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   Have you read our benchmarks report yet? Spend 10 mins on it. You'll not be disappointed. I promise!
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                   <span class="tinyMce-placeholder">
                    SaaS Roundup #370
                   </span>
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                   <p style="margin:0;margin-bottom:24px">
                    Hi there,
                   </p>
                   <p style="margin:0;margin-bottom:24px">
                    I was at SaaStr Europa this week. No surprise, efficiency was a big focus at the conference. But what surprised me was that some seed and pre-revenue startups pit efficiency as their #1 focus.
                   </p>
                   <p style="margin:0;margin-bottom:24px">
                    In my mind, that's wrong. At that early stage, growth and getting to product-market fit should be your #1 focus. Efficiency comes much later. What do you think? Is efficiency important from day 1 or growth should be your #1 focus?
                   </p>
                   <p style="margin:0;margin-bottom:24px">
                    Talking about growth,
                    <a rel="noopener" style="text-decoration: underline; color: #007c89;" target="_blank">
                     here
                    </a>
                    is an insightful panel discussion that we hosted on recent growth trends in SaaS.
                   </p>
                   <p style="margin:0;margin-bottom:24px">
                    As always, find our top SaaS reads below.
                   </p>
                   <p style="margin:0;margin-bottom:24px">
                    <span style="background-color: transparent;">
                     Happy reading
                    </span>
                    ,
                    <br/>
                    <strong>
                     Sid @ ChartMogul
                    </strong>
                   </p>
                   <p style="margin:0">
                    P.S. We got overwhelmingly positive feedback for our recent
                    <a rel="noopener" style="text-decoration: underline; color: #007c89;" target="_blank">
                     benchmarks report
                    </a>
                    at SaaStr. Do give it a read. You'll not be disappointed. I promise!
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                    New from ChartMogul.
                   </span>
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                     </a>
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                       SaaS Growth Trends in 2023
                      </span>
                     </a>
                    </p>
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                    <p style="margin:0;font-size:14px;mso-line-height-alt:23.400000000000002px;letter-spacing:normal">
                     <span style="color:#999999;font-size:13px;">
                      Peter Curac-Dahl
                     </span>
                    </p>
                    <p style="margin:0;font-size:14px;mso-line-height-alt:25.2px;letter-spacing:normal">
                    </p>
                    <p style="margin:0;font-size:14px;mso-line-height-alt:25.2px;letter-spacing:normal">
                     2020 and 2021 were two incredible years for the SaaS industry. But things took a turn in 2022. And guess what? 2023 hasn't been much different...yet. But things might be turning a corner.
                    </p>
                    <p style="margin:0;font-size:14px;mso-line-height-alt:25.2px;letter-spacing:normal">
                    </p>
                    <p style="margin:0;font-size:14px;mso-line-height-alt:25.2px;letter-spacing:normal">
                     Listen to this engaging panel discussion where you'll get to hear the latest growth trends in the SaaS industry.
                    </p>
                   </div>
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                    "If you’re mostly selling to venture capital-funded startups a lot of them are probably trying to reduce their burn rate, so they will look at SaaS spend. (…) There are also aspects of SaaS as a business model or industry that make it really strong in tough times."
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                      <span style="font-size:14px;">
                       Summary Here
                      </span>
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                   <strong>
                    Our top SaaS reads.
                   </strong>
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                      Industry
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                     <a rel="noopener" style="text-decoration: none; color: #1c79ed;" target="_blank">
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                       Being First to Market Means Nothing
                      </span>
                     </a>
                    </p>
                    <p style="margin:0;mso-line-height-alt:32.4px">
                     <span style="color:#999999;">
                      <span style="font-size:13px;">
                       Sammy Abdullah, Blossom Street Ventures
                      </span>
                     </span>
                    </p>
                    <p style="margin:0;mso-line-height-alt:25.2px">
                    </p>
                    <p style="margin:0;mso-line-height-alt:25.2px">
                     <span style="font-size:14px;">
                      In this short but thought-provoking post, Sammy shares why being first to market often means nothing. And how you can still rise to the top of the pack.
                     </span>
                    </p>
                   </div>
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       ">
                    "Clearly Pandora was the dominant player in streaming at the time. Funny enough, they even mention Spotify as a competitor, almost as an afterthought."
                   </div>
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                      Fundraising
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                     <span style="font-size:18px;">
                      <a rel="noopener" style="text-decoration: none; color: #1c79ed;" target="_blank">
                       How Much to Raise in Your First Round?
                      </a>
                     </span>
                    </p>
                    <p style="margin:0;mso-line-height-alt:32.4px">
                     <span style="color:#999999;">
                      <span style="font-size:13px;">
                       Alan Poensgen, Antler
                      </span>
                     </span>
                    </p>
                    <p style="margin:0;mso-line-height-alt:25.2px">
                    </p>
                    <p dir="ltr" style="margin:0;mso-line-height-alt:23.400000000000002px">
                     Some teams can raise millions with nothing but a pitch deck, while others struggle to raise even $100k with a great MVP. Here is a look at what's going on in investors' minds when you are raising your first round.
                    </p>
                   </div>
                  </div>
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       ">
                    "The two dimensions that I believe matter at this early stage are 'Founder Pedigree' &amp; 'Traction'. The less traction, the more founder pedigree matters: In later fundraising rounds it is mostly about business performance, and the 'science' behind the business."
                   </div>
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                   <!--[if mso]><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" style="height:38px;width:48px;v-text-anchor:middle;" arcsize="0%" stroke="false" fillcolor="#ffe0c2"><w:anchorlock/><v:textbox inset="0px,0px,0px,0px"><center style="color:#000000; font-family:Arial, sans-serif; font-size:14px"><![endif]-->
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                     <span dir="ltr" style="word-break: break-word; line-height: 28px;">
                      Sales
                     </span>
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                     <span style="font-size:18px;">
                      <a rel="noopener" style="text-decoration: none; color: #1c79ed;" target="_blank">
                       SaaS Sales KPI Report: Scale up by the Numbers
                      </a>
                      <a rel="noopener" style="text-decoration: none; color: #1c79ed;" target="_blank">
                      </a>
                     </span>
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                    <p style="margin:0;mso-line-height-alt:32.4px">
                     <span style="color:#999999;">
                      <span style="font-size:13px;">
                       Pablo Dominguez, Dawit Wondimagegn, Insight Partners
                      </span>
                     </span>
                    </p>
                    <p style="margin:0;mso-line-height-alt:25.2px">
                    </p>
                    <p style="margin:0;mso-line-height-alt:23.400000000000002px">
                     Here is a good report that goes into the benchmarks at scale. I found page 5 of the PDF report to be most helpful.
                    </p>
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       ">
                    "Sales and marketing costs outpaced revenue growth in 2021 and 2022. But companies started to right-size their spending in response to the macro environment shift in the first half of 2022."
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                   <strong>
                    Chart of the week.
                   </strong>
                  </h1>
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                  <div style="font-family:Arial,sans-serif">
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                     <strong style="font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:14px">
                      <strong>
                       Evolution of Pricing Multiples for SaaS IPOs.
                      </strong>
                     </strong>
                     <span style="font-size:14px;">
                      It's interesting to see how SaaS IPO multiples got inflated in the run-up to 2021. Also, only 8% of 2021 Software IPOs that are still public currently trade above their issue price.
                     </span>
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                    <p style="margin:0;font-size:14px;mso-line-height-alt:16.8px">
                     Source: Bank of America Research (h/t Janelle Teng)
                    </p>
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