SaaS Funding in 2016
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"PRE-SEED"SEEDSERIES ASERIES BSERIES C
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Amount$200-500k$500k-$2.5M$3-12M$10-25M$20M+
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Valuation$1-3M$2-6M$10-40M$30-100M$80M+
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InvestorsFriends & Family, AngelsAngels, Micro VCsVCsVCsVCs, PE
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TeamSmart, committed guys/ girls with relevant expertise/skillsFounder/Market Fit.E.g. enterprise sales DNA for elephant hunters; product/design DNA for rabbit hunters; strong tech for API companies.No „star“ VPs yet.

Often good director-level hires.

Proven ability to attract & manage great people.
Senior leadership in most functions.

Proven ability to recruit senior people.
Complete senior management team.
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Product/Market FitMarket research indicates strong need for the product.Strong indications of Product/Market Fit from early customers or pilot users.Clear PMF and Increasing evidence of PMF in larger market.
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TechStrong tech co-founder with relevant experience Proven ability to move fast & break things ... with emphasis on moving fast. :)

Starting to think about scalability and to put in place processes.
Proven ability to attract and manage great engineers.

Product scales, but still breaks once in a while.

Continued high product development velocity.
Excellent tech leadership.

Product doesn’t break and meets SLAs; three to four 9s availability.

Product meets security, compliance and disaster recovery requirements of enterprise tech buyers.
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MRR-~ $0-50k~ $100-250k~ 350-800k+ $1M
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Traction-If pre-monetization: Growing waiting list, trial user base or pipeline.
Otherwise: adding a few $K in MRR p.m.
Got from 0 to $100K MRR within 12-18M.

Growing > 3x y/y.

Account expansions, ARPA increasing
Growing > 2.5x y/y

Most AEs hitting quota
Growing > 2x y/y

Negative net MRR churn

„Quick Ratio“ > 4
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Sales & MarketingUnderstanding of best practices; good ideas.Strong indications of demand (e.g. organic trial signups).Strong organic demand.

Success with at least one (not necessarily scalable) customer acquisition channel

Decent understanding of funnel and pipeline conversion rates.

Excellent understanding of sales and marketing costs and CAC payback times by channel.

Increasing confidence in the scalability of the sales/marketing machine.
Predictable, profitable, scalable sales/marketing machine

CLTV/CAC > 4x

Signs of increasing sales efficiency.
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Defensibility-Tech, product dev velocityFirst signs of an emerging „Mini Brand“First signs of a successful brand, platform and/or data playStrong signs of a successful brand, platform and/or data play
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Market / PotentialBelief in $10M + ARR potentialConviction that there’s $100M+ ARR potentialIncreasing evidence of $300M+ ARR potential Increasing confidence in exit potential (large strategic buyers or IPO)
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Created by Christoph Janz at Point Nine Capital
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Some additional notes
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