The Snapchat story

I recently read How to Turn Down a Billion Dollars, The Snapchat Story by Billy Gallagher. The book is fantastic and full of lessons. It’s well worth the read, but below are some of the passages we learned from. Snapchat……

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Revenue multiples for internet companies

Below are revenue multiples for publicly traded consumer tech companies we follow (B2C). Industries and therefore multiples vary widely. Commentary is below. Social media is 9.9x. While the revenue multiple is still strong, it’s down from highs of ~14x in……

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The Series A Valuation Report

What valuations are founders asking for when they raise their Series A? Since May 2018 when we started tracking this data, we’ve had conversations with 576 companies about their Series A rounds. Figures below like revenue, valuation, and round size……

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SaaS multiples in Q4 at all time high

SaaS multiples are higher than they’ve been since we’ve tracked the data (Q4 2014): of the 80 SaaS companies we follow, the average public SaaS business is trading at 11.98x revenue while the median is 9.49x. Interestingly, the gap between……

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Strategic investors are terrible

Often we hear founders get excited about strategic investors — corporations making venture investments — because the founders think the strategic investor will assist with the product roadmap, become a customer, intro the company to new customers, add credibility, and potentially acquire the company……

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