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    Data Analysis by @ttunguz

    Venture Capitalist at Theory

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    Data Analysis

    2025

    Halving R&D with AI & the Impact to Valuation

    March 17

    How Much Is A Venture Firm Worth?

    March 9

    Lopsided AI Revenues

    March 2

    It Pays to be an AI Company

    February 3

    Darwin's Finches in AI

    January 29

    Top Themes in Data in 2025

    January 23

    2024

    The Post Election Surge is Unevenly Distributed

    November 11

    Profit Dollars per GPU Dollar

    November 5

    Trends in the Post-Modern Data Stack

    October 29

    Productivity One Year from Now

    October 28

    Will We See a Better Exit Market Next Year?

    September 20

    AI Public & Private Premia for AI Companies

    August 16

    How Much Revenue Must a Company Generate to IPO?

    June 24

    Is the Software Market in Trouble?

    June 2

    AI Spending Patterns : It's Not What You Think

    May 17

    The Capex Conquest in the Cloud

    May 1

    This Message Will Self-Destruct in 33 Seconds

    April 4

    Standard Issue AI

    February 2

    The Fastest Growing Software Sectors in 2024

    January 29

    Open Source Models : What Can We Determine from Download Patterns?

    January 15

    Make Hay When the Sun Shines : Liquidity in Startup Exits

    January 7

    2023

    Step-Ups & Duration : The Shape of Things to Come to the Series A in 2024

    December 14

    Snow Angels Come Early to Data : Snowflake's Strength Spells Success for Startups

    November 29

    How Much Does it Cost to Use an LLM?

    November 16

    The Software Industry's Productivity Boom: Analyzing Revenue per Employee Trends

    November 13

    Purchasing Patterns in Software : Positivity Punctuating Q3

    November 10

    Only The Dogged Thrive : More Good News in Startupland

    November 7

    The Impact of Anti-trust on M&A in Startupland

    October 31

    Gas Gas Revolution

    October 27

    Centaurs & Cyborgs : The Jagged Frontier of AI

    October 1

    The Dawn of AI : Pricing Power & Profits in NVidia's Business

    August 23

    Mean Reversion: When Will Startup Investing Return to Normal?

    August 21

    Surprising Data Points about the Venture Capital Market

    August 8

    How Will a Venture Capital Recovery Feel? Observations from 2008

    August 7

    Busting the Myth: Higher Funding Doesn't Mean Faster Hiring in Startups

    August 3

    What the New Relic Sale Means for SaaS

    July 31

    Producing Charts with AI

    July 17

    There is No Such Thing as Series A Metrics

    July 9

    The Publicly Traded Company Worth 250x More in 10 Years

    May 25

    How Should You Staff Your Startup in 2023

    May 17

    Software Spending Growth Will Accelerate by 40% in 2023, But it Doesn't Feel that Way

    April 24

    How Much will the US Early Stage Venture Market Contract in 2023?

    April 17

    The Change in Burn Multiple for Startups in 2023

    April 3

    The Typical Startup Saw a 24% Increase in Sales Cycle in 2023

    March 28

    The Hardest Round to Raise in 2023

    March 24

    2023 Go-to-Market Survey - Understanding How Startups Have Shifted in 2023

    March 9

    Magical Metrics with Omni

    February 28

    Sizing the Web3 B2B Software Market

    January 1

    2022

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

    December 27

    PLG & Profitability : More Product Doesn't Necessarily Mean Greater Profits

    December 7

    The Best Time of Year to Raise for Your Startup

    November 21

    My Laptop is Faster than Your Cloud : Announcing MotherDuck

    November 15

    Sales Efficiency through Covid : Reading the Tea Leaves for Startups

    October 30

    How Low Could Valuations Go?

    October 13

    Just How Troubled is the Bay Area Startup Scene?

    October 3

    The State of Web3 in 2022 through Data

    September 17

    Why We'll See More New Types of Web3 Apps in the Next Year

    August 30

    Don't Look Now But Web3 Companies are Beginning to Trade Like their Web2 Counterparts

    August 30

    Growth is No Longer the Best Predictor of a Software Company's Value

    August 10

    Do PE Acquisitions of Public Startups Imply We've Hit a Pricing Bottom?

    August 8

    The Math Behind Starting a Successful Software Startup

    August 2

    How VCs Value Rainbow Foals in 2022

    June 21

    Top 10 Insights from the 2022 Startup Sentiment Survey

    June 6

    The Macroeconomic Signal to Watch for Software & Infrastructure Startups

    June 1

    5 Key Data Points about the Early Venture Market in Q1 2022

    May 4

    Why Early Valuations Might Surge in 2022

    February 23

    Why You Should Expect Your VP Product to Sign Up for a Lead Quota

    January 28

    How Will the 52% Correction in the Stock Market Impact the Startup Fundraising Market?

    January 19

    How Correlated are the Web 2 and Web 3 Software Markets?

    January 13

    Do Data Startups Command a Premium in the Fundraising Market?

    January 11

    The Top Sectors of Web3 in 2022 by Revenue

    January 4

    2021

    The Fifth SaaS Correction

    December 13

    Justifying Token Equity Multiples using GDP Data

    November 16

    The Velocity of Money in Startupland

    July 30

    The Productivity Implications of Working from Home Across 150,000 Employees

    June 10

    The Figures that Will Move the Venture Capital Market in the Next 3-5 Years

    June 6

    The Inflationary Forces in Startupland

    May 24

    Covid's Impact on Software Sales Efficiency

    April 8

    How Selling Has Changed Post-COVID, and How it Will Change Again Afterwards

    March 14

    The Most Popular Startup Domain Suffixes - .com, .co, .gg - Which is Best for Your Business?

    February 21

    The Five Flavors of ARR - New Definition, Same Great Multiple

    January 27

    The Fastest Growing Sectors of Startup Fundraising in 2020

    January 18

    The Missing Insight Around Software Multiples for Valuing Companies

    January 11

    2020

    The Supercharger Boosting Startupland Fundraising and Exits

    November 20

    Why IPOs, Direct Listings, and SPACs Will Flourish in Startupland

    October 19

    The Mispricing of Software Companies

    October 5

    How to Predict the Forward Multiple of a Software Company

    September 22

    Can You Still Make Money Starting a SaaS Company?

    September 13

    Inside Rounds Have Become a Sign of Strength at the Series B

    August 2

    The Fundraising Market Two Quarters into COVID

    July 5

    Top 10 Learnings from the Redpoint 2020 GTM Survey

    June 25

    What is the Structure of the Typical SaaS Company as it Scales?

    June 21

    How Should You Structure Sales Teams for Optimal Performance?

    June 18

    How Predictive is SDR/BDR Quota Attainment of AE Quota Attainment?

    June 17

    Where are Most Unicorns Headquartered?

    May 28

    California Dreaming - Is Silicon Valley Still the Best Place to Start a Company?

    May 25

    Why is the Stock Market Only Down 15%?

    May 11

    The Fundraising Market Has Changed, But Not in the Way I Thought

    May 6

    The Startup Sectors Most Impacted by the Coronavirus

    April 6

    What Could the Venture Market Look Like in the Coronavirus Era

    March 12

    Simpson's Paradox in Measuring Net Dollar Retention Rate

    February 3

    What is a Best in Class Payback Period for a Software Company in 2020?

    January 20

    The Redpoint 2020 Go To Market Survey

    January 13

    2019

    The Top 10 Posts of 2019

    December 15

    The Rise of the Founder-CEO

    October 28

    The Radically Different Early Stage Fundraising Market

    October 7

    The State of the Startup IPO Market

    September 30

    The SaaS Correction of Late 2019

    September 16

    If You Have Great NDR Retention, Should You Increase Your Marketing Spend?

    September 2

    Which Categories of Seed Startups are Thriving? Which Aren't?

    August 8

    The Strategic Question at Seed Today

    July 19

    Observations from the Enterprise Tech 30 List

    July 15

    Why Churn Rates Can Spike When Your SaaS Startup Experiences Hypergrowth

    July 12

    Adding Engineering Metrics to the Redpoint SaaS Metrics Template

    July 8

    100k+ ACV SaaS Companies: Do Their Metrics Differ from Other SaaS Companies?

    June 24

    The SaaS Valuation Environment in Mid-2019

    June 20

    Setting the Salesforce/Tableau Acquisition in Context

    June 11

    How to Develop Best in Class Sales Efficiency

    May 10

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

    April 2

    The Free Trial Survey on the Saastr Podcast and Hitting a Blogging Milestone

    February 26

    Answering Readers' Questions about the Free Trial Survey

    February 11

    Top 10 Learnings from the Redpoint Free Trial Survey

    February 6

    Sharing the Learnings from the Redpoint Free Trial Survey

    February 1

    2018

    Just Where Are SaaS Companies Priced After the 2018 Correction?

    December 26

    5 Most Popular Posts of 2018

    December 17

    Red Hat's Acquisition - A Triumph of Open Source

    October 28

    SaaS Freemium/Free Trial Survey is Here

    October 14

    Normalization of Valuations in the Public and Private Software Markets

    October 9

    How the Economics of Professional Services Have Changed in Software

    September 16

    How Long Should Your SaaS Software Trial Period Be?

    August 12

    Does Winner Take Most in SaaS?

    July 8

    The Blockbuster Software M&A Market of 2018

    June 12

    Where are We in the SaaS Valuation Cycle?

    March 18

    Is Geographic Dispersion of Seed Dollars Really Happening?

    March 8

    The Impact of Blockchain on SaaS

    February 11

    2017

    How Quickly Does Headcount Scale in the Fastest Growing Software Businesses?

    November 29

    When Statistics Will Mislead You

    May 3

    2016

    How to Create Competitive Advantage for Your Startup with Proxy Metrics

    November 16

    Dream Teams: The Characteristics of Billion-Dollar Startup Founders

    July 14

    Inflation and Deflation in the Startup Fundraising Market

    April 4

    Benchmarking Exceptional Series A SaaS Companies

    February 25

    When Data Confounds Our Intuition

    January 19

    The State of the Startup Fundraising Market in 2016

    January 11

    2015

    SaaS Office Hours with Maia Josebachvilli on Strategic and Tactical Recruiting Metrics

    November 23

    Why Consumer Startups Dominate the Megaround Market

    July 26

    How Similar is the Fundraising Environment Today to 2000?

    July 16

    The Fastest Growing Areas of Startup Investment in 2015

    July 14

    Startup Investment Trends in 2015

    July 9

    When Should Your SaaS Startup Offer Professional Services

    May 31

    The Health of the SaaS IPO Market

    May 28

    Should You Take Cash or Stock to Sell Your Startup?

    May 27

    The First Generation of the Talent Software Wars

    May 19

    From $800k to $274M in 4 Years - The Story of Ariba

    May 14

    The Decreasing Follow On Financing Success of Startups

    May 11

    How Great Unit Economics Enables Startups to Weather the Storm - The Story of WebEx

    May 7

    Which is a More Efficient Way to Build a SaaS Startup - Bottoms Up or Top Down?

    May 3

    A SaaS History Lesson – The First SaaS Company's Exceptional Journey

    April 28

    How Important Is It For a SaaS Startup to be Profitable?

    April 27

    How Many Unicorns Sell Each Year?

    April 14

    Are SaaS Startups Today Worth More than Ten Years Ago?

    April 5

    The Runaway Train of Late Stage Fundraising

    April 1

    The State of the SaaS Fundraising Market

    March 13

    The Employee Productivity Patterns of Billion Dollar SaaS Companies

    February 5

    Benchmarks for Employee Stock Based Compensation in SaaS Startups

    February 2

    The Compression in SaaS Valuations

    January 23

    The Fundraising Patterns of Unicorn SaaS Companies

    January 22

    The Increasing Growth Rates of SaaS Companies

    January 19

    Are SaaS Startups Less Profitable than they Used to Be?

    January 16

    The Sudden Shift in SaaS Product Pricing

    January 5

    2014

    Why the Time to $1B in Valuation for Startups is Decreasing

    December 16

    Benchmarking Box's Updated S-1 - How 7 Key SaaS Metrics Stack Up

    December 11

    The Acquisition Environment for Startups in 2015

    December 10

    The Technology Sectors that Create the Most Value

    December 8

    When Will the Tech Bull Market End?

    December 5

    The 2014 Class of SaaS IPOs

    December 4

    Why 2015 Will be a Great Year for Startups

    November 21

    How Important are Professional Services to Your Startup?

    November 20

    Benchmarking New Relic's S-1 - How 7 Key SaaS Metrics Stack Up

    November 17

    Why It's a Great Time to Raise a Seed Round

    November 6

    Why Series A Startup Founder CEO Equity Stakes Have Grown 40% in Five Years

    November 4

    The Meteoric Acceleration in Series A Valuations

    November 3

    The Stability of the Current Tech Market

    October 31

    The Impact of Investor Geography on Your Seed, Series A and B Check Size

    October 26

    Why Revenue Isn't the Most Important Financial Metric for Startups

    October 20

    Benchmarking SaaS Startup Efficiency with Revenue per Employee Metrics

    October 16

    The Key Financing Attributes of Startups in the Billion Dollar Club

    October 10

    The Unexpected and Uneven Evolution of the Startup Fundraising Market

    October 8

    Second Seed Rounds: How They Impact a Startup's Ability to Raise a Series A

    October 6

    How Much Cash Should Your Startup Burn?

    September 29

    The Optimal Price to Maximize Sales Efficiency for a SaaS Startup

    September 9

    Benchmarking Zendesk's S-1 - How 7 Key SaaS Metrics Stack Up

    September 3

    The Best Way to Benchmark a SaaS Startup

    August 28

    Benchmarking Hubspot's S-1 - How 7 Key SaaS Metrics Stack Up

    August 27

    The Impact of a Startup's Location on its Acquisition Potential

    August 25

    Benchmarking Consumer and SaaS Companies' Path to IPO

    August 19

    The Three Most Important Trends in the Seed Fund Raising Market

    August 18

    Are Tech IPOs Dying?

    August 15

    4 Major Competitive Trends in Mobile App Stores

    August 11

    What the Public Markets Trends Say About the Fundraising and M&A Environment Startups

    August 4

    What Q2 Tech Earnings Reports Say About the State of the Technology Market

    July 28

    The Coming Wave of Venture Capital and What It Means for Your Startup

    July 23

    How to Maximize Your Organic Twitter Content Marketing Efforts

    July 15

    Trends in the Startup Acquisition Market

    July 10

    How Vibrant is the Hardware Startup World?

    July 8

    An Exceptional Story with Exceptional Data

    July 2

    The Importance of Hometown Investors for Startups

    July 1

    The Five Forces Shaping the Fundraising Market

    June 25

    The Hottest Startup Sectors

    June 24

    How Much Should Your Startup Spend to Grow?

    June 13

    The Optimal Seed Round Construction to Maximize Series A Success

    June 12

    The Impact of VCs in Seed Rounds in Seven Charts

    June 9

    How the Fund Raising Market Will Evolve in 2014

    May 19

    The Worst Time of Year to Raise A Seed Round

    May 9

    The Current State of the Consumer Internet Market

    May 6

    Surprising Trends in Startup Founder Equity Stakes

    May 2

    The Surprising Compensation Trends of Startup Executives

    April 29

    The Investment Patterns of SaaS Companies in Sales and Engineering Over Time

    April 15

    The Correction in SaaS Company Valuations

    April 9

    Do Startups Require Less Capital to Succeed than 10 Years Ago?

    April 4

    The Financing Trends of Billion Dollar SaaS Companies

    April 3

    Subscriber Cannibalization and Other Mysteries in Content Marketing

    April 1

    Are VC Mega-Rounds the New Normal?

    March 19

    SaaS Startup Balance Sheets: How Much Cash & How Much Debt to Raise

    March 14

    Do More Competitors in a Sector Decrease Fundraising Success?

    March 3

    Which Acquirer Pays the Most for Startups?

    February 26

    The Impact of a Startup's Location on Its Ability to Raise Capital

    February 18

    How to Combat Inaccurate Data and Faulty Statistics When Making Decisions

    February 13

    Why Startups Face Increasing Competition in Raising Series As and Bs

    February 12

    How Your Startup's Sector Affects Your Ability to Raise a Series A

    February 9

    Using Data to Pick the Optimal Name for Your Startup

    February 7

    The Minimum Size Seed Round to Maximize Series A Follow On Investment

    February 6

    Do Larger Seed Rounds Lead to Bigger Series As?

    February 4

    The Optimal Average Customer Value for SaaS Startups

    February 3

    The Maximum Viable Churn Rate for a Startup

    January 29

    The Best Times of Year to Raise Capital for Your Startup

    January 28

    Three Important Trends in the Startup Exit Market

    January 20

    The Average Value of a Tech Company is Decreasing

    January 16

    The Importance of Seasonality in SaaS Startups

    January 9

    How Healthy is the Public Technology Market?

    January 6

    2013

    Revenue per Employee Benchmarks of Billion Dollar Companies

    December 17

    How Much Does It Cost to Take Your Startup Public?

    December 10

    The Typical Billion Dollar Startup Acquisition

    December 9

    The Most Effective Way of Visualizing Funnels

    November 22

    How Much Cash Does Your Startup Need To Go Public?

    November 18

    The Ratio of Engineers to Sales People in Billion Dollar SaaS Startups

    November 11

    The Single Biggest Determinant of Startup Valuations at IPO

    November 5

    The Unexpected Compensation Trends of Post-Series A Startup Founder/CEOs

    October 29

    The SaaS Valuation Bubble

    October 22

    Using Twitter Recirculation to Maximize Content Marketing Effectiveness

    October 7

    The Single Best Content Marketing Channel for Your Startup

    September 30

    Sexism, Statistics and Space s How Disruptive Startup Ideas Are Discovered

    September 23

    Interpreting Cohort Data - The 3 Key Analyses for Measuring Your Startup’s Product Performance

    September 17

    Six Key Benchmarks for Your SaaS Startup

    September 11

    The Sales and Marketing Spend Strategies of Billion Dollar SaaS Companies

    August 26

    Analyzing Twitter Ad Performance for the Last 9 Months

    August 26

    The Seed Investment Patterns of Billion Dollar Startups

    August 15

    Cohort Analysis for Startups - Six Summary Reports to Understand Your Customer Base (With Code)

    August 12

    Peak Smart Phone - What Happens to the App Economy When Smartphone Penetration Reaches 100%?

    July 6

    The Data Behind Why Google’s Play Is So Much Harder For Startups To Crack Than the iOS App Store

    June 1

    Investing in the Consumer Web is Dead

    May 22

    The Future of Human Data Interaction

    May 17

    Which Data Biases Challenge Your Startup?

    March 19

    Measuring Dark Social Using Google Analytics

    March 18

    Crawling - The Most Underrated Hack

    March 5

    The Relationship Between Margins and Acquisition Prices

    February 26

    The Voice of the People is Data

    February 11

    The Religious Debate About Data

    February 6

    2012

    Performance marketing for startups with R

    December 11

    Data on the “seedpocalypse”

    November 30

    VC investment trends in the consumer web

    November 27

    The culture of data science

    November 8

    Profitability and the IPO Market

    September 10

    Segmenting the SaaS Market for Sales

    August 20