How is net dollar retention trending in SaaS? We looked at the net dollar retention of every SaaS company that has IPO’d since October 2017 (64 companies). The data is below.

Falling NDR. The current median of 115% is very strong, but that figure fell from H1 2022 when NDR was over 120%.

But stabilizing. Notably, Q4 2022 saw NDR of 115% as well, so perhaps retention is stabilizing. We need to see more data to make sweeping conclusions about stabilization.

Hopefully NDR is stabilizing across the market for SaaS products. Even if it’s down from H1 2022, NDR of 115% is a great place to be.

Sammy is the Managing Partner and Co-Founder of Blossom Street Ventures. Visit us at blossomstreetventures.com and email directly at sammy@blossomstreetventures.com. We invest in companies with run rate revenue of $3mm to $30mm, with year over year growth of 20% to 100%+ depending on revenue. We lead or follow in growth rounds and special situations like inside rounds, small rounds, rushed rounds, corralling investors with our term sheet, cap table clean up, and extensions. We can commit in 3 weeks and our check is $1mm to $4mm. Also visit https://blossomstreetventures.com/metrics/ for always up-to-date SaaS metrics.