The Anti-VC
We're 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+ of run-rate revenue and year over year growth of 50%+. We'll invest anywhere in the US or Canada, especially in markets most venture capital firms overlook. We prefer leading $1mm to $10mm 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.
Who We AreThe Numbers
19
Companies Funded
18
Invested
1
Check Size
3-4
Decision Process
Our
Portfolio
Our portfolio is diverse and includes HR software, app tech, parking, sales and marketing software, apps, greeting cards, dating, e-commerce, and healthcare software. We love tech, but will invest in low or no tech opportunities that scale.
See Our Full Portfolio
The SaaS M&A Report – Q3
We recently got Software Equity Group’s SaaS M&A Snapshot for Q3 2019. SEG is an investment bank focused SaaS companies and they put out fantastic data on what they’re seeing in the market. Key observations from their latest report are as follows: Deal volume is still high. There were 314 M&A transactions in SaaS in…
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The Series A Valuation Report – Q3
What valuations are founders asking for when they raise their Series A? Since May 2018, we’ve had conversations with 517 companies about their Series A rounds. Below is aggregate data on these raises with names redacted to preserve confidentiality. Figures like revenue, valuation, and round size are medians from conversations with founders. Remember the valuations…
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SaaS multiples are holding strong
SaaS multiples are higher than they’ve been since we’ve tracked the data (Q4 2014): of the 79 SaaS companies we follow, the average public SaaS business is trading at 11.6x revenue while the median is 8.8x. Interestingly, the gap between the average and median continues to be large (2.8x), meaning more attractive SaaS companies are…
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How to measure SaaS sales efficiency
There are many ways to measure SaaS sales & marketing efficiency. One of the simplest is to look at revenue booked over a given time period divided by sales & marketing spend during the period (New Rev/S&M). While the sales & marketing expense in a period may not necessarily be attributable to a given period’s…
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