.S. (66.2%) and China (23.4%) represent the large majority of =
the AUM for software-focused venture capital firms, followed by the UK (4.3=
%). </p></li></ul></div></td></tr><tr><td class=3D"dd" align=3D"left" style=
=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> Below we s=
how the long-term rising trend line of software VC deal count, with the low=
-interest rate outlier =E2=80=9CCovid years=E2=80=9D of 2020-2022 excluded =
from the trend line. </p></td></tr><tr><td align=3D"center" valign=3D"top" =
style=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"none" borde=
r=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 auto;"=
><tr><td align=3D"center" valign=3D"top" style=3D"width:630px;"><img src=3D=
"https://lh7-us.googleusercontent.com/b5e2bzQk43TTHlA9vI2Oh9-OrHKHXMZQNhkKF=
vvYmvtKl0b3wskz-r-qaaBpjHqwq4hdOZ_BCQxKulWVl0ECcp8QhQ74M5x8lmLval9a5qeyRTbI=
GO3WgCS_I-u3axN8Z3GGVy-g47HZqhl9qMfhZp0" alt=3D"" height=3D"auto" width=3D"=
630" style=3D"display:block;width:100%;border-radius:0px 0px 0px 0px;border=
-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-colo=
r:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"center" valign=3D"top"=
 class=3D"t" style=3D"width:630px;"><p><a class=3D"link" href=3D"https://li=
nk.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnU=
ovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0=
WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-=
roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Sj4Yuxg5uv6bXO2ZuyC9Ai0gSHuWnRWdBT6a=
96ZP0LAQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h134/h001.PX46NODEbmjohn8ApMeKOSf-7CmkO=
OXlnEUj9hdjNqw" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><spa=
n>SaaS VC Deals By Year</span></a></p></td></tr></table></td></tr><tr><td c=
lass=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-b=
reak:break-word;"><p> The compound annual growth rate (CAGR) of software VC=
 deals from 2010-2023 is an impressive 25.9% per year. </p></td></tr><tr><t=
d class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;wor=
d-break:break-word;"><p> Now, let=E2=80=99s look at total investment amount=
s by year in software venture capital (in billions). As you can see, there =
was $144 billion invested in software venture capital globally in 2023. </p=
></td></tr><tr><td align=3D"center" valign=3D"top" style=3D"padding: 20px 1=
5px 20px; " class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0=
" cellpadding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center=
" valign=3D"top" style=3D"width:630px;"><img src=3D"https://lh7-us.googleus=
ercontent.com/CrJWdmFwLpBaIQ3Rza4MO9SBmizbuFg3xi2JF7_5phDEeVvVuDDL7kkpCv68x=
N1wOaqsn-8Wzk0mxUN6IAkxQrIn91RzeMy6zr2xVR9VW74Fxn4fcgI8ISw11XUTKpVMRv9bgL9p=
H8leI4hlpVcO98o" alt=3D"" height=3D"auto" width=3D"630" style=3D"display:bl=
ock;width:100%;border-radius:0px 0px 0px 0px;border-style:solid;border-widt=
h:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"=
/></td></tr><tr><td align=3D"center" valign=3D"top" class=3D"t" style=3D"wi=
dth:630px;"><p><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c=
/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO=
1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0y=
rja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkA=
gveyCiFoIHYh9d_QoIA1LRuGMKI151Rq8NDyLPn9idMf5FoMv5M5Ne_-shw/45p/Ytp7xrZCT-a=
IP5ILjqPJpQ/h135/h001.5X5Kh6-QeRABGx2-hs7fPxF9Kk5SdgcDTVf7rtzWVZE" target=
=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>SaaS VC Dollars Inve=
sted By Year</span></a></p></td></tr></table></td></tr><tr><td class=3D"dd"=
 align=3D"left" style=3D"padding:0px 15px;text-align:left;word-break:break-=
word;"><p> To put it into perspective this is $2.7 billion per week being a=
llocated by venture capital firms into private equity purchases of software=
 companies, a staggering figure. For $144 billion you could buy every singl=
e NFL team. That=E2=80=99s a lot of money for one year of capital allocatio=
n.=C2=A0 </p></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding=
:0px 15px;text-align:left;word-break:break-word;"><p> We are definitely in =
a continually and rapidly growing industry, even if we reached a temporary =
peak for valuation and investment count in 2021 due to the unique circumsta=
nces of artificially cheap capital in 2020-2022.=C2=A0 </p></td></tr><tr><t=
d class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;wor=
d-break:break-word;"><p> Let=E2=80=99s see how the money breaks down betwee=
n Seed, Series A, Series B, Series C, and Series D-E-F+ rounds. </p></td></=
tr><tr><td align=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px=
; " class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=
=3D"top" style=3D"width:630px;"><img src=3D"https://lh7-us.googleuserconten=
t.com/pGFLsnH6f4t2k4v_LAXj-KV0pPC9fxEQxB9rQITCRhZ57zsjV-jHyBgy4ipWdlWsJEo0H=
DFvc3L7roq6-UrDyHnWWDbkjY-nz8lEmE9ByLPDy81n6rZ8q7AV0-ePBDqpqx005fXOHue7RQID=
N6nK0eA" alt=3D"" height=3D"auto" width=3D"630" style=3D"display:block;widt=
h:100%;border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0p=
x 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></td><=
/tr><tr><td align=3D"center" valign=3D"top" class=3D"t" style=3D"width:630p=
x;"><p><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FF=
ZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1=
m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoD=
O1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFo=
IHYh9d_QoIA1LRuGMKI151Rq8NDyLPn9idMf5FoMv5M5Ne_-shw/45p/Ytp7xrZCT-aIP5ILjqP=
JpQ/h136/h001.ryCXzOmYuZr3Q6EkTAJlGG4iGotNMiITMXyActH8Mtw" target=3D"_blank=
" rel=3D"noopener noreferrer nofollow"><span>SaaS VC Dollars Invested By Ye=
ar</span></a></p></td></tr></table></td></tr><tr><td class=3D"dd" align=3D"=
left" style=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p>=
 As the rapidly growing category of AI software is a subset of software, we=
 expect to see major continual growth in software VC investment in 2024-202=
6. </p></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 1=
5px;text-align:left;word-break:break-word;"><p> Now, let=E2=80=99s share th=
e rankings of the top Global SaaS VCs, ranked by investment, AUM, exits, an=
d our combined power ranking formula. </p></td></tr><tr><td id=3D"how-softw=
are-valuations-have-change" class=3D"dd" align=3D"left" valign=3D"top" styl=
e=3D"padding:0px 15px;text-align:left;"><h2><b>How Software Valuations Have=
 Changed</b></h2></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"pad=
ding:0px 15px;text-align:left;word-break:break-word;"><p> Venture valuation=
s for software firms peaked in 2021/2022 and came down slightly in 2023. He=
re are the median valuations per round over the last eleven years.=C2=A0 </=
p></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;t=
ext-align:left;word-break:break-word;"><p> You can see that Series A median=
 pre-money valuations are still holding strong at $30M. We use median to sh=
ow what=E2=80=99s normal as the mean is too heavily weighted by the big out=
liers.=C2=A0 </p></td></tr><tr><td align=3D"center" valign=3D"top" style=3D=
"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"none" border=3D"0" =
cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td=
 align=3D"center" valign=3D"top" style=3D"width:630px;"><img src=3D"https:/=
/lh7-us.googleusercontent.com/lLIUTj82LKifHadi-5wJQIs-y7VYDdihaze-i-9Pej2nz=
qqjeI8LHJ9XsBEeXsvbo2Xetsuafz2NB8iUwR_8SrjVkAJmmylWhBrjdRSdwcVpWtiSAH3UuL7z=
P-glo49jYf0is8xpyQoxBA3gtEVUlRQ" alt=3D"" height=3D"auto" width=3D"630" sty=
le=3D"display:block;width:100%;border-radius:0px 0px 0px 0px;border-style:s=
olid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7E=
B;" border=3D"0"/></td></tr><tr><td align=3D"center" valign=3D"top" class=
=3D"t" style=3D"width:630px;"><p><a class=3D"link" href=3D"https://link.mai=
l.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtl=
RJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo=
2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cp=
csl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiEfU-4OkTy3ODpmrdjiqZm=
iw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h137/h001.wBGmrEJfnUkh-IM195crLNiG7shXWnbK-6M=
J8CLozf0" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>SaaS=
 Valuations By Round By Year</span></a></p></td></tr></table></td></tr><tr>=
<td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;w=
ord-break:break-word;"><p> Below, you can see that Series B median pre-mone=
y valuations are still holding strong at $82M after peaking at $117M in 202=
1 (those Covid times were crazy!). </p></td></tr><tr><td align=3D"center" v=
align=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=
=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:=
0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" style=3D"width:630p=
x;"><img src=3D"https://lh7-us.googleusercontent.com/BY7UV4i92z4lSGM8Kw2Ijc=
tMsB4hJ-LpOU9hIAVkUQ4hLOgtH8Lcl8HvPrSSYnfVnH0cyt0UJTfbrmwTRApkrUv_YHEthqvsf=
xYHSUFyzliu7Pu0DgEH32oSzb-uiRB-zVfGD_jgVtiBptC6endWOps" alt=3D"" height=3D"=
auto" width=3D"630" style=3D"display:block;width:100%;border-radius:0px 0px=
 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-=
box;border-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"center"=
 valign=3D"top" class=3D"t" style=3D"width:630px;"><p><a class=3D"link" hre=
f=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryE=
S5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1H=
VdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7P=
s_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRi=
EfU-4OkTy3ODpmrdjiqZmiw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h138/h001.RLZWFQzGElmabr=
bRduhsVBMr-H4bl2wzcKCwNxfIsWk" target=3D"_blank" rel=3D"noopener noreferrer=
 nofollow"><span>SaaS Valuations By Round By Year</span></a></p></td></tr><=
/table></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 1=
5px;text-align:left;word-break:break-word;"><p> Finally you can see that Se=
ries C median pre-money valuations are still holding strong at $250M after =
peaking at $325M in 2021. </p></td></tr><tr><td align=3D"center" valign=3D"=
top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"none" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 a=
uto;"><tr><td align=3D"center" valign=3D"top" style=3D"width:630px;"><img s=
rc=3D"https://lh7-us.googleusercontent.com/yuxf34B0V8kb7HiXsx5lk2RWwHkBUJC2=
B5TSfG5ORgZkSDYOTPLhVEq8XfZ_gy7rP8H-C2AbygzRlNIXfgNnxTpHcC2aX8eSqwd4VIZIHVw=
PMYwaos4tYDCiSpQ-0xOwYjMHN0agNG0u2eL-6O32ZDk" alt=3D"" height=3D"auto" widt=
h=3D"630" style=3D"display:block;width:100%;border-radius:0px 0px 0px 0px;b=
order-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border=
-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"center" valign=3D=
"top" class=3D"t" style=3D"width:630px;"><p><a class=3D"link" href=3D"https=
://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVR=
ajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2C=
f8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fR=
AHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiEfU-4OkTy3=
ODpmrdjiqZmiw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h139/h001.Cp8Fvjh53z2V5Ip3HFUaOdeH=
V2OE_SR0BS439nhs1T0" target=3D"_blank" rel=3D"noopener noreferrer nofollow"=
><span>SaaS Valuations By Round By Year</span></a></p></td></tr></table></t=
d></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-a=
lign:left;word-break:break-word;"><p> The percentage of shares sold (techni=
cally speaking created newly and then sold) in venture deals has also decli=
ned over time from 24.4% per round in 2010 to 18.3% per round in 2023, with=
 each successive round requiring usually requiring slightly less equity to =
be sold (23% in Series A, 19% in Series B, and 12% in Series C). </p></td><=
/tr><tr><td align=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20p=
x; " class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valig=
n=3D"top" style=3D"width:630px;"><img src=3D"https://lh7-us.googleuserconte=
nt.com/hi2yjjzQCdWKTU2xcCYRS2FK0qjfze3em2JyUaf25DgvJxqsXsnFcToSum1hfxjCOUGY=
eWFaPtnDLB5V2RYcj-hCok_EwHlYKhsDP2jQP3MYEa7FDoMmxMg0rxXd-lYHFh86ziu82OFdqLK=
8iPNG6OI" alt=3D"" height=3D"auto" width=3D"630" style=3D"display:block;wid=
th:100%;border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0=
px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></td>=
</tr><tr><td align=3D"center" valign=3D"top" class=3D"t" style=3D"width:630=
px;"><p><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.F=
FZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM=
1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjo=
DO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiF=
oIHYh9d_Tj1xv-7h5zLo0BC8wTeRiEfU-4OkTy3ODpmrdjiqZmiw/45p/Ytp7xrZCT-aIP5ILjq=
PJpQ/h140/h001.Rd925LHEFCMvacYyvr5w2fQlyAqnjrVFXUHjUjXBBFM" target=3D"_blan=
k" rel=3D"noopener noreferrer nofollow"><span>SaaS Valuations By Round By Y=
ear</span></a></p></td></tr></table></td></tr><tr><td class=3D"dd" align=3D=
"left" style=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p=
> Lower down in this report, we go into median revenue multiples and EBITDA=
 multiples as well. </p></td></tr><tr><td class=3D"dd" align=3D"left" style=
=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> Now that w=
e=E2=80=99ve provided the overview, let=E2=80=99s jump into what everyone=
=E2=80=99s been waiting for =E2=80=93 the SaaS VC Rankings for 2024. </p></=
td></tr><tr><td id=3D"the-2024-saa-s-vc-rankings" class=3D"dd" align=3D"lef=
t" valign=3D"top" style=3D"padding:0px 15px;text-align:left;"><h2><b>The 20=
24 SaaS VC Rankings</b></h2></td></tr><tr><td align=3D"center" valign=3D"to=
p" style=3D"padding:12px 19px 12px 19px;" class=3D"dd"><table role=3D"none"=
 width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"c=
enter" class=3D"d2" style=3D"border-left-color:#fe535e;border-left-style:so=
lid;border-left-width:2px;border-radius:0px;"><tr><td align=3D"center" vali=
gn=3D"top" style=3D"padding:7px 12px 7px 12px;" class=3D"dd"><table role=3D=
"none" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" alig=
n=3D"center"><tr><td align=3D"left" valign=3D"top" class=3D"i2"><p style=3D=
"margin:0px;text-align:left;"><b>Research Methodology:</b> For these rankin=
gs, I reviewed the top 250 global software VC firms by investment count, wh=
ich required firms to have made 176 software investments to qualify. The re=
search inputs behind these rankings was compiled from Pitchbook, Crunchbase=
, AUM13F, Bessemer Venture Partners, Adventis Advisors, and Software Equity=
 Group.</p></td></tr></table></td></tr></table></td></tr><tr><td class=3D"d=
d" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-break:brea=
k-word;"><p> To view and download our full 2024 rankings of all 250 firms, =
see the below Google Sheet tabs. </p></td></tr><tr><td style=3D"padding-bot=
tom:12px;padding-left:37px;padding-right:27px;padding-top:12px;" class=3D"e=
e"><div style=3D"margin-left:0px;" class=3D"edm_outlooklist"><ul style=3D"l=
ist-style-type:disc;margin:0px 0px;padding:0px 0px 0px 0px;"><li class=3D"l=
istItem ultext"><p style=3D"padding:0px;text-align:left;word-break:break-wo=
rd;"><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZt=
JeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3=
FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1=
dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIH=
Yh9d_Tj1xv-7h5zLo0BC8wTeRiEW4z1-DqcEED_x5VlUmRIQA/45p/Ytp7xrZCT-aIP5ILjqPJp=
Q/h141/h001.1awitLirQuN33a-BCuL1Ukm81uXVIJWzoWb5Pa6UUL8" target=3D"_blank" =
rel=3D"noopener noreferrer nofollow"><span>Top SaaS VC Firms - Power Rankin=
gs</span></a> (combines investment count, exits, & AUM) </p></li><li class=
=3D"listItem ultext"><p style=3D"padding:0px;text-align:left;word-break:bre=
ak-word;"><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001=
.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2to=
UM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0t=
joDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyC=
iFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiE5YQ3_cIvHEoEdx62uV_vzg/45p/Ytp7xrZCT-aIP5IL=
jqPJpQ/h142/h001.YJQE57Mqpyiy2RFEv6mvyBKFFkx3meW5Vqp32MPb_So" target=3D"_bl=
ank" rel=3D"noopener noreferrer nofollow"><span>Top 250 SaaS VC Firms by In=
vestment Count</span></a></p></li><li class=3D"listItem ultext"><p style=3D=
"padding:0px;text-align:left;word-break:break-word;"><a class=3D"link" href=
=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES=
5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HV=
dbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps=
_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_RCvpb4eyxkaPO7V4NVj_tI=
lrtRMf69W2NdJcmqcSqEqA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h143/h001.LeBtn6qtP6_QQBh=
_1k4u92GWxHGQV_Rx1OnUBcOxjy0" target=3D"_blank" rel=3D"noopener noreferrer =
nofollow"><span>Top 250 SaaS VC Firms - By AUM</span></a></p></li><li class=
=3D"listItem ultext"><p style=3D"padding:0px;text-align:left;word-break:bre=
ak-word;"><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001=
.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2to=
UM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0t=
joDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyC=
iFoIHYh9d_Sj4Yuxg5uv6bXO2ZuyC9AiPO0xrhcq9YuPy0I1zWd6GQ/45p/Ytp7xrZCT-aIP5IL=
jqPJpQ/h144/h001.Wjr2pf7vj5HOTV7Hd7jBTcTgDq96ok1kvv22wLQMygA" target=3D"_bl=
ank" rel=3D"noopener noreferrer nofollow"><span>Top 250 SaaS VC Firms - By =
Exits</span></a></p></li><li class=3D"listItem ultext"><p style=3D"padding:=
0px;text-align:left;word-break:break-word;"><a class=3D"link" href=3D"https=
://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVR=
ajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2C=
f8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fR=
AHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_SeHayA5ZUn6pwAwNDWxKjsXrC2VIk0h=
SSv4vQOWdYORw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h145/h001.dlpOydRXidLbZzhIG9hU5jDr=
vOfAknte_x8U1RH65I8" target=3D"_blank" rel=3D"noopener noreferrer nofollow"=
><span>Top 250 SaaS VC Firms - By City</span></a></p></li><li class=3D"list=
Item ultext"><p style=3D"padding:0px;text-align:left;word-break:break-word;=
"><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQ=
pwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3Fxg=
L_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxp=
CsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9=
d_RCvpb4eyxkaPO7V4NVj_tIWnI9pL3EzkKQg59FRoB3FA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h=
146/h001.3Dh1RmEZLn6cncMf9_T3rG8s-9alPbsDOZ7SAEjwEPw" target=3D"_blank" rel=
=3D"noopener noreferrer nofollow"><span>Top 250 SaaS VC Firms - By Country<=
/span></a></p></li><li class=3D"listItem ultext"><p style=3D"padding:0px;te=
xt-align:left;word-break:break-word;"><a class=3D"link" href=3D"https://lin=
k.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUo=
vQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0W=
xzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-r=
oO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Qowl47DKcb-NTip6Fe5V6EBeC1vPwFlkHCbNk=
6jR-fZQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h147/h001.kqDEBhn8LTilW3hA1DOoeebQXNPLZn=
FwvrEuqwwjsE4" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span=
>Top 250 SaaS VC Firms - By Continent</span></a></p></li><li class=3D"listI=
tem ultext"><p style=3D"padding:0px;text-align:left;word-break:break-word;"=
><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQp=
wndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL=
_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpC=
sCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d=
_QoIA1LRuGMKI151Rq8NDyL9ZjrELN_UK6JR_MBj4O6Xg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h1=
48/h001.3ZXtI-5XOkYYJAv7HgQ86gk4DjjBfnXZ_my72UNSew0" target=3D"_blank" rel=
=3D"noopener noreferrer nofollow"><span>Top 50 SaaS VC Firms - North Americ=
a</span></a></p></li><li class=3D"listItem ultext"><p style=3D"padding:0px;=
text-align:left;word-break:break-word;"><a class=3D"link" href=3D"https://l=
ink.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUn=
UovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq=
0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx=
-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_QoIA1LRuGMKI151Rq8NDyLe9m6CBfkUlKU6=
zRm5USNLg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h149/h001.KN4iHGDM53Ht_I7z_wmDpKgkKaSq=
8nrGtoR1zLF86eg" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><sp=
an>Top 50 SaaS VC Firms - Asia</span></a></p></li><li class=3D"listItem ult=
ext"><p style=3D"padding:0px;text-align:left;word-break:break-word;"><a cla=
ss=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTR=
pDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVN=
cnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_r=
AyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Tj1xv-=
7h5zLo0BC8wTeRiE-CVsA-rrq-ml3DNYlw-RlA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h150/h001=
.VXMWFbq6mcW6soNBEVCH9dNgs8gUe22yrsgMX4cZij4" target=3D"_blank" rel=3D"noop=
ener noreferrer nofollow"><span>Top 50 SaaS VC Firms - Europe</span></a></p=
></li><li class=3D"listItem ultext"><p style=3D"padding:0px;text-align:left=
;word-break:break-word;"><a class=3D"link" href=3D"https://link.mail.beehii=
v.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFj=
Qb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77=
grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-T=
TA_KQGmdkAgveyCiFoIHYh9d_Sj4Yuxg5uv6bXO2ZuyC9AimqAFKtZVaOmOnoqjdl07PA/45p/Y=
tp7xrZCT-aIP5ILjqPJpQ/h151/h001._M6RUA9CPFxDmFX3r4uGvJMkh4cKXjChNg2NSg7Akgg=
" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>The Top 20 S=
aaS VC Firms</span></a></p></li><li class=3D"listItem ultext"><p style=3D"p=
adding:0px;text-align:left;word-break:break-word;"><a class=3D"link" href=
=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES=
5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HV=
dbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps=
_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Sj4Yuxg5uv6bXO2ZuyC9Ai=
0gSHuWnRWdBT6a96ZP0LAQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h152/h001.jVkKE6hYyusJlsN=
zVVmToAUvqkOM4TMv_Cu62n7dlSY" target=3D"_blank" rel=3D"noopener noreferrer =
nofollow"><span>SaaS VC Deals By Year</span></a></p></li><li class=3D"listI=
tem ultext"><p style=3D"padding:0px;text-align:left;word-break:break-word;"=
><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQp=
wndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL=
_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpC=
sCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d=
_QoIA1LRuGMKI151Rq8NDyLPn9idMf5FoMv5M5Ne_-shw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h1=
53/h001.51TU-oi9pXsoRgZvrvMg6kXY7l-EY2AtHTXjVj9WKJ8" target=3D"_blank" rel=
=3D"noopener noreferrer nofollow"><span>SaaS VC Dollars Invested By Year</s=
pan></a></p></li><li class=3D"listItem ultext"><p style=3D"padding:0px;text=
-align:left;word-break:break-word;"><a class=3D"link" href=3D"https://link.=
mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQ=
AtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0Wxz=
Cyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO=
2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiEfU-4OkTy3ODpmrdji=
qZmiw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h154/h001.k85utHe2T8laKAyyFjJU240sUrr9fGIg=
Ync_GALnn_8" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>S=
aaS Valuations By Round By Year</span></a></p></li><li class=3D"listItem ul=
text"><p style=3D"padding:0px;text-align:left;word-break:break-word;"><a cl=
ass=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgT=
RpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgV=
Ncnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_=
rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_RCvpb=
4eyxkaPO7V4NVj_tI0iu3ZU-tEg18B11Dty3FYQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h155/h00=
1.Na6hDyTTFn0cjcQw4K-UUQW8fu50W70IyUUzyfY4fxM" target=3D"_blank" rel=3D"noo=
pener noreferrer nofollow"><span>SaaS Revenue Multiples</span></a></p></li>=
<li class=3D"listItem ultext"><p style=3D"padding:0px;text-align:left;word-=
break:break-word;"><a class=3D"link" href=3D"https://link.mail.beehiiv.com/=
ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6w=
W3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGE=
Vn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQG=
mdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiEO8ln7SvfaInnWwN1x9VM2A/45p/Ytp7xrZ=
CT-aIP5ILjqPJpQ/h156/h001.jv06xVd3SEEOZqRk5PPSdWcfm9RsoLscUGZ62BvLch0" targ=
et=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>SaaS Revenue Multi=
ples</span></a><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c=
/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO=
1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0y=
rja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkA=
gveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiEO8ln7SvfaInnWwN1x9VM2A/45p/Ytp7xrZCT-a=
IP5ILjqPJpQ/h157/h001.2Bvg0Op432L_jk6hCwKNq5wdTHN_gPu9ryolJS3rb8I" target=
=3D"_blank" rel=3D"noopener noreferrer nofollow"><span> by Growth Rate</spa=
n></a></p></li><li class=3D"listItem ultext"><p style=3D"padding:0px;text-a=
lign:left;word-break:break-word;"><a class=3D"link" href=3D"https://link.ma=
il.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAt=
lRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCy=
o2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2c=
pcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiE6bXcIGEybHSYs93StDO=
vew/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h158/h001.T2OiIEKhZA6FSVsolbw9hniGU90DwdptoQ=
ul_xQtiWo" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>Saa=
S M&A Deals By Year</span></a></p></li></ul></div></td></tr><tr><td class=
=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-break=
:break-word;"><p> Let=E2=80=99s get right to it. Here are the top 20 softwa=
re VCs by investment count, AUM, and number of exits. </p></td></tr><tr><td=
 align=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=
=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"=
0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" =
style=3D"width:630px;"><img src=3D"https://lh7-us.googleusercontent.com/6HG=
SGgKBCry5fG-78yJkmTRpNCjyThquzfBk37Eu6JxDOz5HZA9irfbYFFXhR-1bEMlG82jRaVObcz=
KbCwA7ymEFa28MEV8i2sErABnQMwsERKV-GqLJo9uYJC5HT1S6bpBUjm-0fhKTkk259wIDC8w" =
alt=3D"" height=3D"auto" width=3D"630" style=3D"display:block;width:100%;bo=
rder-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px=
;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></td></tr><tr><=
td align=3D"center" valign=3D"top" class=3D"t" style=3D"width:630px;"><p><a=
 class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwnd=
DgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_Uc=
AgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCS=
Is_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Sj=
4Yuxg5uv6bXO2ZuyC9AimqAFKtZVaOmOnoqjdl07PA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h159/=
h001.lu-VmZeenVSvPRCLSVTuvuS_4dps9o0UR1MfjkSFuR8" target=3D"_blank" rel=3D"=
noopener noreferrer nofollow"><span>The Top 20 SaaS VC Firms</span></a></p>=
</td></tr></table></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"pa=
dding:0px 15px;text-align:left;word-break:break-word;"><p> If we give equal=
 33% weighting to software investment count, 33% weighting to AUM, and 33% =
weighting to number of software exits to create a <b>Software VC Power Rank=
ing</b>, the top 20 list becomes: </p></td></tr><tr><td align=3D"center" va=
lign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=
=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:=
0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" style=3D"width:630p=
x;"><img src=3D"https://lh7-us.googleusercontent.com/b3AY7tqV9GNjulbnLNyYdE=
DnUWdO_Pf2vTMlWgIRbgL8QaEryayt2-bLa5ig9OdAF9K6ksk4JCQvdBuHiz_cTkO3Pt58tpQuc=
HHQpSD07YECXvqU6quIpbqb6oeHCH31jFYQ9px4aCBoDUZPCcZU4No" alt=3D"" height=3D"=
auto" width=3D"630" style=3D"display:block;width:100%;border-radius:0px 0px=
 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-=
box;border-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"center"=
 valign=3D"top" class=3D"t" style=3D"width:630px;"><p><a class=3D"link" hre=
f=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryE=
S5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1H=
VdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7P=
s_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRi=
EW4z1-DqcEED_x5VlUmRIQA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h160/h001.nw2CKjOvnr9Afa=
6iQ89EAtyiBCQQ675U4AKyupvjdxA" target=3D"_blank" rel=3D"noopener noreferrer=
 nofollow"><span>Top SaaS VC Firms - Power Rankings</span></a></p></td></tr=
></table></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px=
 15px;text-align:left;word-break:break-word;"><p> These 20 firms together c=
ontrol $521 billion and have over $88B in dry powder. Not surprisingly, 13 =
of the top 20 firms are based in the San Francisco Bay Area.=C2=A0 </p></td=
></tr><tr><td align=3D"center" valign=3D"top" style=3D"padding: 20px 15px 2=
0px; " class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cel=
lpadding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" val=
ign=3D"top" style=3D"width:630px;"><img src=3D"https://lh7-us.googleusercon=
tent.com/zvLQvfBvzwTxJGyYbvcUmsV5g7SZa0HfQ4KmEOYjtcIWpiwt2-shH8AayVmEIwclRS=
S4wKt7prdv6-79xwem7gpRgvAQiCrtw39vgfqnxFBBTKO6Ww4vuQ7A8eXy6Bb-IzrpiO7Rg4bgK=
kXolYxj8z8" alt=3D"" height=3D"auto" width=3D"630" style=3D"display:block;w=
idth:100%;border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px=
 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></t=
d></tr></table></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"paddi=
ng:0px 15px;text-align:left;word-break:break-word;"><p> Just missing the to=
p 20 software VC power rankings this year were Redpoint Ventures, Menlo Ven=
tures, and First Round Capital. </p></td></tr><tr><td id=3D"the-best-locati=
ons-for-software-vc" class=3D"dd" align=3D"left" valign=3D"top" style=3D"pa=
dding:0px 15px;text-align:left;"><h2><b>The Best Locations for Software VC<=
/b></h2></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px =
15px;text-align:left;word-break:break-word;"><p> The top ten cities for sof=
tware venture capital firm headquarters are San Francisco, NYC, Beijing, Sh=
enzhen, London, Boston, D.C., Austin, Shanghai, and Hong Kong. Let=E2=80=99=
s see how this breaks down in terms of percentages. </p></td></tr><tr><td a=
lign=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D=
"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" sty=
le=3D"width:409px;"><img src=3D"https://lh7-us.googleusercontent.com/ygdQAJ=
UW0MsFe_7XFQ-OdvRSi6Jqw4B04JFie97sfUWhXSW8mVv6g14FthmOCuFlGKv08ko9G4wmjpZp8=
-JaFo-ehhBRfuyeMRJqEvbCOw7s5jxq8bG0cb04fry7bWoysoJMS-kQNzg-17AAGbSiTPU" alt=
=3D"" height=3D"auto" width=3D"409" style=3D"display:block;width:100%;borde=
r-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;bo=
x-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td =
align=3D"center" valign=3D"top" class=3D"t" style=3D"width:409px;"><p><a cl=
ass=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgT=
RpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgV=
Ncnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_=
rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_SeHay=
A5ZUn6pwAwNDWxKjsXrC2VIk0hSSv4vQOWdYORw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h161/h00=
1.dCT25UGNC1GWqVVH-CqFP85k75dceue3asoiZjqzc0U" target=3D"_blank" rel=3D"noo=
pener noreferrer nofollow"><span>Top 250 SaaS VC Firms - By City</span></a>=
</p></td></tr></table></td></tr><tr><td class=3D"dd" align=3D"left" style=
=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> Just five =
cities (SF, NYC, Beijing, Shenzhen, London) represent 80% of the world=E2=
=80=99s VC firm headquarters. Considering there are 512 cities in the world=
 with over 1 million residents, it=E2=80=99s extraordinary that the four fi=
fths of venture capital (based on VC fund headquarters) are the above five =
megacities.=C2=A0 </p></td></tr><tr><td align=3D"center" valign=3D"top" sty=
le=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"none" border=
=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 auto;">=
<tr><td align=3D"center" valign=3D"top" style=3D"width:630px;"><img src=3D"=
https://lh7-us.googleusercontent.com/8K_pTkQsuBF7kVNb3-G60iq_kfsJWgJ2La-aTQ=
vDNDUF6ixQE21WJ2PgqgrteAOnlw_wdE6IUaIgkWr4lx0kP_vQuZSmEUp8p2U6MKCLQERcwRr20=
1_J14gVi4ph2qzsBdGaTfWzOo9Ay2kUkYZ3um0" alt=3D"" height=3D"auto" width=3D"6=
30" style=3D"display:block;width:100%;border-radius:0px 0px 0px 0px;border-=
style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color=
:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"center" valign=3D"top" =
class=3D"t" style=3D"width:630px;"><p><a class=3D"link" href=3D"https://lin=
k.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUo=
vQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0W=
xzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-r=
oO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_SeHayA5ZUn6pwAwNDWxKjsXrC2VIk0hSSv4vQ=
OWdYORw/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h162/h001.WBK6nMV-C42abOOKZzpIkVmexvkDNZ=
hkIN0JPacd0HQ" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span=
>Top 250 SaaS VC Firms - By City</span></a></p></td></tr></table></td></tr>=
<tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:le=
ft;word-break:break-word;"><p> By country, the United States and China are =
running away with the top 2 spots for the VC Firm HQ locations, with no oth=
er country even close. It=E2=80=99s no surprise these two countries have th=
e two highest GDPs in the world.=C2=A0 </p></td></tr><tr><td align=3D"cente=
r" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><table r=
ole=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"marg=
in:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" style=3D"width:4=
41px;"><img src=3D"https://lh7-us.googleusercontent.com/-6XnvrcNZ9wG7--9BH3=
TjQINdeLMZoakVfuzaiGGMERbFZed5ty36rka0WqjnWC4TytfTYA1KcDXPtRZgUDkVV-t8eA2hX=
qoD5d5DQUVgtKwSYMkALeQDg3IakhaHsw8gf246D9gMWpMxgq5bXhIrAw" alt=3D"" height=
=3D"auto" width=3D"441" style=3D"display:block;width:100%;border-radius:0px=
 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:bor=
der-box;border-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"cen=
ter" valign=3D"top" class=3D"t" style=3D"width:441px;"><p><a class=3D"link"=
 href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34Cj=
WryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_X=
cE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb=
_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_RCvpb4eyxkaPO7V4N=
Vj_tIWnI9pL3EzkKQg59FRoB3FA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h163/h001.9HFCU4too8=
fS8y0GtfZFghy9EaYsrVG5F9ValTq2HgY" target=3D"_blank" rel=3D"noopener norefe=
rrer nofollow"><span>Top 250 SaaS VC Firms - By Country</span></a></p></td>=
</tr></table></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding=
:0px 15px;text-align:left;word-break:break-word;"><p> What is the secret sa=
uce that makes the USA and China world economic leaders? Well, these two co=
untries being the source of 90% of the world=E2=80=99s software venture cap=
ital is a powerful sign that there will be continued world changing innovat=
ion for many years to come. </p></td></tr><tr><td align=3D"center" valign=
=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"no=
ne" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto=
 0 auto;"><tr><td align=3D"center" valign=3D"top" style=3D"width:630px;"><i=
mg src=3D"https://lh7-us.googleusercontent.com/KrSJAfxlRLy7pVd3c3_SYRqdkme6=
339iZynYyAah8bCeaF5XtEj74_5togI2g3vYnj6sCJOPO3O5YlroVJORjko-PhPXVO72tSjtZum=
FjWGxgI1fOoe0ZdLUEqXzbNZMvyHUO2vlzw9IvWVdDDVgScQ" alt=3D"" height=3D"auto" =
width=3D"630" style=3D"display:block;width:100%;border-radius:0px 0px 0px 0=
px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;bo=
rder-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"center" valig=
n=3D"top" class=3D"t" style=3D"width:630px;"><p><a class=3D"link" href=3D"h=
ttps://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztg=
LyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAd=
Is2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD=
07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_RCvpb4eyxkaPO7V4NVj_tIWnI9p=
L3EzkKQg59FRoB3FA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h164/h001.nxfM4up1ZJCOjHiBL4EE=
kr24VhmBH1Ejz5ORLgD35jA" target=3D"_blank" rel=3D"noopener noreferrer nofol=
low"><span>Top 250 SaaS VC Firms - By Country</span></a></p></td></tr></tab=
le></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;=
text-align:left;word-break:break-word;"><p> Which global region is winning?=
 Well among the top 250 software VC firms globally, the AUM by region was: =
</p></td></tr><tr><td align=3D"center" valign=3D"top" style=3D"padding: 20p=
x 15px 20px; " class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"c=
enter" valign=3D"top" style=3D"width:535px;"><img src=3D"https://lh7-us.goo=
gleusercontent.com/1ML2VlObR5xykbBUoUYPH3HttBg3aIuyIpNGJEHEe1aAnuaQDMMBuSyw=
EeuBdgBaKMPyCaawz8yEkW5bm3Q1loRi5BlgI6RfYNF3DCC_xPrus_BnEmqWff8HKp8AeKN6pdm=
cL43kTKy6J9_Bleqqu6o" alt=3D"" height=3D"auto" width=3D"535" style=3D"displ=
ay:block;width:100%;border-radius:0px 0px 0px 0px;border-style:solid;border=
-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" border=
=3D"0"/></td></tr><tr><td align=3D"center" valign=3D"top" class=3D"t" style=
=3D"width:535px;"><p><a class=3D"link" href=3D"https://link.mail.beehiiv.co=
m/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V=
6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77greh=
GEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_K=
QGmdkAgveyCiFoIHYh9d_Qowl47DKcb-NTip6Fe5V6EBeC1vPwFlkHCbNk6jR-fZQ/45p/Ytp7x=
rZCT-aIP5ILjqPJpQ/h165/h001.HOHyqWaAowf0WQrlBy_XfYJtShSG-t8645s7AxouYcU" ta=
rget=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>Top 250 SaaS VC =
Firms - By Continent</span></a></p></td></tr></table></td></tr><tr><td clas=
s=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-brea=
k:break-word;"><p> As noted, my research reviewed the top 250 software VC f=
irms by investment count, which required firms to have made at least 176 so=
ftware investments to qualify for this year=E2=80=99s rankings, so there=E2=
=80=99s more capital in Europe, Middle East, South America, Oceania, and Af=
rica within firms that have made 175 or fewer software investments that is =
not fully counted here. </p></td></tr><tr><td class=3D"dd" align=3D"left" s=
tyle=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> That s=
aid, among the top 250 software VC firms by investment count, North America=
 and Asia represent 90% of the world=E2=80=99s software venture capital =E2=
=80=93 an extraordinary figure. The story of the 21st century truly is the =
rise of Asia =E2=80=93 and the West=E2=80=99s effort to keep ahead in innov=
ation and economic might. </p></td></tr><tr><td align=3D"center" valign=3D"=
top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"none" =
border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 a=
uto;"><tr><td align=3D"center" valign=3D"top" style=3D"width:630px;"><img s=
rc=3D"https://lh7-us.googleusercontent.com/P7tNaoqnTB22r3jx1U4hBVbe-V7FHxkU=
WmkIbJOHkICydmXU-EoyM6jWI6Ue1GyAA7PLySc4EeFE1fjQ2jEhIncpjWOtN6F95G-ltJJneBo=
MCknWiBUprDWw3jAlUsdN_ZYWdFdgQV9u--iaVgG_x0E" alt=3D"" height=3D"auto" widt=
h=3D"630" style=3D"display:block;width:100%;border-radius:0px 0px 0px 0px;b=
order-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border=
-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"center" valign=3D=
"top" class=3D"t" style=3D"width:630px;"><p><a class=3D"link" href=3D"https=
://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVR=
ajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2C=
f8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fR=
AHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Qowl47DKcb-NTip6Fe5V6EBeC1vPwFl=
kHCbNk6jR-fZQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h166/h001.w77xusIVd0jQZVH9pZyFkSPm=
keamIXXq7rgXtEXRV5c" target=3D"_blank" rel=3D"noopener noreferrer nofollow"=
><span>Top 250 SaaS VC Firms - By Continent</span></a></p></td></tr></table=
></td></tr><tr><td id=3D"the-top-north-american-software-v-c" class=3D"dd" =
align=3D"left" valign=3D"top" style=3D"padding:0px 15px;text-align:left;"><=
h2><b>The Top North American Software VCs</b></h2></td></tr><tr><td class=
=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-break=
:break-word;"><p> Here are the top 20 SaaS VCs for North America by investm=
ent count. 500 Global is leading the way, with 3,102 software investments s=
o far. </p></td></tr><tr><td align=3D"center" valign=3D"top" style=3D"paddi=
ng: 20px 15px 20px; " class=3D"dd"><table role=3D"none" border=3D"0" cellsp=
acing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=
=3D"center" valign=3D"top" style=3D"width:630px;"><img src=3D"https://lh7-u=
s.googleusercontent.com/aA9n-VBfW1z8VDZOED6mWprU6IEdH4OKZIGP_SJ-A3Lc-e95MvT=
9wa3-1Sh-zDxLQDejNuNz7ntK2HDAJQ6dICksOc-0U5XBZvuLXcdNelBm63ujLfB-dyJfi-xXmz=
pF4ezuhy83sb-Y737V9aCiLPU" alt=3D"" height=3D"auto" width=3D"630" style=3D"=
display:block;width:100%;border-radius:0px 0px 0px 0px;border-style:solid;b=
order-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" bo=
rder=3D"0"/></td></tr><tr><td align=3D"center" valign=3D"top" class=3D"t" s=
tyle=3D"width:630px;"><p><a class=3D"link" href=3D"https://link.mail.beehii=
v.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFj=
Qb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77=
grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-T=
TA_KQGmdkAgveyCiFoIHYh9d_QoIA1LRuGMKI151Rq8NDyL9ZjrELN_UK6JR_MBj4O6Xg/45p/Y=
tp7xrZCT-aIP5ILjqPJpQ/h167/h001.JT3DQaPvMf14T9GwQ5fkRWn-c0uHuyB8RsysEWOdu9U=
" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>Top 50 SaaS =
VC Firms - North America</span></a></p></td></tr></table></td></tr><tr><td =
align=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=
=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"=
0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" =
style=3D"width:630px;"><img src=3D"https://lh7-us.googleusercontent.com/dnV=
8-bUzYqXMJdqQ9uAcUdnyebOHBTb1f3ooXESQjhw8jTNfhfGxFwYm7LjSMiLBjLkS6naqkHJedV=
E0_-u6PN_DPoAHSdBA-z9_6hrkVCCDsjEDuAGT19miDVYb_Dxongbmnr08n9ebvlIgdvFPKqQ" =
alt=3D"" height=3D"auto" width=3D"630" style=3D"display:block;width:100%;bo=
rder-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px=
;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></td></tr></tab=
le></td></tr><tr><td id=3D"the-top-asian-software-v-cs" class=3D"dd" align=
=3D"left" valign=3D"top" style=3D"padding:0px 15px;text-align:left;"><h2><b=
>The Top Asian Software VCs</b></h2></td></tr><tr><td class=3D"dd" align=3D=
"left" style=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p=
> Here are the top 20 SaaS VCs for Asia by investment count. Antler is lead=
ing the way with 890 software investments so far. </p></td></tr><tr><td ali=
gn=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"d=
d"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" st=
yle=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" style=
=3D"width:630px;"><img src=3D"https://lh7-us.googleusercontent.com/F3-s5V6W=
l6U2AmdmWHkeF1OMRJriBiBhlDKvk7QJMBZZNxMf3Cx7aUG1xSPP6Gq4jNVXbhBLgJJv0kCZbLU=
DI8G-m7txeqRBib8lEYGbjAA9YlCSkLfufwH0NorWlKYTyHmBitmR5dqL3pVCAR_3ZXc" alt=
=3D"" height=3D"auto" width=3D"630" style=3D"display:block;width:100%;borde=
r-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;bo=
x-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td =
align=3D"center" valign=3D"top" class=3D"t" style=3D"width:630px;"><p><a cl=
ass=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgT=
RpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgV=
Ncnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_=
rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_QoIA1=
LRuGMKI151Rq8NDyLe9m6CBfkUlKU6zRm5USNLg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h168/h00=
1.LHK4Qj_OfTji9AWqY3gwswGzMyhKpahMVNssHbo0w_A" target=3D"_blank" rel=3D"noo=
pener noreferrer nofollow"><span>Top 50 SaaS VC Firms - Asia</span></a></p>=
</td></tr></table></td></tr><tr><td align=3D"center" valign=3D"top" style=
=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"none" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 auto;"><tr>=
<td align=3D"center" valign=3D"top" style=3D"width:630px;"><img src=3D"http=
s://lh7-us.googleusercontent.com/xTtr56IeQGSaJQW86k1V9AFY5R09D_JnU9nDRliHVx=
hGZavd8XJQ81sgEyIDdW4KcpQV1I5D6HISaBGlsP3Utsp5qNySTXM7jQgNJ43uXcb_h-7DLry3E=
pZO1NkGmThttw5aumMWyKhmn--iMBmtV2E" alt=3D"" height=3D"auto" width=3D"630" =
style=3D"display:block;width:100%;border-radius:0px 0px 0px 0px;border-styl=
e:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5=
E7EB;" border=3D"0"/></td></tr></table></td></tr><tr><td id=3D"the-top-euro=
pean-software-v-cs" class=3D"dd" align=3D"left" valign=3D"top" style=3D"pad=
ding:0px 15px;text-align:left;"><h2><b>The Top European Software VCs</b></h=
2></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;t=
ext-align:left;word-break:break-word;"><p> Here are the top 20 SaaS VCs for=
 Europe by investment count. Enterprise Ireland is leading the way with 150=
9 software investments so far. </p></td></tr><tr><td align=3D"center" valig=
n=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"n=
one" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 aut=
o 0 auto;"><tr><td align=3D"center" valign=3D"top" style=3D"width:630px;"><=
img src=3D"https://lh7-us.googleusercontent.com/5eWRgvr7_7O4rJmhnMMneEZQMUg=
dond1-RpdfdR4w1Nh82zNVh0O-0izAXTM90gwNy2DGq66kwSr8OTfiZrsVY8q_JllzXeIOmWxJB=
6gsyxEtUCL3vq1koHishr7njJRDssQYeEPJyH0yOvyiyqsyvQ" alt=3D"" height=3D"auto"=
 width=3D"630" style=3D"display:block;width:100%;border-radius:0px 0px 0px =
0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;b=
order-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"center" vali=
gn=3D"top" class=3D"t" style=3D"width:630px;"><p><a class=3D"link" href=3D"=
https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fzt=
gLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOA=
dIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwc=
D07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiE-CVs=
A-rrq-ml3DNYlw-RlA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h169/h001.eHJk6l6S3h8rBA0E7c_=
0LhVwFUhvFQEZWPg3QHC0BKM" target=3D"_blank" rel=3D"noopener noreferrer nofo=
llow"><span>Top 50 SaaS VC Firms - Europe</span></a></p></td></tr></table><=
/td></tr><tr><td align=3D"center" valign=3D"top" style=3D"padding: 20px 15p=
x 20px; " class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" =
valign=3D"top" style=3D"width:630px;"><img src=3D"https://lh7-us.googleuser=
content.com/2DvQafFTSxXXigbACVmmbl_5iTK_neviAAKhDDbgbTz7Qq1RG_nOfJ28Qa3xSna=
HnDEEEMjIf6exT94wr_sz1ng4NlSO-Z45gpCZwUJ8-BvoACBSwHk0kCLQmzBCittPE4SZZTEIHw=
b7MUAeTf1-LaQ" alt=3D"" height=3D"auto" width=3D"630" style=3D"display:bloc=
k;width:100%;border-radius:0px 0px 0px 0px;border-style:solid;border-width:=
0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/>=
</td></tr></table></td></tr><tr><td id=3D"saa-s-revenue-multiples-remain-st=
ro" class=3D"dd" align=3D"left" valign=3D"top" style=3D"padding:0px 15px;te=
xt-align:left;"><h2><b>SaaS Revenue Multiples Remain Strong</b></h2></td></=
tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align=
:left;word-break:break-word;"><p> Because of the compelling business model =
of SaaS (recurring revenue annuity streams), SaaS firms command a higher re=
venue multiple than most industries. </p></td></tr><tr><td class=3D"dd" ali=
gn=3D"left" style=3D"padding:0px 15px;text-align:left;word-break:break-word=
;"><p> Considering that a venture-backable SaaS company is likely growing r=
evenues at between 50%-200% per year, it=E2=80=99s no surprise that revenue=
 multiples for venture-backed SaaS firms are higher than the average compan=
y.=C2=A0 </p></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding=
:0px 15px;text-align:left;word-break:break-word;"><p> In 2023, we saw media=
n venture investment revenue multiples in the 8-12x range, with a median de=
al at 10.89x. It=E2=80=99s important to keep in mind, this is for the most =
successful SaaS companies that are venture backable. Most SaaS firms that a=
ren=E2=80=99t growing as quickly will trade at more like 2x-5x ARR. </p></t=
d></tr><tr><td align=3D"center" valign=3D"top" style=3D"padding: 20px 15px =
20px; " class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" ce=
llpadding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" va=
lign=3D"top" style=3D"width:630px;"><img src=3D"https://lh7-us.googleuserco=
ntent.com/eaCFlZjlyFbMpjSDCdEYM_Vg5dNtBXWe9LOj3toE91V07xa9s0pvAV1gCTNvbBbI3=
mDihaJ6MAaJgG2lPl93sHcTOsRE7az0QXEU9Upsfeaynif5TqkFS_ItM7R0tiVmBFbKNzxp3Wbj=
xcPcar9qPuo" alt=3D"" height=3D"auto" width=3D"630" style=3D"display:block;=
width:100%;border-radius:0px 0px 0px 0px;border-style:solid;border-width:0p=
x 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></=
td></tr><tr><td align=3D"center" valign=3D"top" class=3D"t" style=3D"width:=
630px;"><p><a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u00=
1.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2t=
oUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0=
tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgvey=
CiFoIHYh9d_RCvpb4eyxkaPO7V4NVj_tI0iu3ZU-tEg18B11Dty3FYQ/45p/Ytp7xrZCT-aIP5I=
LjqPJpQ/h170/h001.Fz0OW9a3MJWkZ2R68flnjcMbE2p455k6Np_tBzvZOe0" target=3D"_b=
lank" rel=3D"noopener noreferrer nofollow"><span>SaaS Revenue Multiples</sp=
an></a></p></td></tr></table></td></tr><tr><td class=3D"dd" align=3D"left" =
style=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> Below=
, let=E2=80=99s look at this in chart form. It=E2=80=99s clear that revenue=
 multiples peaked in 2021/2022 and then came back to Earth in 2023. Yet, th=
ey still remain high compared to a decade ago =E2=80=93 and much higher tha=
n nearly any other industry. </p></td></tr><tr><td align=3D"center" valign=
=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"no=
ne" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto=
 0 auto;"><tr><td align=3D"center" valign=3D"top" style=3D"width:630px;"><i=
mg src=3D"https://lh7-us.googleusercontent.com/g5cPbKPFzxYdF70GHCsNSghynFs6=
Lrq4wnpC1kEMHjIhACZgru8YDTLjKqESEABbZghsYiYfN4O7mdQDUgyi5S31EYaaiYj_53oBdwI=
XW7Uwg_susLV3ktMax_Qk3PxsbBMJTmXu9MEkZ9e4CPA326g" alt=3D"" height=3D"auto" =
width=3D"630" style=3D"display:block;width:100%;border-radius:0px 0px 0px 0=
px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;bo=
rder-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"center" valig=
n=3D"top" class=3D"t" style=3D"width:630px;"><p><a class=3D"link" href=3D"h=
ttps://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztg=
LyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAd=
Is2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD=
07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_RCvpb4eyxkaPO7V4NVj_tI0iu3Z=
U-tEg18B11Dty3FYQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h171/h001.1m0hSes8oMFX9_ggbljJ=
1ZnjAzKaTvw6jzePvypqU0g" target=3D"_blank" rel=3D"noopener noreferrer nofol=
low"><span>SaaS Revenue Multiples</span></a></p></td></tr></table></td></tr=
><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:l=
eft;word-break:break-word;"><p> Even though average SaaS revenue multiples =
have come down since 2021/2022, they still remain much higher than a decade=
 ago =E2=80=93 as the investment community has realized the staying power o=
f recurring cloud revenue.=C2=A0 </p></td></tr><tr><td class=3D"dd" align=
=3D"left" style=3D"padding:0px 15px;text-align:left;word-break:break-word;"=
><p> According to <a class=3D"link" href=3D"https://link.mail.beehiiv.com/s=
s/c/u001.v1kDgiS7fjsJ-7uH69UmlsCm_x5-uvqRZbONYBlc9mx19hN6ZKEj2dEd2RjY6YEQ2h=
z-X1orcoHb_DubYjp7Ag4If936-SxtFY7d8hWX18T4UX3ZabeFH_tgTXMQeiaVD929LQc_7pvAc=
2ZZQarmTKtt3hnliPUB0oRE_2gLiMI/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h172/h001.lqiesh6=
5VE_gF5JoYE7sK2HhXesxX_X9d6e7sG_c8sY" target=3D"_blank" rel=3D"noopener nor=
eferrer nofollow"><span>Bessemer Venture Partners Cloud Index</span></a>, t=
he median revenue multiple of a publicly traded SaaS company is <b>5.98x</b=
>, down from a peak of 18.43x in September 2021. It makes sense that these =
multiples would be lower in public companies, as the firms in their index a=
re larger and and thus don=E2=80=99t grow as quickly. The average publicly =
traded firm in the BVP Cloud Index is growing at 20.5% annually. </p></td><=
/tr><tr><td align=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20p=
x; " class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valig=
n=3D"top" style=3D"width:630px;"><img src=3D"https://lh7-us.googleuserconte=
nt.com/cKUKfE3RrBoumiYyYT6HywtGwyia35evQjdTp0xZmgAATfDSnguNhYrPjv_C20EgqJ35=
oFzITvfwCUesq67IfELh5BsBmgMceIL6NMYgunDfaowuF9UwDAoRLod2fSiQMpLs3wCks21VCe1=
JX4w8Wqc" alt=3D"" height=3D"auto" width=3D"630" style=3D"display:block;wid=
th:100%;border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0=
px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></td>=
</tr></table></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding=
:0px 15px;text-align:left;word-break:break-word;"><p> We see similar data i=
n the <a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.UXw=
WVAixgZ-oyJn_0myWAXwO84Lqsm7t6tVTlTMRWz-SKaVZCSH1Y2L5qrQnc54jk9nn9OMsrho0R_=
fxpgKucElbd0EM0JrKiDb1yCFckLaXXU6COp2X-M44CGxTML1AZk5RCjbSxYTE2ff1ZzYsUD2mN=
8v83mDnXwKF5oLXqY15ywDbBEPVMakbpjYq--ul/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h173/h00=
1.AlSHGXdau1FG9oPFXOav6FtrnhEWs6hIjs-nmx_fHE8" target=3D"_blank" rel=3D"noo=
pener noreferrer nofollow"><span>SEG SaaS Index</span></a>, which is showin=
g an average public company SaaS revenue multiple of 6.2x. </p></td></tr><t=
r><td id=3D"what-revenue-multiple-to-expect-for" class=3D"dd" align=3D"left=
" valign=3D"top" style=3D"padding:0px 15px;text-align:left;"><h2><b>What Re=
venue Multiple to Expect For Your SaaS Firm</b></h2></td></tr><tr><td class=
=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-break=
:break-word;"><p> What revenue multiple can you expect for your SaaS firm i=
n a venture round or at an exit? Well, it depends on how fast you=E2=80=99r=
e growing. Here=E2=80=99s a handy chart designed to give you some rules of =
thumb. </p></td></tr><tr><td align=3D"center" valign=3D"top" style=3D"paddi=
ng: 20px 15px 20px; " class=3D"dd"><table role=3D"none" border=3D"0" cellsp=
acing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=
=3D"center" valign=3D"top" style=3D"width:630px;"><img src=3D"https://lh7-u=
s.googleusercontent.com/fTifmGJNh0RTsr2Op8LNCQuCe1hYFgdVHDr-hkc5wVdyDt318x7=
65Mab2xT0HA1OQXV7ULUd0ProRXf2abF2G7Yif5mnXCBLmNXAkMUBp6ka6fspN-MzIFm0uc9X-z=
fEXkjEDZrKZL_IIGjWIRJ167Y" alt=3D"" height=3D"auto" width=3D"630" style=3D"=
display:block;width:100%;border-radius:0px 0px 0px 0px;border-style:solid;b=
order-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" bo=
rder=3D"0"/></td></tr><tr><td align=3D"center" valign=3D"top" class=3D"t" s=
tyle=3D"width:630px;"><p><a class=3D"link" href=3D"https://link.mail.beehii=
v.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFj=
Qb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77=
grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-T=
TA_KQGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiEO8ln7SvfaInnWwN1x9VM2A/45p/Y=
tp7xrZCT-aIP5ILjqPJpQ/h174/h001.CYcTMJMWlus5zlcdOIV-1E91__4OWTbzEnoqqmNksTQ=
" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>SaaS Revenue=
 Multiples</span></a><a class=3D"link" href=3D"https://link.mail.beehiiv.co=
m/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajUnUovQAtlRJSBGhFjQb-V=
6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1HVdbOAdIs2Cf8Eq0WxzCyo2qy_vn77greh=
GEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7Ps_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_K=
QGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRiEO8ln7SvfaInnWwN1x9VM2A/45p/Ytp7x=
rZCT-aIP5ILjqPJpQ/h175/h001.Gmzg4xrdMjflYT6YHV9KHnueaylVqUKL3IUGTV2hmv4" ta=
rget=3D"_blank" rel=3D"noopener noreferrer nofollow"><span> by Growth Rate<=
/span></a></p></td></tr></table></td></tr><tr><td class=3D"dd" align=3D"lef=
t" style=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> Ac=
tual multiples achieved will vary of course based on gross margin, churn ra=
tes, industry subsector, EBITDA levels, and venture deal competition.=C2=A0=
 </p></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15p=
x;text-align:left;word-break:break-word;"><p> Check out the <a class=3D"lin=
k" href=3D"https://link.mail.beehiiv.com/ss/c/u001.5LVZgu6haJjMb5mfcCcNJoOn=
3IZhpl4mOXLfdlTW5F2JenLVD4Ut-fPs7YhmMNxpmuigUreHAlAdy61N-rhOTC99El70QR-wNeG=
uYxE3d6ns6wli2GdnxuCtbZRcJUK_M11amYa26EKd4d4_vcgjTeXRfoLX0x72g0zJDv0OODgnlD=
jCM4PyeQU2Psp86tzyoJ6pL8DdsDKv0R73iTQInJ-SP-AaNMv8o_sOMDqoMjDNUY1OkeOYJ5GqJ=
fnHmVgKqn5PbLv5XvU2EIwUooh950Vo0L4sy36IfDAtuTP3rdrO2o-onSyrp6fig0x8eydQYrKE=
DaAf4xvY-VVetmmxpAJQ__wPzTaNsrV-88ib4iz-_gn9ShAsxGVRHhYzf7Rx7bdIf_rctlA8NOt=
vnNk5yNT2QboOOCdgVg32NxxhMnJh_8pHU0cLZX3TcIKBwU1DbD_OesAvm7pFJFUNTGZ_qF6e0Y=
anFrfpSbY3YcPOQlnkj0ZGZzQ_guRyCzOafDdHX4G2YVMtaKIcIf8sNvsRLW2aZl3jMJx8gBnte=
KclUn6xHdF7VfhmemSW-ybgHtkzwdicwZJs8b6kJK965cNUi6Ux88LxIeyYxhkkQc2weqFKkWII=
q6SVMXW2PNRSL8qYohcvMRMbJOqzypR0QZrLjqymrlq3wubA_vuWvqM70nbrDlwTOw-xJB8QwT6=
xf0Q0H1VG1XtUcHZ0SZYMPsoK2Yxsd2MQbN5r_3Xwmd_CxLWkt9y3Eg6wkFJotstjCN-zD3WiX8=
3XhEsnoMJG7hNJKlkVMwprI8HUgI85gWpCj5E/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h176/h001.=
HOxLi1zuhWPNUQb_ixpfJbY6iEWhBT8B0n6ih2LHICw" target=3D"_blank" rel=3D"noope=
ner noreferrer nofollow"><span>free SEG SaaS Valuation Scorecard</span></a>=
 for the 20 Factors that go into estimating a firm=E2=80=99s valuation.=C2=
=A0 </p></td></tr><tr><td id=3D"saa-s-ebitda-multiples-remain-very-" class=
=3D"dd" align=3D"left" valign=3D"top" style=3D"padding:0px 15px;text-align:=
left;"><h2><b>SaaS EBITDA Multiples Remain Very Strong</b></h2></td></tr><t=
r><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left=
;word-break:break-word;"><p> What EBITDA multiples can you expect for your =
firm, once you reach profitability?=C2=A0 </p></td></tr><tr><td class=3D"dd=
" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-break:break=
-word;"><p> Across a sample size of 144 SaaS M&A deals tracked by Aventis A=
dvisors, the median 2023 EBITDA multiple was 22.4x. </p></td></tr><tr><td a=
lign=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D=
"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" =
style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" sty=
le=3D"width:630px;"><img src=3D"https://lh7-us.googleusercontent.com/ljk5F_=
xTkE38rMxedfuy5Wq1DH55_s5ShKs-TS2uXIM35YLNHPYGuxnKg59LCjE6AoH3k7nMMy7MFuiKo=
FFU8TpzMDpFz1HO_wALPel0sUMSa6OZZML1l_TE6EdP-6wJ66j2MTiMO5Tz2PzOe2hokAg" alt=
=3D"" height=3D"auto" width=3D"630" style=3D"display:block;width:100%;borde=
r-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;bo=
x-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></td></tr></table>=
</td></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;tex=
t-align:left;word-break:break-word;"><p> Breaking this down <a class=3D"lin=
k" href=3D"https://link.mail.beehiiv.com/ss/c/u001.yTcVxWPge-vXw2OCR1lxgv1e=
Vit9JJeoJimAkEDtnslOrUjWczy2uKPfPJE7-JUhryGttlAc2hRcUUejCnIbTKleYITajX0R1fe=
1atxJaNJansJ8mv6MfnovRpmkrogvXcZ70YaG4TdAETxyV5JBi50Pg2ia8EGYQhAEBPYwqQ808j=
4D2mpea-aWMjwp8LiE7RFUkFiVSlenMP1ilLg2_7k6M8TyrqV1VCE33mxKCFb37ercIri7rsoLd=
J0s4_9scjKZUAVkDvMAGBmRGdWVfQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h177/h001.FK5yrr4H=
W9nyUTAjiKaztmmU86CPo-NOUFMqlVSGCQ4" target=3D"_blank" rel=3D"noopener nore=
ferrer nofollow"><span>by country</span></a>, US-based SaaS companies saw a=
 median EBITDA multiple of 31.7x in 2023. </p></td></tr><tr><td align=3D"ce=
nter" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><tabl=
e role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"m=
argin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" style=3D"widt=
h:630px;"><img src=3D"https://lh7-us.googleusercontent.com/v0KGU8a6puZsqG4e=
B4NLGL0iMH8Tg6M9ort9baKiTz6ka6bQertyMgoAIkXU4ddlxN3nsJE5-Nm_z0V1ldsokyuPhDp=
g9ngClf4znMRoPunjUxAGqr9X0H4g_wQFsuuVy_nlIcW6tzYKoiK1_1Racpc" alt=3D"" heig=
ht=3D"auto" width=3D"630" style=3D"display:block;width:100%;border-radius:0=
px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:b=
order-box;border-color:#E5E7EB;" border=3D"0"/></td></tr></table></td></tr>=
<tr><td id=3D"saa-s-ma-levels-remain-near-record-" class=3D"dd" align=3D"le=
ft" valign=3D"top" style=3D"padding:0px 15px;text-align:left;"><h2><b>SaaS =
M&A Levels Remain Near Record Highs</b></h2></td></tr><tr><td class=3D"dd" =
align=3D"left" style=3D"padding:0px 15px;text-align:left;word-break:break-w=
ord;"><p> We=E2=80=99ll end this report with this positive note. While SaaS=
 valuations may have peaked in 2021/2022, SaaS M&A activity in 2023 was the=
 2nd highest ever, and materially higher than 2020 or 2021. We firmly belie=
ve that SaaS is here to stay. Here=E2=80=99s the SaaS M&A Deal chart, using=
 <a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.UXwWVAix=
gZ-oyJn_0myWAXwO84Lqsm7t6tVTlTMRWz-euJTpXyUM4R05Eaub1CmzWIdxZ0qObRU1XjAXUJI=
y5yLZ-CaWm_S1BSonSuBGpeb-GJo3FiRfVS2WxQyRnKo9aCpXP9-mg34dIoq9SqtZO1MZ8XwKKc=
dbHRBGucxD82JChC9jjxSnRo1b-UbYHm8XwRrFwyP8QdfcED6S1FMONg/45p/Ytp7xrZCT-aIP5=
ILjqPJpQ/h178/h001.imckDkPo63Qz3RrlPq1rQO-vgUivD4L2K7kdBiiSFGI" target=3D"_=
blank" rel=3D"noopener noreferrer nofollow"><span>data from our friends at =
Software Equity Group</span></a>. </p></td></tr><tr><td align=3D"center" va=
lign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=
=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:=
0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" style=3D"width:630p=
x;"><img src=3D"https://lh7-us.googleusercontent.com/ViOoPRy-P66Bd7VBm0CIvv=
cB7C22Tve8rQMG6c4bg02-_LS3hwTYTB0us0e0zRwb8oau6qZmQHZ7Yo1kUxvhM4sEWM_zeL6HH=
CmZuRiC4gyX-Ifl3jBfxS2nqN2sBBk1ZT7OVW1PSjOEnYgqqazDH9E" alt=3D"" height=3D"=
auto" width=3D"630" style=3D"display:block;width:100%;border-radius:0px 0px=
 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-=
box;border-color:#E5E7EB;" border=3D"0"/></td></tr><tr><td align=3D"center"=
 valign=3D"top" class=3D"t" style=3D"width:630px;"><p><a class=3D"link" hre=
f=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryE=
S5fztgLyVRajUnUovQAtlRJSBGhFjQb-V6wW3QO1l2toUM1m3FxgL_UcAgVNcnb8MJ-kJ_XcE1H=
VdbOAdIs2Cf8Eq0WxzCyo2qy_vn77grehGEVn0yrja0tjoDO1dxpCsCSIs_rAyyVBd6_vrb_C7P=
s_jwcD07fRAHUx-roO2cpcsl6Cf-TTA_KQGmdkAgveyCiFoIHYh9d_Tj1xv-7h5zLo0BC8wTeRi=
E6bXcIGEybHSYs93StDOvew/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h179/h001.U7MwZk7eXY-mU5=
EYHCs5CKJZt3zoIg0YeBTTRjLQMrE" target=3D"_blank" rel=3D"noopener noreferrer=
 nofollow"><span>SaaS M&A Deals By Year</span></a></p></td></tr></table></t=
d></tr><tr><td id=3D"join-our-community-of-saa-s-ce-os-f" class=3D"dd" alig=
n=3D"left" valign=3D"top" style=3D"padding:0px 15px;text-align:left;"><h2><=
b>Join Our Community of SaaS CEOs & Founders</b></h2></td></tr><tr><td clas=
s=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-brea=
k:break-word;"><p> Thanks for reading the SaaS VC Report 2024. We hope this=
 article has been helpful to you. Please take a moment to learn more about =
<a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.UXwWVAixg=
Z-oyJn_0myWAb-AJ0Mu__w4425SAq3JxfAdg2rLip74na7V4zcI1CkkJWIfWT5aFX5_Fx7fXo8e=
jlCd6r85AumOZ-XJue940kXm-L8lf7EofgroUvKFoINNACa-Kji0TL3vr11YyKBc_L12nV-wl4P=
yhp6rlKtnX7Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h180/h001._jpEOqCxuTysi8gyk0yhR9eVe=
mURHK4LJCle5hvMisw" target=3D"_blank" rel=3D"noopener noreferrer nofollow">=
<span>SaasRise</span></a>, our community for SaaS CEOs and Founders. We wel=
come all CEOs and Founders with $1M-$100M in ARR to join us. You can <a cla=
ss=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D=
-7I1gfZhEIMvX8vXWZQqHB6MecCmldFEGWIfXbiB7IEQRFnIsha5rIFETtHnh3LUBfe3DycIVyD=
bQGcAs6hfCDHmwVG7XXrcX8IQwdICfm8dsC_VPdABLLLhyngLFqQiyzfmAc60mQEeBNlFTkmFQy=
a1pucE/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h181/h001.cxPuxdBgyqpjpu8MYUCYD_-pHuGUxfq=
7edvsSi1TpLI" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><span>=
apply here</span></a>. </p></td></tr><tr><td class=3D"dd" align=3D"left" st=
yle=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> If you =
enjoyed this article, <a class=3D"link" href=3D"https://link.mail.beehiiv.c=
om/ss/c/u001.UXwWVAixgZ-oyJn_0myWAb-AJ0Mu__w4425SAq3JxfAdg2rLip74na7V4zcI1C=
kkJWIfWT5aFX5_Fx7fXo8ejlCd6r85AumOZ-XJue940kXm-L8lf7EofgroUvKFoINNACa-Kji0T=
L3vr11YyKBc_L12nV-wl4Pyhp6rlKtnX7Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h182/h001.3jm=
4jHhdlvhwihXXI18S_LLFTe0cWcaRig4YlDUMl6A" target=3D"_blank" rel=3D"noopener=
 noreferrer nofollow"><span>apply to join our SaaS CEO/Founder community he=
re</span></a> to get even more. <a class=3D"link" href=3D"https://link.mail=
.beehiiv.com/ss/c/u001.UXwWVAixgZ-oyJn_0myWASEqQKbhO9qj3LqYEK6wKejug1PqL9Qo=
HCSrRU8PlSC361AN71xRyktpZw2nQwDlkFTl2CngJ5r5qOQuP5KEjP3G-WgNnQI4NR9sdpygZki=
C7nXG2VWkrZYyN_UOOHrB4c0aB3C9t4sXm_AE_9ihHAEdDmXexHfDulIQ6uFHsO68mBxuMOVN6t=
E4fQZ6wpVbv-XMp4w1R6TxpQBAp_celRMp00USW15_1xzVZdrmzU4zV-hnEtfK8kFSjFCsliOzT=
qvfGoYIs-h7SDrO-AFzH_ZlwmtJm-tE-rlr4vQ6mc9kphaIoEco8BHRNUWBqLsLrC2w2cHQufwl=
Uajt9hnGbdtFzQzvMxG-OGcTu9ezQC5qyjAmiFRy49-9sGHTIzcboezu6NQq9JU5LSAsrjID9mM=
706hyTJAd5Q4Mk0GYF2ZOje6cTxUWb9H9wQcrrTNse6ohAeWYml1uicJSO1Sn2jW95eXJJZjEC_=
sbW5JD0ufQib1sutc3Rw1iFasNGJs79TLwMN0gn-EV9jPiY3Xc2wCa3k1U-8tU072x2Dr2RZnHG=
Cu3TfnnWka_BIC_hGVu3oohFqA4hN1Pr6PPzpM5kYUOic21WVrvJwzzW_FbxBkQMk52cdEYfZXX=
Veu2bI8zpA/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h183/h001.awls9HUtyNb7srxndwh-w2Be-IB=
3y004PHq_hH1aFSc" target=3D"_blank" rel=3D"noopener noreferrer nofollow"><s=
pan>Read my free guide to SaaS Omnipresence</span></a> if you haven=E2=80=
=99t already for more background on this process of setting up ads. </p></t=
d></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-a=
lign:left;word-break:break-word;"><p> See you next week with more killer Sa=
aS scaling content! </p></td></tr><tr><td align=3D"center" valign=3D"top" s=
tyle=3D"font-size:0px;line-height:0px;padding:30px 0px;" class=3D"dd"><tabl=
e class=3D"j" role=3D"none" width=3D"50%%" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0" align=3D"center"><tr><td> &nbsp; </td></tr></table></td></=
tr><tr><td align=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px=
; " class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=
=3D"top" style=3D"width:630px;"><a href=3D"https://link.mail.beehiiv.com/ss=
/c/u001.d1Y1-FGtvkksf5D-7I1gfWkGw11k4H7s6J5NJaZfZSc5a6QmDzeenvyygyHkslhv-Fe=
SShxxbjkdZcfHrqXP0p8VBMN8M-2kztQH8wEPHqfSwdbnbTFfBEBc3-smYa8FhquFUQM51Xkqrf=
iGKBfw6ITlO7HhNvWz6Rt4cym5e5M/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h184/h001.x_H0stMJ=
ysHC8SSNMjVTtvOvTGuPxkaSJ9EdPuQMERA" rel=3D"noopener noreferrer nofollow" s=
tyle=3D"text-decoration:none;" target=3D"_blank"><img src=3D"https://media.=
beehiiv.com/cdn-cgi/image/fit=3Dscale-down,format=3Dauto,onerror=3Dredirect=
,quality=3D80/uploads/asset/file/8143f35f-4fa5-4648-be81-99a13c53d591/saasr=
isemembers.jpg?t=3D1707161345" alt=3D"" height=3D"auto" width=3D"630" style=
=3D"display:block;width:100%;border-radius:0px 0px 0px 0px;border-style:sol=
id;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;=
" border=3D"0"/></a></td></tr></table></td></tr><tr><td id=3D"join-our-comm=
unity-for-saa-s-ce-os-" class=3D"dd" align=3D"left" valign=3D"top" style=3D=
"padding:0px 15px;text-align:left;"><h3><b>Join Our Community for SaaS CEOs=
 at $1M+ in ARR</b></h3></td></tr><tr><td class=3D"dd" align=3D"left" style=
=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> If you lik=
e this type of content, please apply to join <a class=3D"link" href=3D"http=
s://link.mail.beehiiv.com/ss/c/u001.UXwWVAixgZ-oyJn_0myWAb-AJ0Mu__w4425SAq3=
JxfAdg2rLip74na7V4zcI1CkkJWIfWT5aFX5_Fx7fXo8ejlCd6r85AumOZ-XJue940kXm-L8lf7=
EofgroUvKFoINNACa-Kji0TL3vr11YyKBc_L12nV-wl4Pyhp6rlKtnX7Q/45p/Ytp7xrZCT-aIP=
5ILjqPJpQ/h185/h001.60MPOfK5GwZVrOqhN9M95RhFJlHserWkQWVPB-H7xBs" target=3D"=
_blank" rel=3D"noopener noreferrer nofollow"><span>SaasRise</span></a> our =
community for SaaS CEOs with $1M-$100M in ARR here. It=E2=80=99s a mastermi=
nd community of growth-focused SaaS CEOs. Membership is $200 per month =E2=
=80=93 but might just be the difference between your firm making it across =
the chasm and getting to a successful nine figure outcome from a PE firm or=
 strategic acquirer. </p></td></tr><tr><td align=3D"center" valign=3D"top" =
style=3D"font-size:0px;line-height:0px;padding:30px 0px;" class=3D"dd"><tab=
le class=3D"j" role=3D"none" width=3D"50%%" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" align=3D"center"><tr><td> &nbsp; </td></tr></table></td><=
/tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-alig=
n:left;word-break:break-word;"><p> Thanks for reading! If you liked this ar=
ticle, join the SaasRise community at <a class=3D"link" href=3D"https://lin=
k.mail.beehiiv.com/ss/c/u001.nSzEwh8Hvg1v-dLg6I2b_RUez00W41dup9IBTmNPgmpHPT=
C9CTTw2Flh9bdClJ5Ij5AkPAb28MjUkZNb_tvhiQ0BdP98ZpixULXr_9SqpBAx_jnvRB4CQEofH=
cElG9oYAqj98VIuilWD4nQ0SsWMy5WgX2k7AUc80tt-rvnPL4E/45p/Ytp7xrZCT-aIP5ILjqPJ=
pQ/h186/h001.SBKaqn7izJKIOxzrU6llmoZdVmJ_PI9HkHKrJJnQMTs" target=3D"_blank"=
 rel=3D"noopener noreferrer nofollow"><span>www.saasrise.com</span></a> for=
 even more helpful growth content and weekly SaaS CEO masterminds. </p></td=
></tr><tr><td class=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-al=
ign:left;word-break:break-word;"><p><i><b>About the Author: </b></i><i>Ryan=
 Allis is the founder of </i><a class=3D"link" href=3D"https://link.mail.be=
ehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D-7I1gfZhEIMvX8vXWZQqHB6MecCmldFEGWIfXbiB=
7IEQRFnIsha5rIFETtHnh3LUBfe3DycIVyDbQGcAs6hfCDHmwVG7XXrcX8IQwdICfm8dsC_VPdA=
BLLLhyngLFqQiyzfmAc60mQEeBNlFTkmFQya1pucE/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h187/h=
001.glDsboJOGfnCL82WS32lzPFFMuWYFEWzj8xOX3S0aXg" target=3D"_blank" rel=3D"n=
oopener noreferrer nofollow"><span>SaasRise</span></a><i>, a community for =
SaaS CEOs with $1M to $100M in ARR. Ryan previously led iContact as CEO and=
 Co-Founder to $50M ARR and a $169M exit, raised $47M in equity capital and=
 $6M in venture debt, and earned an MBA from Harvard Business School. Today=
, Ryan advises B2B SaaS CEOs on scaling up and helping them prepare for nin=
e figure exits.</i></p></td></tr><tr><td class=3D"dd" align=3D"left" style=
=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p> P.S. - Bel=
ow are six valuable SaaS growth resources we=E2=80=99ve put out. I hope the=
y are useful to you! </p></td></tr><tr><td align=3D"center" valign=3D"top" =
style=3D"font-size:0px;line-height:0px;padding:30px 0px;" class=3D"dd"><tab=
le class=3D"j" role=3D"none" width=3D"50%%" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0" align=3D"center"><tr><td> &nbsp; </td></tr></table></td><=
/tr><tr><td id=3D"six-helpful-free-saa-s-growth-resou" class=3D"dd" align=
=3D"left" valign=3D"top" style=3D"padding:0px 15px;text-align:left;"><h2><i=
><b>Six Helpful Free SaaS Growth Resources from SaasRise</b></i></h2></td><=
/tr><tr><td align=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20p=
x; " class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valig=
n=3D"top" style=3D"width:630px;"><a href=3D"https://link.mail.beehiiv.com/s=
s/c/u001.FFZtJeQpwndDgTRpDqFJvHyl6Fx9-g1r7uh7NK5YfTuV21gI3PH6jnS4uvftVRJAAP=
htgQK0p2t_uiv4AO4Nexzcts-pTgjHN73hQcw0x14cz1ftGdeY9V9D5euL5wT-2X28h0K6bUfNe=
Z-EOcjU_C7pitTAcb8eKZos0dJtnQ7Sy3vmFkd1j8PQyarnIxRRA_tz11L_neGpTguS0m77G6kn=
eCAdPi9UkBoGPOZKtkGJyj52oZJ7APTrNbbuLIbBt_89zmkasKV4gSieveVSXg/45p/Ytp7xrZC=
T-aIP5ILjqPJpQ/h188/h001.H1cbq4VmJCgzq2oHnXWLYvYbN9xag4XdlyH8JFYVs2o" rel=
=3D"noopener noreferrer nofollow" style=3D"text-decoration:none;" target=3D=
"_blank"><img src=3D"https://media.beehiiv.com/cdn-cgi/image/fit=3Dscale-do=
wn,format=3Dauto,onerror=3Dredirect,quality=3D80/uploads/asset/file/39f7169=
c-c0e6-4c32-a0c3-3a9fe5a402c7/Screen_Shot_2023-12-06_at_4.01.59_PM.png?t=3D=
1701900125" alt=3D"" height=3D"auto" width=3D"630" style=3D"display:block;w=
idth:100%;border-radius:0px 0px 0px 0px;border-style:solid;border-width:0px=
 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></a=
></td></tr></table></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"p=
adding:0px 15px;text-align:left;word-break:break-word;"><p><i>The most in-d=
epth guide for scaling up SaaS companies from $0 to $50M in ARR. Including =
over 1,200 slides on every aspect of SaaS scaling.</i></p></td></tr><tr><td=
 align=3D"center" valign=3D"top" style=3D"padding-bottom:14px;padding-left:=
15px;padding-right:15px;padding-top:14px;text-align:center;width:100%;word-=
break:break-word;" class=3D"dd"><table role=3D"none" border=3D"0" cellspaci=
ng=3D"0" cellpadding=3D"0" align=3D"center"><tr><td class=3D"v" align=3D"ce=
nter" valign=3D"middle" height=3D"52" style=3D"height:52px;"><a href=3D"htt=
ps://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvHyl6Fx9-g1r7uh7NK=
5YfTuV21gI3PH6jnS4uvftVRJAAPhtgQK0p2t_uiv4AO4Nexzcts-pTgjHN73hQcw0x14cz1ftG=
deY9V9D5euL5wT-2X28h0K6bUfNeZ-EOcjU_C7pitTAcb8eKZos0dJtnQ7Sy3vmFkd1j8PQyarn=
IxRRA_tz11L_neGpTguS0m77G6kneCAdPi9UkBoGPOZKtkGJyj52oZJ7APTrNbbuLIbBt_89zmk=
asKV4gSieveVSXg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h189/h001.wntRED053wcPnkuEfH4Qbf=
NZJMlNo3KJu1YvBF3HIxc" target=3D"_blank" rel=3D"noopener noreferrer nofollo=
w" style=3D"color:#FFFFFF;font-size:18px;padding:0px 22px;text-decoration:n=
one;"> View Google Slides </a></td></tr></table></td></tr><tr><td align=3D"=
center" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><ta=
ble role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D=
"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" style=3D"wi=
dth:630px;"><a href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndD=
gTRpDqFJvP34CjWryES5fztgLyVRajWlq9P7uPkYNoou8RKs8F_LCryTvmWh5y8ODCVCmLCwNF0=
Q7xFd9JLQJl_zibZ0qMYSGdFXbpdjYWQxJhhjrS40x3TW5JFuqdJYn4y2MMDU1UuRRfdeKFJwFm=
KWzPwqEUHa0SV9yt2SuPc2zgLBCYyswSEImaD6C4GAH40B21UTmH6kw8t1BWdsxuD03kgj_cUhU=
4bbldMhgTpBkRjaUWzsDh7PIfw9PvGzhenOid6sbg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h190/h=
001.oS5iXWp6n36cDHT8gEQn7d3I3hloZa5ewcsOH0GAD8o" rel=3D"noopener noreferrer=
 nofollow" style=3D"text-decoration:none;" target=3D"_blank"><img src=3D"ht=
tps://media.beehiiv.com/cdn-cgi/image/fit=3Dscale-down,format=3Dauto,onerro=
r=3Dredirect,quality=3D80/uploads/asset/file/861ac953-0d2e-4b3e-9e8e-8c5821=
32325e/Screen_Shot_2023-12-06_at_4.17.29_PM.png?t=3D1701901054" alt=3D"" he=
ight=3D"auto" width=3D"630" style=3D"display:block;width:100%;border-radius=
:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing=
:border-box;border-color:#E5E7EB;" border=3D"0"/></a></td></tr></table></td=
></tr><tr><td class=3D"dd" align=3D"center" style=3D"padding:0px 15px;text-=
align:center;word-break:break-word;"><p><i>How to determine whether to scal=
e up or down your marketing channels</i></p></td></tr><tr><td align=3D"cent=
er" valign=3D"top" style=3D"padding-bottom:14px;padding-left:15px;padding-r=
ight:15px;padding-top:14px;text-align:center;width:100%;word-break:break-wo=
rd;" class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellp=
adding=3D"0" align=3D"center"><tr><td class=3D"v" align=3D"center" valign=
=3D"middle" height=3D"52" style=3D"height:52px;"><a href=3D"https://link.ma=
il.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajWlq9P7uP=
kYNoou8RKs8F_LCryTvmWh5y8ODCVCmLCwNF0Q7xFd9JLQJl_zibZ0qMYSGdFXbpdjYWQxJhhjr=
S40x3TW5JFuqdJYn4y2MMDU1UuRRfdeKFJwFmKWzPwqEUHa0SV9yt2SuPc2zgLBCYyswSEImaD6=
C4GAH40B21UTmH6kw8t1BWdsxuD03kgj_cUhU4bbldMhgTpBkRjaUWzsDh7PIfw9PvGzhenOid6=
sbg/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h191/h001.xqKIAbYwUHwJP-Q4JPW9YmRujPm3x78AUQ=
4VDTIV-n8" target=3D"_blank" rel=3D"noopener noreferrer nofollow" style=3D"=
color:#FFFFFF;font-size:18px;padding:0px 22px;text-decoration:none;"> Chann=
el Scaling Spreadsheet Template </a></td></tr></table></td></tr><tr><td ali=
gn=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"d=
d"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" st=
yle=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" style=
=3D"width:630px;"><a href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJe=
QpwndDgTRpDqFJvP34CjWryES5fztgLyVRajWMBLLC6xyPf5YOpdg0gN63nPAbHAU1HDAEKRm8F=
rZUXMbSb9ArJMwesr_NnbbVPCrSfuhHgVQE-oczGLxNk_a-MnnhmijzyHkNUuoPx0JQKe7glAD3=
bwXTgavSeBRTHbjPJPmDdtIvuawuDFX4H9z2PHVPYRWNV9OjhRhBNURAmNg7QnTeATjvEKle3xP=
X1pjedRU66PGTMRyQ7ZKgg7IYni4UrTQk2dXKpo53mdAm9Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/=
h192/h001.3LHor2ym3-AX08NFvsx4G9_0guAPOrvs3xGO8__X3yI" rel=3D"noopener nore=
ferrer nofollow" style=3D"text-decoration:none;" target=3D"_blank"><img src=
=3D"https://media.beehiiv.com/cdn-cgi/image/fit=3Dscale-down,format=3Dauto,=
onerror=3Dredirect,quality=3D80/uploads/asset/file/de951fea-01d7-4540-9ba9-=
7cd0b598121c/Screen_Shot_2023-12-06_at_4.18.01_PM.png?t=3D1701901086" alt=
=3D"" height=3D"auto" width=3D"630" style=3D"display:block;width:100%;borde=
r-radius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;bo=
x-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/></a></td></tr></ta=
ble></td></tr><tr><td class=3D"dd" align=3D"center" style=3D"padding:0px 15=
px;text-align:center;word-break:break-word;"><p><i>How to calculate ARPU, L=
TV, Churn, Lifespan, CPL, CAC, and Max CAC</i></p></td></tr><tr><td align=
=3D"center" valign=3D"top" style=3D"padding-bottom:14px;padding-left:15px;p=
adding-right:15px;padding-top:14px;text-align:center;width:100%;word-break:=
break-word;" class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0" align=3D"center"><tr><td class=3D"v" align=3D"center" =
valign=3D"middle" height=3D"52" style=3D"height:52px;"><a href=3D"https://l=
ink.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvP34CjWryES5fztgLyVRajWM=
BLLC6xyPf5YOpdg0gN63nPAbHAU1HDAEKRm8FrZUXMbSb9ArJMwesr_NnbbVPCrSfuhHgVQE-oc=
zGLxNk_a-MnnhmijzyHkNUuoPx0JQKe7glAD3bwXTgavSeBRTHbjPJPmDdtIvuawuDFX4H9z2PH=
VPYRWNV9OjhRhBNURAmNg7QnTeATjvEKle3xPX1pjedRU66PGTMRyQ7ZKgg7IYni4UrTQk2dXKp=
o53mdAm9Q/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h193/h001.SztKcplLCbI4uBBK_4euMKRn_2s-=
dZMNFyFqjgE9uq4" target=3D"_blank" rel=3D"noopener noreferrer nofollow" sty=
le=3D"color:#FFFFFF;font-size:18px;padding:0px 22px;text-decoration:none;">=
 SaaS Unit Economics Spreadsheet Template </a></td></tr></table></td></tr><=
tr><td align=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px; " =
class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpaddin=
g=3D"0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"=
top" style=3D"width:535px;"><a href=3D"https://link.mail.beehiiv.com/ss/c/u=
001.FFZtJeQpwndDgTRpDqFJvL779viTrGYjpt97inVIgiIDJrRVO8S3oMVsYXBWqIg75lkbo8v=
8yKHpH7O41A8lNB8UY_f8QW_6-p3W4i_JqVaUHMfEq3n7F6N5P0LvWHnX4QVRz-nwWO6B8tUT0c=
DQTf7qYGFT_plrk-ngy_irF9fkaa_Q7ErwvLO236KsvrSQ/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h=
194/h001.dmyBo0zrcVnLG7w8MzajTbI1MInPTHN1Ullg63Ib8iU" rel=3D"noopener noref=
errer nofollow" style=3D"text-decoration:none;" target=3D"_blank"><img src=
=3D"https://media.beehiiv.com/cdn-cgi/image/fit=3Dscale-down,format=3Dauto,=
onerror=3Dredirect,quality=3D80/uploads/asset/file/89223472-c441-419b-b648-=
c5f14464299e/SaaS_Growth_System.jpeg" alt=3D"" height=3D"auto" width=3D"535=
" style=3D"display:block;width:100%;border-radius:0px 0px 0px 0px;border-st=
yle:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;border-color:#=
E5E7EB;" border=3D"0"/></a></td></tr></table></td></tr><tr><td class=3D"dd"=
 align=3D"left" style=3D"padding:0px 15px;text-align:left;word-break:break-=
word;"><p><i>A fourteen page in-depth PDF on we take each CEO client throug=
h a six-phase process designed to increase lead volume, customer acquisitio=
n, and revenue growth =E2=80=94 and then scale up the sales team, executive=
 team, and investor support as we help you prepare for future fundraising r=
ounds (if needed) or an exit (if desired).</i></p></td></tr><tr><td align=
=3D"center" valign=3D"top" style=3D"padding-bottom:14px;padding-left:15px;p=
adding-right:15px;padding-top:14px;text-align:center;width:100%;word-break:=
break-word;" class=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"=
0" cellpadding=3D"0" align=3D"center"><tr><td class=3D"v" align=3D"center" =
valign=3D"middle" height=3D"52" style=3D"height:52px;"><a href=3D"https://l=
ink.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpDqFJvL779viTrGYjpt97inVIgiID=
JrRVO8S3oMVsYXBWqIg75lkbo8v8yKHpH7O41A8lNB8UY_f8QW_6-p3W4i_JqVaUHMfEq3n7F6N=
5P0LvWHnX4QVRz-nwWO6B8tUT0cDQTf7qYGFT_plrk-ngy_irF9fkaa_Q7ErwvLO236KsvrSQ/4=
5p/Ytp7xrZCT-aIP5ILjqPJpQ/h195/h001.27Q4_vToQrseXpo6xJUwpu9htPCV0qSiFUX5mL1=
IixU" target=3D"_blank" rel=3D"noopener noreferrer nofollow" style=3D"color=
:#FFFFFF;font-size:18px;padding:0px 22px;text-decoration:none;"> Download N=
ow </a></td></tr></table></td></tr><tr><td align=3D"center" valign=3D"top" =
style=3D"padding: 20px 15px 20px; " class=3D"dd"><table role=3D"none" borde=
r=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin:0 auto 0 auto;"=
><tr><td align=3D"center" valign=3D"top" style=3D"width:315px;"><img src=3D=
"https://media.beehiiv.com/cdn-cgi/image/fit=3Dscale-down,format=3Dauto,one=
rror=3Dredirect,quality=3D80/uploads/asset/file/7382f906-1319-4b11-a91e-41e=
b6955d7e4/Screen_Shot_2023-09-13_at_2.05.10_PM.png" alt=3D"" height=3D"auto=
" width=3D"315" style=3D"display:block;width:100%;border-radius:0px 0px 0px=
 0px;border-style:solid;border-width:0px 0px 0px 0px;box-sizing:border-box;=
border-color:#E5E7EB;" border=3D"0"/></td></tr></table></td></tr><tr><td cl=
ass=3D"dd" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-br=
eak:break-word;"><p><i>A twenty page in-depth PDF on how to scale a B2B Saa=
S Company from $1M to $50M ARR. Covering CAC-based customer acquisition, sa=
les team scaling, venture capital markets, and preparing for the exit. </i>=
</p></td></tr><tr><td align=3D"center" valign=3D"top" style=3D"padding-bott=
om:14px;padding-left:15px;padding-right:15px;padding-top:14px;text-align:ce=
nter;width:100%;word-break:break-word;" class=3D"dd"><table role=3D"none" b=
order=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center"><tr><td cl=
ass=3D"v" align=3D"center" valign=3D"middle" height=3D"52" style=3D"height:=
52px;"><a href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJeQpwndDgTRpD=
qFJvL779viTrGYjpt97inVIgiLtj-0TmrDHvi4By4wwZDzynUKOzSmBOxMVozZX5wlRYmvkh-u6=
7Z1VagfZklPRdQ1vumJFI9mb_esJx6BD9KhSDvZ1posvX2rorj2QdmaGenjWozc7JbsXBkf7kwr=
X1F55hdx_W-BJ7IsYah8ubWDf/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h196/h001.p4LHK4SGxs5p=
LBU8G_37Pbeoz8906cQe8L4qYSGU8_I" target=3D"_blank" rel=3D"noopener noreferr=
er nofollow" style=3D"color:#FFFFFF;font-size:18px;padding:0px 22px;text-de=
coration:none;"> Download Now </a></td></tr></table></td></tr><tr><td align=
=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"=
><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" styl=
e=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" style=
=3D"width:315px;"><a href=3D"https://link.mail.beehiiv.com/ss/c/u001.FFZtJe=
QpwndDgTRpDqFJvL779viTrGYjpt97inVIgiIGkl0zMnx4ciEDFzUmYwbbuv1AHrKTSm-0yY4e9=
fU4h2x-vilzD4C9YesxiAJwqwrk0yJoD28ii_bFsfTOtsKl53rbKRJ9R1Mz-W4587qot-U4QmkD=
xGhpYWIRoJf3eEWMCq-VDibOM0cqoKYRmTmc/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h197/h001.h=
4_RPcV3J4frPotHtDGS6xAbD9ysUlTcloL9DqAk8Ug" rel=3D"noopener noreferrer nofo=
llow" style=3D"text-decoration:none;" target=3D"_blank"><img src=3D"https:/=
/media.beehiiv.com/cdn-cgi/image/fit=3Dscale-down,format=3Dauto,onerror=3Dr=
edirect,quality=3D80/uploads/asset/file/1ea23c59-4f32-4e86-88c6-90295856244=
1/formula.png" alt=3D"" height=3D"auto" width=3D"315" style=3D"display:bloc=
k;width:100%;border-radius:0px 0px 0px 0px;border-style:solid;border-width:=
0px 0px 0px 0px;box-sizing:border-box;border-color:#E5E7EB;" border=3D"0"/>=
</a></td></tr></table></td></tr><tr><td class=3D"dd" align=3D"left" style=
=3D"padding:0px 15px;text-align:left;word-break:break-word;"><p><i>The SaaS=
 Growth Formula was written to help SaaS CEOs who are focused on growing th=
eir company&#39;s sales - by implementing a simple formula called The Growt=
h Formula. This formula is for companies that have already established prod=
uct/market fit, already have paying customers, and are now ready to scale u=
p through scientific and CAC-based digital marketing, inbound sales, and ou=
tbound sales.</i></p></td></tr><tr><td align=3D"center" valign=3D"top" styl=
e=3D"padding-bottom:14px;padding-left:15px;padding-right:15px;padding-top:1=
4px;text-align:center;width:100%;word-break:break-word;" class=3D"dd"><tabl=
e role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"c=
enter"><tr><td class=3D"v" align=3D"center" valign=3D"middle" height=3D"52"=
 style=3D"height:52px;"><a href=3D"https://link.mail.beehiiv.com/ss/c/u001.=
FFZtJeQpwndDgTRpDqFJvL779viTrGYjpt97inVIgiIGkl0zMnx4ciEDFzUmYwbbuv1AHrKTSm-=
0yY4e9fU4h2x-vilzD4C9YesxiAJwqwrk0yJoD28ii_bFsfTOtsKl53rbKRJ9R1Mz-W4587qot-=
U4QmkDxGhpYWIRoJf3eEWMCq-VDibOM0cqoKYRmTmc/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h198/=
h001.C8kOBNLshs3AHRfZKdLtt9DACV961OHRjS9kHDUIwCU" target=3D"_blank" rel=3D"=
noopener noreferrer nofollow" style=3D"color:#FFFFFF;font-size:18px;padding=
:0px 22px;text-decoration:none;"> Download Now </a></td></tr></table></td><=
/tr><tr><td align=3D"center" valign=3D"top" style=3D"font-size:0px;line-hei=
ght:0px;padding:30px 0px;" class=3D"dd"><table class=3D"j" role=3D"none" wi=
dth=3D"50%%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"cent=
er"><tr><td> &nbsp; </td></tr></table></td></tr><tr><td id=3D"join-our-saas=
-growth-mastermind-for" class=3D"dd" align=3D"left" valign=3D"top" style=3D=
"padding:0px 15px;text-align:left;"><h2><b>Join Our Saas Growth Mastermind =
for CEOs and Founders With $1M+ in ARR</b></h2></td></tr><tr><td class=3D"d=
d" align=3D"left" style=3D"padding:0px 15px;text-align:left;word-break:brea=
k-word;"><p> If you like the above resources and want more stuff like this,=
 <a class=3D"link" href=3D"https://link.mail.beehiiv.com/ss/c/u001.3RWQk7Ps=
McGZFaHJD4ymO9Yhj06TDYx0UZXAf518upiWH3spDJwPHnZ4KOeaRrll_TkLD-OZTNeC7x9olbm=
SxNw73KDC-gQT7nucctKzBayvaUAseOnIkChPwiwqJcsE8I8dBC2faAd-bal7xvYzX_KDTJ0IKJ=
KNlSg770RkFuc/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h199/h001.VpNsRvHWq9QJHm05_mmR2kx8=
gMJC7XAL1s70Ml_ydWA" target=3D"_blank" rel=3D"noopener noreferrer nofollow"=
><span>apply to join SaasRise</span></a>, our mastermind community for SaaS=
 CEOs and Founders with $1M+ in ARR who are focused on scaling up MRR. Ever=
y Wednesday we jump on a call to support each other and share what is worki=
ng with scaling our companies =E2=80=93 and we support each other throughou=
t the week in our private community. </p></td></tr><tr><td align=3D"center"=
 valign=3D"top" style=3D"padding: 20px 15px 20px; " class=3D"dd"><table rol=
e=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin=
:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" style=3D"width:630=
px;"><a href=3D"https://link.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D-7I1=
gfWkGw11k4H7s6J5NJaZfZSc5a6QmDzeenvyygyHkslhv-FeSShxxbjkdZcfHrqXP0p8VBMN8M-=
2kztQH8wEPHqfSwdbnbTFfBEBc3-smYa8FhquFUQM51XkqrfiGKBfw6ITlO7HhNvWz6Rt4cym5e=
5M/45p/Ytp7xrZCT-aIP5ILjqPJpQ/h200/h001.HgDX2CwvJwjJ2guDsywAMV6l2HnB8VlKR-M=
AqDprTlk" rel=3D"noopener noreferrer nofollow" style=3D"text-decoration:non=
e;" target=3D"_blank"><img src=3D"https://media.beehiiv.com/cdn-cgi/image/f=
it=3Dscale-down,format=3Dauto,onerror=3Dredirect,quality=3D80/uploads/asset=
/file/df2a1afe-d9d6-4a30-b3f5-db55cd3e918f/image.png?t=3D1701900409" alt=3D=
"" height=3D"auto" width=3D"630" style=3D"display:block;width:100%;border-r=
adius:0px 0px 0px 0px;border-style:solid;border-width:0px 0px 0px 0px;box-s=
izing:border-box;border-color:#E5E7EB;" border=3D"0"/></a></td></tr><tr><td=
 align=3D"center" valign=3D"top" class=3D"t" style=3D"width:630px;"><a href=
=3D"https://link.mail.beehiiv.com/ss/c/u001.vcO4wAIbe6FJ2uqXsgEoaRjSajwJLgT=
3UxepRYGS0Fi71JLAOLR9ZInItZYzkU2Fsvxn8LfDcSizG7t2y5DJdSZXhr0SzB-541rzzGQWHY=
Y41ZseRjXW-0aiuXhHT4a-oPbhFuw7DiqOuTDqUOrcHMHOyTbfWrIJ4-5p8Okv5IY/45p/Ytp7x=
rZCT-aIP5ILjqPJpQ/h201/h001.J9Cm_w8yOzEpx2p9REDPRk12w_M71EMWD4zKnWPtWwE" ta=
rget=3D"_blank" rel=3D"noopener noreferrer nofollow" style=3D"text-decorati=
on:underline;text-decoration-color:#000000;"><p>Our private community platf=
orm, SaasRise</p></a></td></tr></table></td></tr><tr><td id=3D"about-the-au=
thor" class=3D"dd" align=3D"left" valign=3D"top" style=3D"padding:0px 15px;=
text-align:left;"><h3><i><b>About The Author</b></i></h3></td></tr><tr><td =
align=3D"center" valign=3D"top" style=3D"padding: 20px 15px 20px; " class=
=3D"dd"><table role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"=
0" style=3D"margin:0 auto 0 auto;"><tr><td align=3D"center" valign=3D"top" =
style=3D"width:252px;"><img src=3D"https://media.beehiiv.com/cdn-cgi/image/=
fit=3Dscale-down,format=3Dauto,onerror=3Dredirect,quality=3D80/uploads/asse=
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=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center"><tr><td align=
=3D"left" valign=3D"top" class=3D"i2"><p style=3D"margin:0px;text-align:lef=
t;"><i>Ryan Allis is the founder of </i><a class=3D"link" href=3D"https://l=
ink.mail.beehiiv.com/ss/c/u001.d1Y1-FGtvkksf5D-7I1gfWkGw11k4H7s6J5NJaZfZSc5=
a6QmDzeenvyygyHkslhv-FeSShxxbjkdZcfHrqXP0p8VBMN8M-2kztQH8wEPHqfSwdbnbTFfBEB=
c3-smYa8FhquFUQM51XkqrfiGKBfw6ITlO7HhNvWz6Rt4cym5e5M/45p/Ytp7xrZCT-aIP5ILjq=
PJpQ/h202/h001.NSycZdzric3qgWCSZpnjXUN549oCVLWegdy5wLPp_Yo" target=3D"_blan=
k" rel=3D"noopener noreferrer nofollow"><span>SaasRise</span></a><i>, the m=
astermind community for growth-focused SaaS CEOs with $1M-$100M in ARR. He =
is a three time INC 500 CEO. He was previously CEO of iContact and grew the=
 firm as founder/CEO to 70,000 customers, 1 million users, 300 employees, $=
50M per year in sales, and an exit for $169M to Vocus (NASDAQ:VOCS). </i></=
p><p style=3D"margin:0px;text-align:left;"><i>Since the sale of iContact, R=
yan has been the CEO coach to high-growth SaaS firms including Tatango, Sea=
mless.ai, Pipeline, Datalyse, Green Packet, Revenue Accelerator, Galleon, C=
learstream, YouCanBookMe, Retreaver, and EventMobi. Ryan has been part of t=
he EO and Summit Series communities.</i></p><p style=3D"margin:0px;text-ali=
gn:left;"><i>He holds an MBA from Harvard Business School, where he was Co-=
President of the Social Enterprise Club and a member of the Harvard Graduat=
e School Leadership Institute. He=E2=80=99s passionate about helping recurr=
ing revenue software companies grow and exit.</i></p></td></tr></table></td=
></tr></table></td></tr><tr><td class=3D"dd" align=3D"left" style=3D"paddin=
g:0px 15px;text-align:left;word-break:break-word;"><p><i>We=E2=80=99ll see =
you next time with more great SaaS growth and scaling content!</i></p></td>=
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