The Anti-VC

We're not unicorn hunters and don't believe in high burn, uneconomic models that reach for market share. We look for solid businesses built by founders who are cash efficient, scrappy, and pragmatic. We focus on companies with $2mm to $20mm of run-rate revenue and year over year growth of 50%+. We'll invest anywhere in the US or Canada, and can look at international opportunities. We prefer leading $1mm to $15mm Series A or B rounds, but can also follow. We like plain-vanilla preferred stock in traditional growth rounds, inside rounds, recaps, secondaries, and restructurings. Unlike other VC, we like hearing from founders directly; email our Managing Partner any time at

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Our portfolio is diverse and includes software and other recurring revenue models.

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The Blossom Street
Ventures Blog

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SaaS revenue per employee

Two metrics we use to compare software businesses are revenue per employee and operating expense (opex) per employee. In our view these are great measures of operational efficiency. What is a reasonable amount of rev/head and opex/head in SaaS? The data from the last 28 SaaS IPOs is below.     Headcount. The median headcount…
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SaaS margins – the right levels

The general rule of thumb for spending in SaaS is 40/40/20. In other words, 40% of operating expense should be on R&D, 40% should be on sales and marketing, and 20% should be on G&A. Rules of thumb are just generalizations, so we wanted to see what the data really is. 28 SaaS companies have…
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Chaos Monkeys book review

I read “Chaos Monkeys, Obscene Fortune and Random Failure in Silicon Valley.” The book is a 2015 vintage, but a lot of the lessons and take-aways are relevant today. It’s a great read that I would highly recommend; key excerpts are below.     FB’s data isn’t that valuable. “The miserable conclusion was that Facebook,…
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Operating losses in SaaS are huge

Profitability is not a requirement in SaaS. Of the 71 SaaS IPO’s below, 59 of them were not profitable at the time they went public (83%). Clearly a certain level of burn is ok so long as you’re growing, but what is that level?     On median, the operating margin was -24%, meaning for…
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