Metrics | Software Venture Capital

SaaS Metrics

We follow every publicly traded SaaS company in the US. Below are relevant metrics of companies that have IPO'd in the past three years. Use the data for comparison to your SaaS company.

Revenue Multiples
Net Dollar Retention
Salary
S&M Efficiency
YOY Growth
Average Contract Value
Headcount
Cash Efficiency
Age
Revenue to Burn
Founder Ownership
VC Ownership
Percent of OPEX
Percent of Revenue
Public SaaS Acquisitions
Payback Period
Q1 2022 Data
Q2 2022 Data
Q3 2022 Data

Revenue Multiples

Quarter	Average Multiple	Median Multiple	Total Companies	Greater than 10x	Greater than 15x	Greater than 20x
Q4 2014	6.9x	6.4x	31	8	1	0
Q1 2015	6.7x	6.1x	31	6	1	1
Q2 2015	6.6x	6.6x	31	6	0	0
Q3 2015	6.6x	6.2x	31	6	0	0
Q4 2015	5.1x	4.6x	37	2	0	0
Q1 2016	5.5x	5.0x	38	2	0	0
Q2 2016	6.9x	6.5x	39	7	1	1
Q3 2016	5.6x	5.8x	40	2	0	0
Q4 2016	6.3x	5.6x	41	7	1	0
Q1 2017	7.0x	6.9x	70	12	1	0
Q2 2017	7.2x	7.0x	71	12	1	1
Q3 2017	7.6x	7.5x	72	16	2	0
Q4 2017	7.1x	6.9x	73	14	1	0
Q1 2018	8.1x	7.9x	74	23	3	1
Q2 2018	9.2x	8.3x	74	30	9	1
Q4 2018	8.1x	6.7x	73	20	5	1
Q1 2019	10.5x	8.9x	71	28	15	8
Q2 2019	12.7x	8.7x	73	32	19	15
Q3 2019	11.6x	8.8x	79	34	18	12
Q4 2019	12.0x	9.5x	80	37	23	14
Q1 2020	10.6x	8.1x	80	30	21	11
Q2 2020	17.9x	11.3x	82	47	32	27
Q3 2020	17.9x	12.2x	83	47	33	24
Q4 2020	22.7x	14.2x	92	56	45	35
Q1 2021	18.4x	13.9x	97	58	45	34
Q2 2021	17.7x	12.7x	102	58	45	33
Q3 2021	20.1x	13.0x	120	68	54	41
Q4 2021	17.9x	12.2x	126	68	50	37
Q1 2022	12.9x	9.3x	123	58	35	22
Q2 2022	7.5x	6.4x	123	30	13	5
Q3 2022	7.1x	5.6x	121	27	13	6
Q4 2022	5.9x	4.9x	119	19	2	1

Net Dollar Retention

Name	Ticker	Year	Latest NDR	year prior NDR	2yrs prior NDR	GDR
Olo	OLO	2020	120%	120%	120%	---
DigitalOcean	DOCN	2020	103%	100%	101%	86%
SEMrush	SEMR	2020	114%	120%	---	---
SimilarWeb	SMWB	2020	101%	103%	---	---
UiPath	PATH	2020	145%	153%	---	97%
Alkami	ALKT	2020	117%	114%	---	---
DoubleVerify	DV	2020	123%	156%	---	95%
Squarespace	SQSP	2020	86%	84%	83%	---
ZipRecruiter	ZIP	2020	---	---	---	---
Procore	PCOR	2019	117%	121%	125%	95%
Sprinklr	CXM	2020	114%	118%	117%	---
Monday.com	MNDY	2020	119%	116%	---	---
Zeta Global	ZETA	2020	122%	104%	---	---
Doximity	DOCS	2020	153%	130%	136%	---
Confluent	CFLT	2020	125%	134%	---	---
SentinelOne	S	2020	117%	119%	---	97%
EverCommerce	EVCM	2020	99%	99%	---	---
Couchbase	BASE	2020	115%	115%	---	---
Kaltura	KLTR	2020	107%	105%	---	---
Blend Labs	BLND	2020	164%	142%	---	---
MeridianLink	MLNK	2020	120%	---	---	---
Powerschool Holdings	PWSC	2020	108%	104%	---	---
Fresh Works	FRSH	2020	115%	111%	---	---
Definitive Healthcare	DH	2020	108%	106%	---	---
ForgeRock	FORG	2020	113%	105%	---	---
Amplitude	AMPL	2020	116%	119%	---	---
Gitlab	GTLB	2020	179%	148%	---	97%
Enfusion	ENFN	2020	120%	111%	---	95%
avidxchange	AVDX	2020	105%	102%	---	---
Informatica	INFA	2020	114%	113%	106%	92%
BackBlaze	BLZE	2020	114%	113%	---	90%
Expensify	EXFY	2020	98%	119%	---	88%
Weave	WEAV	2020	102%	97%	---	91%
Brave	BRZE	2020	123%	126%	---	---
UserTesting	USER	2020	119%	---	---	---
Hashicorp	HCP	2020	123%	131%	---	---
Samsara	IOT	2020	115%	---	---	---
MEDIAN AVERAGE		2019 2019	116% 118%	115% 117%	117% 113%	95% 93%

Salary

Name	Ticker	Year	CEO	Salary	Bonus/Other	Options
Sumo Logic	SUMO	2019	Ramin Sayer	$372,315	$219,065	$3,140,697
Jfrog	FROG	2019	Shlomi Haim (founder)	$431,749	$33,454	$0
Palantir	PLTR	2019	Alex Carp (founder)	$901,637	$2,930,631	$8,267,709
Asana	ASAN	2019	Dustin Moskovitz (founder)	$1	$0	$0
Datto	MSP	2019	Tim Weller	$596,154	$301,200	$2,670,090
McAfee	MCFE	2019	Chris Young	$800,000	$1,200,000	$0
PubMatic	PUBM	2019	Rajeev Goel (foudner)	$450,000	$763,188	$409,242
C3.ai	AI	2019	Thomas Siebel (founder)	$5,676	$0	$10,303,125
Certara	CERT	2019	---	---	---	---
Qualtrics	XM	2019	Ryan Smith	$520,833	$15,300	$142,333,345
ON24	ONTF	2019	Sharat Sharan (founder)	$469,400	$779,982	$7,561,200
Viant	DSP	2019	Tim Vanderhook (founder)	$700,000	$700,000	$0
Olo	OLO	2020	Noah Glass (Founder)	$350,000	$210,000	$972,881
DigitalOcean	DOCN	2020	Yancey Spruill	$450,000	$640,247	$0
SEMrush	SEMR	2020	Oleg Shchegolev (founder)	$324,000	$133,734	$0
SimilarWeb	SMWB	2020	Or Offer (founder)	---	---	---
UiPath	PATH	2020	daniel Dines (Founder)	$106,044	$110,032	$0
Alkami	ALKT	2020	Michael hansen	$388,899	$1,662,803	$86,200
DoubleVerify	DV	2020	Mark Zagorski	$225,641	$349,658	$7,060,312
SquareSpace	SQSP	2020	Anthony Casalena (Founder)	$650,000	$475,336	$0
ZipRecruiter	ZIP	2020	Ian Siegel (founder)	$458,333	$168,302	$0
Procore	PCOR	2019	Tooey Courtemanche (Founder)	$250,000	$436,677	$2,484,300
Sprinklr	CXM	2020	Ragy Thomas (founder)	$455,000	$728,066	$3,972,000
Monday.com	MNDY	2020	Roy Mann (founder)	---	---	---
Zeta Global	ZETA	2020	David Steinberg (founder)	$693,750	$889,200	$7,145,417
Doximity	DOCS	2020	Jeff Tangney (founder)	$240,000	$204,634	$20,868,134
Confluent	CFLT	2020	Jay Kreps (founder)	$350,000	$0	$21,962,080
SentinelOne	S	2020	Tomer Weingarten (founder)	$316,667	$200,000	$3,117,263
EverCommerce	EVCM	2020	Eric Remer (founder)	$350,000	$4,532,200	$8,448,108
Couchbase	BASE	2020	Matt cain	$400,000	$221,500	$895,875
Kaltura	KLTR	2020	Ron Yekutiel (founder)	$390,066	$387,291	$21,571,580
Blend Labs	BLND	2020	Tim Mayopolous	$500,000	$824,157	$0
MeridianLink	MLNK	2020	Nicolas Vlok	$604,615	$660,638	$0
Powerschool Holdings	PWSC	2020	Hardeep Gulati	$500,000	$624,850	$0
Fresh Works	FRSH	2020	Rathna Girish Mathrubootham (founder)	$331,504	$156,274	$10,258,650
Definitive Healthcare	DH	2020	Jason Krantz (founder)	$420,250	$365,447	$0
ForgeRock	FORG	2020	Francis Rosch	$400,000	$991,931	$422,504
Amplitude	AMPL	2020	Spenser Skates (founder)	$275,000	$0	$6,253,300
Gitlab	GTLB	2020	Sytse Sijbrandij (Founder)	$0	$124,400	$0
Enfusion	ENFN	2020	Thomas Kim	$504,735	$271,100	$0
avidxchange	AVDX	2020	Michael Praeger (founder)	$404,077	$319,594	$1,654,993
Informatica	INFA	2020	Amit Walia	$566,500	$730,250	$0
BackBlaze	BLZE	2020	Gleb Budman (Founder)	$400,080	$10,025	$0
Expensify	EXFY	2020	David Barrett (Founder)	$933,072	$0	$126,851
Weave	WEAV	2020	Roy Banks	$29,167	$0	$6,270,746
Braze	BRZE	2020	William magnusen (founder)	$315,000	$307,400	$0
UserTesting	USER	2020	Andy MacMillan	$375,195	$253,275	$1,681,688
Hashicorp	HCP	2020	David McJannett	$400,000	$4,909,038	$13,062,738
Samsara	IOT	2020	Sanjit Bisaws (Founder)	$269,546	$192,977	$29,265,429
MEDIAN AVERAGE		2019 2019		$400,040 $410,324	$304,300 $543,905	$934,378 $7,440,575

S&M Efficiency

Name	Ticker	Financials Year	IPO Total Revenue	Prior Yr Revenue	Revenue Change	S&M	New Rev/ S&M
Mongo DB	MDB	2017	$101,358	$65,271	$36,087	$78,584	$0.46
Sendgrid	SEND	2018	$111,888	$79,929	$31,959	$28,185	$1.13
Dropbox	DBX	2018	$1,106,000	$844,800	$261,200	$314,000	$0.83
Zuora	ZUO	2018	$167,926	$113,008	$54,918	$73,087	$0.75
Docusign	DOCU	2018	$518,504	$381,459	$137,045	$277,930	$0.49
SmartSheet	SMAR	2018	$111,253	$66,964	$44,289	$72,925	$0.61
Zscaler	ZS	2018	$125,717	$80,325	$45,392	$79,236	$0.57
Survey Monkey	SVMK	2018	$218,773	$207,295	$11,478	$73,511	$0.16
PagerDuty	PD	2019	$117,823	$79,630	$38,193	$64,060	$0.60
Zoom Video	ZM	2018	$330,517	$151,478	$179,039	$185,821	$0.96
Fastly	FSLY	2018	$144,563	$104,900	$39,663	$50,134	$0.79
Slack	WORK	2019	$400,552	$220,544	$180,008	$233,191	$0.77
Crowdstrike	CRWD	2018	$249,824	$118,752	$131,072	$172,682	$0.76
Livongo	LVGO	2018	$68,431	$30,850	$37,581	$36,443	$1.03
DynaTrace	DT	2019	$545,803	$430,966	$114,837	$266,175	$0.43
Health Catalyst	HCAT	2018	$112,574	$73,081	$39,493	$44,123	$0.90
Ping Identity	PING	2019	$242,898	$201,562	$41,336	$78,889	$0.52
DataDog	DDOG	2018	$198,077	$100,761	$97,316	$88,849	$1.10
Cloudflare	NET	2018	$192,674	$134,915	$57,759	$94,394	$0.61
Sprout Social	SPT	2019	$102,707	$78,813	$23,894	$55,584	$0.43
Bill.com	BILL	2019	$108,351	$64,865	$43,486	$30,114	$1.44
Zoominfo	ZI	2019	$293,300	$144,300	$149,000	$90,200	$1.65
Snowflake	SNOW	2019	$264,748	$96,666	$168,082	$293,577	$0.57
Unity Software	U	2019	$541,779	$380,755	$161,024	$174,135	$0.92
Sumo Logic	SUMO	2019	$155,056	$103,642	$51,414	$107,239	$0.48
Jfrog	FROG	2019	$104,716	$63,532	$41,184	$44,088	$0.93
Palantir	PLTR	2019	$742,555	$595,409	$147,146	$450,120	$0.33
Asana	ASAN	2019	$142,606	$76,770	$65,836	$105,836	$0.62
Datto	MSP	2019	$458,752	$387,355	$71,397	$110,441	$0.65
McAfee	MCFE	2019	$2,635,000	$2,409,000	$226,000	$770,000	$0.29
PubMatic	PUBM	2019	$113,871	$99,264	$14,607	$36,498	$0.40
C3.ai	AI	2019	$156,666	$91,605	$65,061	$94,974	$0.69
Certara	CERT	2019	$208,511	$163,719	$44,792	$10,732	$4.17
Qualtrics	XM	2019	$591,155	$401,908	$189,247	$440,325	$0.43
ON24	ONTF	2019	$89,133	$82,608	$6,525	$47,773	$0.14
Viant	DSP	2019	$164,892	$108,355	$56,537	$29,027	$1.95
Olo	OLO	2020	$98,424	$50,691	$47,733	$8,545	$5.59
DigitalOcean	DOCN	2020	$318,380	$254,823	$63,557	$33,472	$1.90
SEMrush	SEMR	2020	$124,875	$92,109	$32,766	$54,518	$0.60
SimilarWeb	SMWB	2020	$93,500	$70,600	$22,900	$53,690	$0.43
UiPath	PATH	2020	$607,643	$336,156	$271,487	$380,154	$0.71
Alkami	ALKT	2020	$112,142	$73,541	$38,601	$16,774	$2.30
DoubleVerify	DV	2020	$243,917	$182,663	$61,254	$62,157	$0.99
SquareSpace	SQSP	2020	$621,149	$484,751	$136,398	$260,039	$0.52
ZipRecruiter	ZIP	2020	$418,142	$429,559	-$11,417	$191,141	-$0.06
Procore	PCOR	2019	$289,194	$186,396	$102,798	$173,472	$0.59
Sprinklr	CXM	2020	$386,930	$324,276	$62,654	$189,011	$0.33
Monday.com	MNDY	2020	$161,123	$78,089	$83,034	$191,353	$0.43
Zeta Global	ZETA	2020	$368,120	$306,051	$62,069	$77,140	$0.80
Doximity	DOCS	2020	$206,897	$116,388	$90,509	$62,033	$1.46
Confluent	CFLT	2020	$236,577	$149,805	$86,772	$166,361	$0.52
SentinelOne	S	2020	$93,056	$46,474	$46,582	$77,740	$0.60
EverCommerce	EVCM	2020	$337,525	$242,142	$95,383	$50,246	$1.90
Couchbase	BASE	2020	$103,285	$82,521	$20,764	$70,248	$0.30
Kaltura	KLTR	2020	$120,440	$97,349	$23,091	$29,475	$0.78
Blend Labs	BLND	2020	$96,029	$50,671	$45,358	$51,420	$0.88
MeridianLink	MLNK	2020	$199,340	$152,700	$46,640	$9,371	$4.98
Powerschool Holdings	PWSC	2020	$434,888	$364,991	$69,897	---	---
Fresh Works	FRSH	2020	$249,659	$172,377	$77,282	$133,277	$0.58
Definitive Healthcare	DH	2020	$118,317	$85,503	$32,814	$34,332	$0.96
ForgeRock	FORG	2020	$127,634	$104,498	$23,136	$75,768	$0.31
Amplitude	AMPL	2020	$102,464	$68,442	$34,022	$51,819	$0.66
Gitlab	GTLB	2020	$152,176	$81,227	$70,949	$154,086	$0.46
Enfusion	ENFN	2020	$79,565	$59,027	$20,538	$9,927	$2.07
avidxchange	AVDX	2020	$185,927	$149,584	$36,343	$47,909	$0.76
Informatica	INFA	2020	$1,323,096	$1,306,530	$16,566	$451,839	$0.04
BackBlaze	BLZE	2020	$53,784	$40,748	$13,036	$11,924	$1.09
Expensify	EXFY	2020	$88,072	$80,460	$7,612	$9,888	$0.77
Weave	WEAV	2020	$79,896	$45,746	$34,150	$39,258	$0.87
Braze	BRZE	2020	$150,191	$96,364	$53,827	$70,661	$0.76
UserTesting	USER	2020	$102,195	$76,633	$25,562	$59,737	$0.43
Hashicorp	HCP	2020	$211,854	$121,261	$90,593	$141,018	$0.64
Samsara	IOT	2020	$249,905	$119,865	$130,040	$202,262	$0.64
MEDIAN AVERAGE		2019 2019	$167,926 $286,100	$104,900 $213,919	$51,414 $72,181	$74,640 $123,680	$0.65 $0.93

YOY Growth and Other Revenue

Name	Ticker	Financials Year	IPO Total Revenue	Prior Yr Revenue	IPO Services	Non-Recurring Percent	YOY Growth
Mongo DB	MDB	2017	$101,358	$65,271	$10,123	10%	55%
Sendgrid	SEND	2018	$111,888	$79,929	---	---	40%
Dropbox	DBX	2018	$1,106,000	$844,800	---	---	31%
Zuora	ZUO	2018	$167,926	$113,008	$47,553	28%	49%
Docusign	DOCU	2018	$518,504	$381,459	$33,923	7%	36%
SmartSheet	SMAR	2018	$111,253	$66,964	$10,885	10%	66%
Zscaler	ZS	2018	$125,717	$80,325	---	---	57%
Survey Monkey	SVMK	2018	$218,773	$207,295	---	---	6%
PagerDuty	PD	2019	$117,823	$79,630	---	---	48%
Zoom Video	ZM	2018	$330,517	$151,478	---	---	118%
Fastly	FSLY	2018	$144,563	$104,900	---	---	38%
Slack	WORK	2019	$400,552	$220,544	---	---	82%
Crowdstrike	CRWD	2018	$249,824	$118,752	$30,423	12%	110%
Livongo	LVGO	2018	$68,431	$30,850	---	---	122%
DynaTrace	DT	2019	$545,803	$430,966	$81,136	15%	27%
Health Catalyst	HCAT	2018	$112,574	$73,081	$41,388	37%	54%
Ping Identity	PING	2019	$242,898	$201,562	$17,553	7%	21%
DataDog	DDOG	2018	$198,077	$100,761	---	---	97%
Cloudflare	NET	2018	$192,674	$134,915	---	---	43%
Sprout Social	SPT	2019	$102,707	$78,813	$464	0%	30%
Bill.com	BILL	2019	$108,351	$64,865	$22,400	21%	67%
Zoominfo	ZI	2019	$293,300	$144,300	---	---	103%
Snowflake	SNOW	2019	$264,748	$96,666	---	---	174%
Unity Software	U	2019	$541,779	$380,755	---	---	42%
Sumo Logic	SUMO	2019	$155,056	$103,642	---	---	50%
Jfrog	FROG	2019	$104,716	$63,532	---	---	65%
Palantir	PLTR	2019	$742,555	$595,409	---	---	25%
Asana	ASAN	2019	$142,606	$76,770	---	---	86%
Datto	MSP	2019	$458,752	$387,355	$46,585	10%	18%
McAfee	MCFE	2019	$2,635,000	$2,409,000	---	---	9%
PubMatic	PUBM	2019	$113,871	$99,264	---	---	15%
C3.ai	AI	2019	$156,666	$91,605	$21,272	14%	71%
Certara	CERT	2019	$208,511	$163,719	---	---	27%
Qualtrics	XM	2019	$591,155	$401,908	$161,117	27%	47%
ON24	ONTF	2019	$89,133	$82,608	$16,544	19%	8%
Viant	DSP	2019	$164,892	$108,355	---	---	52%
Olo	OLO	2020	$98,424	$50,691	$5,660	6%	94%
DigitalOcean	DOCN	2020	$318,380	$254,823	---	---	25%
SEMrush	SEMR	2020	$124,875	$92,109	---	---	36%
SimilarWeb	SMWB	2020	$93,500	$70,600	---	---	32%
UiPath	PATH	2020	$607,643	$336,156	$29,066	5%	81%
Alkami	ALKT	2020	$112,142	$73,541	---	---	52%
DoubleVerify	DV	2020	$243,917	$182,663	---	---	34%
SquareSpace	SQSP	2020	$621,149	$484,751	---	---	28%
ZipRecruiter	ZIP	2020	$418,142	$429,559	---	---	-3%
Procore	PCOR	2019	$289,194	$186,396	---	---	55%
Sprinklr	CXM	2020	$386,930	$324,276	$47,344	12%	19%
Monday.com	MNDY	2020	$161,123	$78,089	---	---	106%
Zeta Global	ZETA	2020	$368,120	$306,051	---	---	20%
Doximity	DOCS	2020	$206,897	$116,388	---	---	78%
Confluent	CFLT	2020	$236,577	$149,805	$27,944	12%	58%
SentinelOne	S	2020	$93,056	$46,474	---	---	100%
EverCommerce	EVCM	2020	$337,525	$242,142	$104,594	31%	39%
Couchbase	BASE	2020	$103,285	$82,521	$6,349	6%	25%
Kaltura	KLTR	2020	$120,440	$97,349	$16,376	14%	24%
Blend Labs	BLND	2020	$96,029	$50,671	---	---	90%
MeridianLink	MLNK	2020	$199,340	$152,700	---	---	31%
Powerschool Holdings	PWSC	2020	$434,888	$364,991	$49,471	11%	19%
Fresh Works	FRSH	2020	$249,659	$172,377	---	---	45%
Definitive Healthcare	DH	2020	$118,317	$85,503	---	---	38%
ForgeRock	FORG	2020	$127,634	$104,498	$4,258	3%	22%
Amplitude	AMPL	2020	$102,464	$68,442	---	---	50%
Gitlab	GTLB	2020	$152,176	$81,227	---	---	87%
Enfusion	ENFN	2020	$79,565	$59,027	$6,015	8%	35%
avidxchange	AVDX	2020	$185,927	$149,584	---	---	24%
Informatica	INFA	2020	$1,323,096	$1,306,530	$666,136	50%	1%
BackBlaze	BLZE	2020	$53,784	$40,748	---	---	32%
Expensify	EXFY	2020	$88,072	$80,460	---	---	9%
Weave	WEAV	2020	$79,896	$45,746	---	---	75%
Braze	BRZE	2020	$150,191	$96,364	---	---	56%
UserTesting	USER	2020	$102,195	$76,633	$8,821	9%	33%
Hashicorp	HCP	2020	$211,854	$121,261	$5,947	3%	75%
Samsara	IOT	2020	$249,905	$119,865	---	---	108%
MEDIAN AVERAGE		2019 2019	$167,926 $286,100	$104,900 $213,919	$22,400 $56,272	11% 14%	43% 51%

Average Contract Value

Name	Ticker	Financials Year	IPO Total Revenue ($'000)	Customers	ACV
Mongo DB	MDB	2017	$101,358	4,300	$23,572
Sendgrid	SEND	2018	$111,888	63,000	$1,776
Dropbox	DBX	2018	$1,106,000	11,000,000	$101
Zuora	ZUO	2018	$167,926	950	$176,764
Docusign	DOCU	2018	$518,504	350,000	$1,481
SmartSheet	SMAR	2018	$111,253	92,000	$1,209
Zscaler	ZS	2018	$125,717	2,800	$44,899
Survey Monkey	SVMK	2018	$218,773	300,000	$729
PagerDuty	PD	2019	$117,823	11,212	$10,509
Zoom Video	ZM	2018	$330,517	50,800	$6,506
Fastly	FSLY	2018	$144,563	1,582	$91,380
Slack	WORK	2019	$400,552	88,000	$4,552
Crowdstrike	CRWD	2018	$249,824	1,491	$167,555
Livongo	LVGO	2018	$68,431	---	---
DynaTrace	DT	2019	$545,803	733	$744,615
Health Catalyst	HCAT	2018	$112,574	126	$893,444
Ping Identity	PING	2019	$242,898	1,284	$189,173
DataDog	DDOG	2018	$198,077	8,800	$22,509
Cloudflare	NET	2018	$192,674	67,899	$2,838
Sprout Social	SPT	2019	$102,707	23,000	$4,466
Bill.com	BILL	2019	$108,351	81,000	$1,338
Zoominfo	ZI	2019	$293,300	15,000	$19,553
Snowflake	SNOW	2019	$264,748	3,117	$84,937
Unity Software	U	2019	$541,779	---	---
Sumo Logic	SUMO	2019	$155,056	2,137	$72,558
Jfrog	FROG	2019	$104,716	5,800	$18,054
Palantir	PLTR	2019	$742,555	125	$5,940,440
Asana	ASAN	2019	$142,606	75,000	$1,901
Datto	MSP	2019	$458,752	17,000	$26,985
McAfee	MCFE	2019	$2,635,000	---	---
PubMatic	PUBM	2019	$113,871	1,100	$103,519
C3.ai	AI	2019	$156,666	64	$2,447,906
Certara	CERT	2019	$208,511	1,650	$126,370
Qualtrics	XM	2019	$591,155	12,000	$49,263
ON24	ONTF	2019	$89,133	1,401	$63,621
Viant	DSP	2019	$164,892	277	$595,278
Olo	OLO	2020	$98,424	400	$246,060
DigitalOcean	DOCN	2020	$318,380	573,000	$556
SEMrush	SEMR	2020	$124,875	67,000	$1,864
SimilarWeb	SMWB	2020	$93,500	2,718	$34,400
UiPath	PATH	2020	$607,643	7,968	$76,260
Alkami	ALKT	2020	$112,142	227	$494,018
DoubleVerify	DV	2020	$243,917	1,000	$243,917
SquareSpace	SQSP	2020	$621,149	3,800,000	$163
ZipRecruiter	ZIP	2020	$418,142	---	---
Procore	PCOR	2019	$289,194	8,506	$33,999
Sprinklr	CXM	2020	$386,930	1,021	$378,972
Monday.com	MNDY	2020	$161,123	127,974	$1,259
Zeta Global	ZETA	2020	$368,120	1,081	$340,537
Doximity	DOCS	2020	$206,897	600	$344,828
Confluent	CFLT	2020	$236,577	2,100	$112,656
SentinelOne	S	2020	$93,056	850	$109,478
EverCommerce	EVCM	2020	$337,525	500,000	$675
Couchbase	BASE	2020	$103,285	549	$188,133
Kaltura	KLTR	2020	$120,440	1,000	$120,440
Blend Labs	BLND	2020	$96,029	291	$329,997
MeridianLink	MLNK	2020	$199,340	1,925	$103,553
Powerschool Holdings	PWSC	2020	$434,888	12,000	$36,241
Fresh Works	FRSH	2020	$249,659	48,500	$5,148
Definitive Healthcare	DH	2020	$118,317	2,600	$45,507
ForgeRock	FORG	2020	$127,634	1,300	$98,180
Amplitude	AMPL	2020	$102,464	1,039	$98,618
Gitlab	GTLB	2020	$152,176	2,745	$55,438
Enfusion	ENFN	2020	$79,565	635	$125,299
avidxchange	AVDX	2020	$185,927	7,000	$26,561
Informatica	INFA	2020	$1,323,096	5,700	$232,122
BackBlaze	BLZE	2020	$53,784	466,298	$115
Expensify	EXFY	2020	$88,072	53,000	$1,662
Weave	WEAV	2020	$79,896	20,000	$3,995
Braze	BRZE	2020	$150,191	890	$168,754
UserTesting	USER	2020	$102,195	2,100	$48,664
Hashicorp	HCP	2020	$211,854	1,473	$143,825
Samsara	IOT	2020	$249,905	25,000	$9,996
MEDIAN AVERAGE		2019 2019	$167,926 $286,100	2,800 261,335	$49,263 $234,807

Headcount

Name	Ticker	Financials Year	Revenue	S&M	R&D	G&A	OPEX	Headcount	Revenue/ Headcount	Opex/ Headcount
Mongo DB	MDB	2017	$101,358	$78,584	$51,772	$27,082	$157,438	826	$122,709	$190,603
Sendgrid	SEND	2018	$111,888	$28,185	$29,643	$30,101	$87,929	---	---	---
Dropbox	DBX	2018	$1,106,000	$314,000	$380,300	$157,300	$851,600	1,858	$595,264	$458,342
Zuora	ZUO	2018	$167,926	$73,087	$38,639	$22,572	$134,298	933	$179,985	$143,942
Docusign	DOCU	2018	$518,504	$277,930	$92,428	$81,526	$451,884	2,579	$201,048	$175,217
SmartSheet	SMAR	2018	$111,253	$72,925	$37,590	$28,034	$138,549	787	$141,363	$176,047
Zscaler	ZS	2018	$125,717	$79,236	$33,561	$20,521	$133,318	950	$132,334	$140,335
Survey Monkey	SVMK	2018	$218,773	$73,511	$53,660	$47,940	$175,111	750	$291,697	$233,481
PagerDuty	PD	2019	$117,823	$64,060	$38,858	$39,971	$142,889	524	$224,853	$272,689
Zoom Video	ZM	2018	$330,517	$185,821	$33,014	$44,514	$263,349	1,702	$194,193	$154,729
Fastly	FSLY	2018	$144,563	$50,134	$34,618	$23,450	$108,202	489	$295,630	$221,272
Slack	WORK	2019	$400,552	$233,191	$157,538	$112,730	$503,459	1,664	$240,716	$302,559
Crowdstrike	CRWD	2018	$249,824	$172,682	$84,551	$42,217	$299,450	1,455	$171,700	$205,808
Livongo	LVGO	2018	$68,431	$36,443	$24,861	$23,063	$84,367	576	$118,804	$146,470
DynaTrace	DT	2019	$545,803	$266,175	$119,281	$161,983	$547,439	2,243	$243,336	$244,066
Health Catalyst	HCAT	2018	$112,574	$44,123	$38,592	$22,690	$105,405	734	$153,371	$143,604
Ping Identity	PING	2019	$242,898	$78,889	$46,016	$38,293	$163,198	953	$254,877	$171,247
DataDog	DDOG	2018	$198,077	$88,849	$55,176	$18,556	$162,581	1,212	$163,430	$134,143
Cloudflare	NET	2018	$192,674	$94,394	$54,463	$85,179	$234,036	1,069	$180,238	$218,930
Sprout Social	SPT	2019	$102,707	$55,584	$28,059	$38,178	$121,821	610	$168,372	$199,707
Bill.com	BILL	2019	$108,351	$30,114	$28,924	$29,198	$88,236	544	$199,175	$162,199
Zoominfo	ZI	2019	$293,300	$90,200	$30,100	$35,100	$155,400	1,490	$196,846	$104,295
Snowflake	SNOW	2019	$264,748	$293,577	$105,160	$107,542	$506,279	2,037	$129,970	$248,541
Unity Software	U	2019	$541,779	$174,135	$255,928	$143,788	$573,851	2,715	$199,550	$211,363
Sumo Logic	SUMO	2019	$155,056	$107,239	$52,462	$37,263	$196,964	710	$218,389	$277,414
Jfrog	FROG	2019	$104,716	$44,088	$29,730	$17,800	$91,618	590	$177,485	$155,285
Palantir	PLTR	2019	$742,555	$450,120	$305,563	$320,943	$1,076,626	2,391	$310,563	$450,283
Asana	ASAN	2019	$142,606	$105,836	$89,675	$46,845	$242,356	701	$203,432	$345,729
Datto	MSP	2019	$458,752	$110,441	$60,459	$73,903	$244,803	1,653	$277,527	$148,096
McAfee	MCFE	2019	$2,635,000	$770,000	$380,000	$272,000	$1,422,000	6,850	$384,672	$207,591
PubMatic	PUBM	2019	$113,871	$36,498	$12,453	$20,307	$69,258	518	$219,828	$133,703
C3.ai	AI	2019	$156,666	$94,974	$64,548	$29,854	$189,376	482	$325,033	$392,896
Certara	CERT	2019	$208,511	$10,732	$11,633	$47,926	$70,291	899	$231,937	$78,188
Qualtrics	XM	2019	$591,155	$440,325	$242,124	$717,363	$1,399,812	3,370	$175,417	$415,374
ON24	ONTF	2019	$89,133	$47,773	$15,730	$14,590	$78,093	547	$162,949	$142,766
Viant	DSP	2019	$164,892	$29,027	$9,240	$19,770	$58,037	282	$584,723	$205,805
Olo	OLO	2020	$98,424	$8,545	$32,907	$22,209	$63,661	433	$227,307	$147,023
DigitalOcean	DOCN	2020	$318,380	$33,472	$74,970	$80,197	$188,639	581	$547,986	$324,680
SEMrush	SEMR	2020	$124,875	$54,518	$17,528	$29,044	$101,090	980	$127,423	$103,153
SimilarWeb	SMWB	2020	$93,500	$53,690	$22,086	$15,967	$91,743	576	$162,326	$159,276
UiPath	PATH	2020	$607,643	$380,154	$109,920	$162,035	$652,109	2,863	$212,240	$227,771
Alkami	ALKT	2020	$112,142	$16,774	$40,209	$37,276	$94,259	609	$184,141	$154,777
DoubleVerify	DV	2020	$243,917	$62,157	$47,004	$53,056	$162,217	647	$376,997	$250,722
SquareSpace	SQSP	2020	$621,149	$260,039	$167,906	$54,647	$482,592	1,261	$492,584	$382,706
ZipRecruiter	ZIP	2020	$418,142	$191,141	$69,408	$38,998	$299,547	840	$497,788	$356,604
Procore	PCOR	2019	$289,194	$173,472	$87,022	$58,158	$318,652	1,911	$151,331	$166,746
Sprinklr	CXM	2020	$386,930	$189,011	$40,280	$64,348	$293,639	2,469	$156,715	$118,930
Monday.com	MNDY	2020	$161,123	$191,353	$43,480	$54,339	$289,172	705	$228,543	$410,173
Zeta Global	ZETA	2020	$368,120	$77,140	$31,772	$70,849	$179,761	1,296	$284,043	$138,704
Doximity	DOCS	2020	$206,897	$62,033	$43,873	$16,492	$122,398	713	$290,178	$171,666
Confluent	CFLT	2020	$236,577	$166,361	$105,399	$122,516	$394,276	684	$345,873	$576,427
SentinelOne	S	2020	$93,056	$77,740	$62,444	$29,059	$169,243	4,700	$19,799	$36,009
EverCommerce	EVCM	2020	$337,525	$50,246	$30,386	$87,068	$167,700	1,750	$192,871	$95,829
Couchbase	BASE	2020	$103,285	$70,248	$39,000	$15,500	$124,748	437	$236,350	$285,465
Kaltura	KLTR	2020	$120,440	$29,475	$29,567	$22,222	$81,264	650	$185,292	$125,022
Blend Labs	BLND	2020	$96,029	$51,420	$55,503	$30,108	$137,031	577	$166,428	$237,489
MeridianLink	MLNK	2020	$199,340	$9,371	$18,691	$54,640	$82,702	544	$366,434	$152,026
Powerschool Holdings	PWSC	2020	$434,888	---	$70,673	---	---	2,905	$149,703	---
Fresh Works	FRSH	2020	$249,659	$133,277	$69,210	$50,792	$253,279	4,300	$58,060	$58,902
Definitive Healthcare	DH	2020	$118,317	$34,332	$11,062	$12,927	$58,321	625	$189,307	$93,314
ForgeRock	FORG	2020	$127,634	$75,768	$35,901	$26,729	$138,398	758	$168,383	$182,583
Amplitude	AMPL	2020	$102,464	$51,819	$26,098	$18,067	$95,984	490	$209,110	$195,886
Gitlab	GTLB	2020	$152,176	$154,086	$106,643	$86,868	$347,597	1,350	$112,723	$257,479
Enfusion	ENFN	2020	$79,565	$9,927	$6,318	$35,888	$52,133	639	$124,515	$81,585
avidxchange	AVDX	2020	$185,927	$47,909	$44,500	$56,396	$148,805	1,500	$123,951	$99,203
Informatica	INFA	2020	$1,323,096	$451,839	$230,151	$93,548	$775,538	5,249	$252,066	$147,750
BackBlaze	BLZE	2020	$53,784	$11,924	$13,069	$6,722	$31,715	228	$235,895	$139,101
Expensify	EXFY	2020	$88,072	$9,888	$6,728	$33,372	$49,988	140	$629,086	$357,057
Weave	WEAV	2020	$79,896	$39,258	$19,967	$25,793	$85,018	907	$88,088	$93,735
Braze	BRZE	2020	$150,191	$70,661	$29,212	$27,959	$127,832	870	$172,633	$146,933
UserTesting	USER	2020	$102,195	$59,737	$27,897	$18,960	$106,594	705	$144,957	$151,197
Hashicorp	HCP	2020	$211,854	$141,018	$65,248	$48,545	$254,811	1,650	$128,396	$154,431
Samsara	IOT	2020	$249,905	$202,262	$99,738	$75,223	$377,223	1,490	$167,721	$253,170
MEDIAN AVERAGE		2019 2019	$167,926 $286,100	$74,640 $123,680	$43,480 $70,659	$38,236 $65,786	$159,828 $260,125	855 1,343	$195,519 $228,870	$171,666 $206,285

Cash Efficiency

Name	Ticker	Financials Year	Cash	Debt	Equity	Net Investment	Revenue	Cash Efficiency
Mongo DB	MDB	2017	$69,305	$0	$407,814	$338,509	$101,358	$0.30
Sendgrid	SEND	2018	$37,397	$5,628	$90,018	$58,249	$111,888	$1.92
Dropbox	DBX	2018	$430,000	$174,300	$1,148,400	$892,700	$1,106,000	$1.24
Zuora	ZUO	2018	$48,208	$16,359	$186,152	$154,303	$167,926	$1.09
Docusign	DOCU	2018	$257,436	$0	$707,766	$450,330	$518,504	$1.15
SmartSheet	SMAR	2018	$58,158	$6,546	$138,579	$86,967	$111,253	$1.28
Zscaler	ZS	2018	$87,978	$0	$219,711	$131,733	$125,717	$0.95
Survey Monkey	SVMK	2018	$35,345	$411,706	$217,595	$593,956	$218,773	$0.37
PagerDuty	PD	2019	$127,875	$0	$232,961	$105,086	$117,823	$1.12
Zoom Video	ZM	2018	$63,624	$0	$177,312	$113,688	$330,517	$2.91
Fastly	FSLY	2018	$36,963	$50,809	$235,987	$249,833	$144,563	$0.58
Slack	WORK	2019	$180,770	$0	$1,497,734	$1,316,964	$400,552	$0.30
Crowdstrike	CRWD	2018	$88,408	$0	$589,123	$500,715	$249,824	$0.50
Livongo	LVGO	2018	$108,928	$0	$258,718	$149,790	$68,431	$0.46
DynaTrace	DT	2019	$213,170	$509,985	$1,573,347	$1,870,162	$545,803	$0.29
Health Catalyst	HCAT	2018	$28,431	$26,906	$409,845	$408,320	$112,574	$0.28
Ping Identity	PING	2019	$67,637	$50,941	$718,446	$701,750	$242,898	$0.35
DataDog	DDOG	2018	$53,639	$0	$171,639	$118,000	$198,077	$1.68
Cloudflare	NET	2018	$25,055	$10,698	$413,866	$399,509	$192,674	$0.48
Sprout Social	SPT	2019	$135,310	$20,527	$263,943	$149,160	$102,707	$0.69
Bill.com	BILL	2019	$90,306	$0	$290,979	$200,673	$108,351	$0.54
Zoominfo	ZI	2019	$41,400	$1,247	$200,200	$160,047	$293,300	$1.83
Snowflake	SNOW	2019	$127,206	$211,267	$1,091,814	$1,175,875	$264,748	$0.23
Unity Software	U	2019	$129,959	$0	$912,732	$782,773	$541,779	$0.69
Sumo Logic	SUMO	2019	$101,513	$0	$437,298	$335,785	$155,056	$0.46
Jfrog	FROG	2019	$166,481	$0	$207,679	$41,198	$104,716	$2.54
Palantir	PLTR	2019	$1,079,154	$396,065	$3,984,562	$3,301,473	$742,555	$0.22
Asana	ASAN	2019	$351,308	$225,182	$435,103	$308,977	$142,606	$0.46
Datto	MSP	2019	$27,597	$551,999	$1,083,218	$1,607,620	$458,752	$0.29
McAfee	MCFE	2019	$167,000	$4,741,000	$0	$4,574,000	$2,635,000	$0.58
PubMatic	PUBM	2019	$55,452	$0	$88,882	$33,430	$113,871	$3.41
C3.ai	AI	2019	$244,978	$0	$504,492	$259,514	$156,666	$0.60
Certara	CERT	2019	$29,256	$401,379	$510,486	$882,609	$208,511	$0.24
Qualtrics	XM	2019	$42,467	$190,167	$586,631	$734,331	$591,155	$0.81
ON24	ONTF	2019	$23,844	$24,065	$174,666	$174,887	$89,133	$0.51
Viant	DSP	2019	$4,815	$17,500	$99,687	$112,372	$164,892	$1.47
Olo	OLO	2020	$75,756	$0	$128,557	$52,801	$98,424	$1.86
DigitalOcean	DOCN	2020	$100,311	$259,683	$272,857	$432,229	$318,380	$0.74
SEMrush	SEMR	2020	$35,531	$0	$47,034	$11,503	$124,875	$10.86
SimilarWeb	SMWB	2020	$55,397	$26,853	$161,836	$133,292	$93,500	$0.70
UiPath	PATH	2020	$467,518	$14,152	$1,401,143	$947,777	$607,643	$0.64
Alkami	ALKT	2020	$166,790	$24,879	$443,263	$301,352	$112,142	$0.37
DoubleVerify	DV	2020	$33,354	$26,962	$621,429	$615,037	$243,917	$0.40
SquareSpace	SQSP	2020	$95,353	$539,338	$140,433	$584,418	$621,149	$1.06
ZipRecruiter	ZIP	2020	$114,539	$26,799	$183,959	$96,219	$418,142	$4.35
Procore	PCOR	2019	$118,452	$83,656	$489,940	$455,144	$289,194	$0.64
Sprinklr	CXM	2020	$280,689	$78,848	$547,053	$345,212	$386,930	$1.12
Monday.com	MNDY	2020	$139,814	$21,016	$332,305	$213,507	$161,123	$0.75
Zeta Global	ZETA	2020	$50,725	$186,693	$182,635	$318,603	$368,120	$1.16
Doximity	DOCS	2020	$142,534	$1,254	$81,815	-$59,465	$206,897	-$3.48
Confluent	CFLT	2020	$288,545	$50,932	$674,209	$436,596	$236,577	$0.54
SentinelOne	S	2020	$395,836	$42,094	$651,008	$297,266	$93,056	$0.31
EverCommerce	EVCM	2020	$96,035	$698,332	$948,874	$1,551,171	$337,525	$0.22
Couchbase	BASE	2020	$56,843	$24,948	$297,232	$265,337	$103,285	$0.39
Kaltura	KLTR	2020	$27,711	$50,040	$168,500	$190,829	$120,440	$0.63
Blend Labs	BLND	2020	$151,723	$14,004	$436,193	$298,474	$96,029	$0.32
MeridianLink	MLNK	2020	$37,739	$546,877	$323,822	$832,960	$199,340	$0.24
Powerschool Holdings	PWSC	2020	$52,734	$1,208,776	$1,855,730	$3,011,772	$434,888	$0.14
Fresh Works	FRSH	2020	$238,115	$0	$2,895,096	$2,656,981	$249,659	$0.09
Definitive Healthcare	DH	2020	$24,774	$461,877	$1,303,058	$1,740,161	$118,317	$0.07
ForgeRock	FORG	2020	$99,953	$39,396	$252,105	$191,548	$127,634	$0.67
Amplitude	AMPL	2020	$117,783	$0	$225,515	$107,732	$102,464	$0.95
Gitlab	GTLB	2020	$282,850	$0	$611,796	$328,946	$152,176	$0.46
Enfusion	ENFN	2020	$13,938	$98,563	$165,515	$250,140	$79,565	$0.32
avidxchange	AVDX	2020	$252,458	$193,508	$832,624	$773,674	$185,927	$0.24
Informatica	INFA	2020	$362,733	$2,881,183	$2,147,698	$4,666,148	$1,323,096	$0.28
BackBlaze	BLZE	2020	$6,076	$19,531	$10,578	$24,033	$53,784	$2.24
Expensify	EXFY	2020	$34,401	$49,350	$66,417	$81,366	$88,072	$1.08
Weave	WEAV	2020	$55,698	$18,442	$168,199	$130,943	$79,896	$0.61
Braze	BRZE	2020	$28,981	$0	$206,239	$177,258	$150,191	$0.85
UserTesting	USER	2020	$96,972	$0	$213,649	$116,677	$102,195	$0.88
Hashicorp	HCP	2020	$270,793	$19,144	$443,272	$191,623	$211,854	$1.11
Samsara	IOT	2020	$399,887	$173,274	$982,189	$755,576	$249,905	$0.33
MEDIAN AVERAGE		2019 2019	$95,353 $138,434	$24,065 $218,146	$323,822 $564,126	$301,352 $643,837	$167,926 $286,100	$0.60 $0.92

Age

Name	Ticker	Founded	IPO Financials Year	Years to IPO
Mongo DB	MDB	2007	2017	10
Sendgrid	SEND	2009	2018	9
Dropbox	DBX	2007	2018	11
Zuora	ZUO	2007	2018	11
Docusign	DOCU	2003	2018	15
SmartSheet	SMAR	2005	2018	13
Zscaler	ZS	2008	2018	10
Survey Monkey	SVMK	1999	2018	19
PagerDuty	PD	2009	2019	10
Zoom Video	ZM	2011	2018	7
Fastly	FSLY	2011	2018	7
Slack	WORK	2009	2019	10
Crowdstrike	CRWD	2011	2018	7
Livongo	LVGO	2014	2018	4
DynaTrace	DT	2005	2019	14
Health Catalyst	HCAT	2008	2018	10
Ping Identity	PING	2002	2019	17
DataDog	DDOG	2010	2018	8
Cloudflare	NET	2009	2018	9
Sprout Social	SPT	2010	2019	9
Bill.com	BILL	2006	2019	13
Zoominfo	ZI	2007	2019	12
Snowflake	SNOW	2012	2019	7
Unity Software	U	2004	2019	15
Sumo Logic	SUMO	2010	2019	9
Jfrog	FROG	2008	2019	11
Palantir	PLTR	2003	2019	16
Asana	ASAN	2008	2019	11
Datto	MSP	2007	2019	12
McAfee	MCFE	1987	2019	32
PubMatic	PUBM	2006	2019	13
C3.ai	AI	2009	2019	10
Certara	CERT	2008	2019	11
Qualtrics	XM	2002	2019	17
ON24	ONTF	1998	2019	21
Viant	DSP	1999	2019	20
Olo	OLO	2005	2020	15
DigitalOcean	DOCN	2012	2020	8
SEMrush	SEMR	2008	2020	12
SimilarWeb	SMWB	2007	2020	13
UiPath	PATH	2005	2020	15
Alkami	ALKT	2009	2020	11
DoubleVerify	DV	2008	2020	12
SquareSpace	SQSP	2003	2020	17
ZipRecruiter	ZIP	2010	2020	10
Procore	PCOR	2002	2019	17
Sprinklr	CXM	2009	2020	11
Monday.com	MNDY	2012	2020	8
Zeta Global	ZETA	2007	2020	13
Doximity	DOCS	2010	2020	10
Confluent	CFLT	2014	2020	6
SentinelOne	S	2013	2020	7
EverCommerce	EVCM	2016	2020	4
Couchbase	BASE	2011	2020	9
Kaltura	KLTR	2006	2020	14
Blend Labs	BLND	2012	2020	8
MeridianLink	MLNK	1998	2020	22
Powerschool Holdings	PWSC	1997	2020	23
Fresh Works	FRSH	2010	2020	10
Definitive Healthcare	DH	2011	2020	9
ForgeRock	FORG	2010	2020	10
Amplitude	AMPL	2012	2020	8
Gitlab	GTLB	2014	2020	6
Enfusion	ENFN	2011	2020	9
avidxchange	AVDX	2000	2020	20
Informatica	INFA	---	2020	---
BackBlaze	BLZE	2007	2020	13
Expensify	EXFY	2008	2020	12
Weave	WEAV	2011	2020	9
Braze	BRZE	2011	2020	9
UserTesting	USER	2007	2020	13
Hashicorp	HCP	2013	2020	7
Samsara	IOT	2015	2020	5
MEDIAN AVERAGE		2008 2008	2019 2019	11 12

Revenue to Burn

Name	Ticker	Financials Year	Revenue	COGS	S&M	R&D	G&A	OPEX	Operating Income	Revenue/ Burn
Mongo DB	MDB	2017	$101,358	$29,867	$78,584	$51,772	$27,082	$157,438	-$85,947	-1.18x
Sendgrid	SEND	2018	$111,888	$29,507	$28,185	$29,643	$30,101	$87,929	-$5,548	-20.17x
Dropbox	DBX	2018	$1,106,000	$368,900	$314,000	$380,300	$157,300	$851,600	-$114,500	-9.66x
Zuora	ZUO	2018	$167,926	$79,906	$73,087	$38,639	$22,572	$134,298	-$46,278	-3.63x
Docusign	DOCU	2018	$518,504	$118,273	$277,930	$92,428	$81,526	$451,884	-$51,653	-10.04x
SmartSheet	SMAR	2018	$111,253	$21,682	$72,925	$37,590	$28,034	$138,549	-$48,978	-2.27x
Zscaler	ZS	2018	$125,717	$27,472	$79,236	$33,561	$20,521	$133,318	-$35,073	-3.58x
Survey Monkey	SVMK	2018	$218,773	$62,679	$73,511	$53,660	$47,940	$175,111	-$19,017	-11.50x
PagerDuty	PD	2019	$117,823	$17,255	$64,060	$38,858	$39,971	$142,889	-$42,321	-2.78x
Zoom Video	ZM	2018	$330,517	$61,001	$185,821	$33,014	$44,514	$263,349	$6,167	---
Fastly	FSLY	2018	$144,563	$65,499	$50,134	$34,618	$23,450	$108,202	-$29,138	-4.96x
Slack	WORK	2019	$400,552	$51,301	$233,191	$157,538	$112,730	$503,459	-$154,208	-2.60x
Crowdstrike	CRWD	2018	$249,824	$87,238	$172,682	$84,551	$42,217	$299,450	-$136,864	-1.83x
Livongo	LVGO	2018	$68,431	$20,269	$36,443	$24,861	$23,063	$84,367	-$36,205	-1.89x
DynaTrace	DT	2019	$545,803	$128,931	$266,175	$119,281	$161,983	$547,439	-$130,567	-4.18x
Health Catalyst	HCAT	2018	$112,574	$59,852	$44,123	$38,592	$22,690	$105,405	-$52,683	-2.14x
Ping Identity	PING	2019	$242,898	$55,704	$78,889	$46,016	$38,293	$163,198	$23,996	---
DataDog	DDOG	2018	$198,077	$46,529	$88,849	$55,176	$18,556	$162,581	-$11,033	-17.95x
Cloudflare	NET	2018	$192,674	$43,537	$94,394	$54,463	$85,179	$234,036	-$84,899	-2.27x
Sprout Social	SPT	2019	$102,707	$28,154	$55,584	$28,059	$38,178	$121,821	-$47,268	-2.17x
Bill.com	BILL	2019	$108,351	$29,918	$30,114	$28,924	$29,198	$88,236	-$9,803	-11.05x
Zoominfo	ZI	2019	$293,300	$43,600	$90,200	$30,100	$35,100	$155,400	$94,300	---
Snowflake	SNOW	2019	$264,748	$116,557	$293,577	$105,160	$107,542	$506,279	-$358,088	-0.74x
Unity Software	U	2019	$541,779	$118,597	$174,135	$255,928	$143,788	$573,851	-$150,669	-3.60x
Sumo Logic	SUMO	2019	$155,056	$44,498	$107,239	$52,462	$37,263	$196,964	-$86,406	-1.79x
Jfrog	FROG	2019	$104,716	$20,035	$44,088	$29,730	$17,800	$91,618	-$6,937	-15.10x
Palantir	PLTR	2019	$742,555	$242,373	$450,120	$305,563	$320,943	$1,076,626	-$576,444	-1.29x
Asana	ASAN	2019	$142,606	$19,881	$105,836	$89,675	$46,845	$242,356	-$119,631	-1.19x
Datto	MSP	2019	$458,752	$157,307	$110,441	$60,459	$73,903	$244,803	$56,642	---
McAfee	MCFE	2019	$2,635,000	$843,000	$770,000	$380,000	$272,000	$1,422,000	$370,000	---
PubMatic	PUBM	2019	$113,871	$36,104	$36,498	$12,453	$20,307	$69,258	$8,509	---
C3.ai	AI	2019	$156,666	$38,787	$94,974	$64,548	$29,854	$189,376	-$71,497	-2.19x
Certara	CERT	2019	$208,511	$79,770	$10,732	$11,633	$47,926	$70,291	$58,450	---
Qualtrics	XM	2019	$591,155	$185,491	$440,325	$242,124	$717,363	$1,399,812	-$994,148	-0.59x
ON24	ONTF	2019	$89,133	$27,141	$47,773	$15,730	$14,590	$78,093	-$16,101	-5.54x
Viant	DSP	2019	$164,892	$94,060	$29,027	$9,240	$19,770	$58,037	$12,795	---
Olo	OLO	2020	$98,424	$18,668	$8,545	$32,907	$22,209	$63,661	$16,095	---
DigitalOcean	DOCN	2020	$318,380	$145,532	$33,472	$74,970	$80,197	$188,639	-$15,791	-20.16x
SEMrush	SEMR	2020	$124,875	$29,930	$54,518	$17,528	$29,044	$101,090	-$6,145	-20.32x
SimilarWeb	SMWB	2020	$93,500	$21,417	$53,690	$22,086	$15,967	$91,743	-$19,660	-4.76x
UiPath	PATH	2020	$607,643	$65,857	$380,154	$109,920	$162,035	$652,109	-$110,323	-5.51x
Alkami	ALKT	2020	$112,142	$52,986	$16,774	$40,209	$37,276	$94,259	-$35,103	-3.19x
DoubleVerify	DV	2020	$243,917	$35,750	$62,157	$47,004	$53,056	$162,217	$45,950	---
SquareSpace	SQSP	2020	$621,149	$98,337	$260,039	$167,906	$54,647	$482,592	$40,220	---
ZipRecruiter	ZIP	2020	$418,142	$54,163	$191,141	$69,408	$38,998	$299,547	$64,432	---
Procore	PCOR	2019	$289,194	$53,166	$173,472	$87,022	$58,158	$318,652	-$82,624	-3.50x
Sprinklr	CXM	2020	$386,930	$122,082	$189,011	$40,280	$64,348	$293,639	-$28,791	-13.44x
Monday.com	MNDY	2020	$161,123	$22,488	$191,353	$43,480	$54,339	$289,172	-$150,537	-1.07x
Zeta Global	ZETA	2020	$368,120	$148,878	$77,140	$31,772	$70,849	$179,761	$39,481	---
Doximity	DOCS	2020	$206,897	$31,196	$62,033	$43,873	$16,492	$122,398	$53,303	---
Confluent	CFLT	2020	$236,577	$75,476	$166,361	$105,399	$122,516	$394,276	-$233,175	-1.01x
SentinelOne	S	2020	$93,056	$39,332	$77,740	$62,444	$29,059	$169,243	-$115,519	-0.81x
EverCommerce	EVCM	2020	$337,525	$115,020	$50,246	$30,386	$87,068	$167,700	$54,805	---
Couchbase	BASE	2020	$103,285	$11,617	$70,248	$39,000	$15,500	$124,748	-$33,080	-3.12x
Kaltura	KLTR	2020	$120,440	$47,665	$29,475	$29,567	$22,222	$81,264	-$8,489	-14.19x
Blend Labs	BLND	2020	$96,029	$34,289	$51,420	$55,503	$30,108	$137,031	-$75,291	-1.28x
MeridianLink	MLNK	2020	$199,340	$152,731	$9,371	$18,691	$54,640	$82,702	-$36,093	-5.52x
Powerschool Holdings	PWSC	2020	$434,888	$191,802	---	$70,673	---	---	---	---
Fresh Works	FRSH	2020	$249,659	$52,492	$133,277	$69,210	$50,792	$253,279	-$56,112	-4.45x
Definitive Healthcare	DH	2020	$118,317	$11,085	$34,332	$11,062	$12,927	$58,321	$48,911	---
ForgeRock	FORG	2020	$127,634	$21,328	$75,768	$35,901	$26,729	$138,398	-$32,092	-3.98x
Amplitude	AMPL	2020	$102,464	$30,483	$51,819	$26,098	$18,067	$95,984	-$24,003	-4.27x
Gitlab	GTLB	2020	$152,176	$18,463	$154,086	$106,643	$86,868	$347,597	-$213,884	-0.71x
Enfusion	ENFN	2020	$79,565	$21,358	$9,927	$6,318	$35,888	$52,133	$6,074	---
avidxchange	AVDX	2020	$185,927	$83,754	$47,909	$44,500	$56,396	$148,805	-$46,632	-3.99x
Informatica	INFA	2020	$1,323,096	$317,985	$451,839	$230,151	$93,548	$775,538	$229,573	---
BackBlaze	BLZE	2020	$53,784	$25,801	$11,924	$13,069	$6,722	$31,715	-$3,732	-14.41x
Expensify	EXFY	2020	$88,072	$32,414	$9,888	$6,728	$33,372	$49,988	$5,670	---
Weave	WEAV	2020	$79,896	$34,449	$39,258	$19,967	$25,793	$85,018	-$39,571	-2.02x
Braze	BRZE	2020	$150,191	$54,511	$70,661	$29,212	$27,959	$127,832	-$32,152	-4.67x
UserTesting	USER	2020	$102,195	$29,567	$59,737	$27,897	$18,960	$106,594	-$33,966	-3.01x
Hashicorp	HCP	2020	$211,854	$41,052	$141,018	$65,248	$48,545	$254,811	-$84,009	-2.52x
Samsara	IOT	2020	$249,905	$75,393	$202,262	$99,738	$75,223	$377,223	-$202,711	-1.23x
MEDIAN AVERAGE		2019 2019	$167,926 $286,100	$47,665 $81,085	$74,640 $123,680	$43,480 $70,659	$38,236 $65,786	$159,828 $260,125	-$33,523 -$55,639	-3.50x -5.49x

Founder Ownership

Name	Ticker	Founder Ownership	Founder
Mongo DB	MDB	13%	Eliot Horwitz, Kevin Ryan
Sendgrid	SEND	7%	Isaac Saldana
Dropbox	DBX	36%	Andrew Houston, Arash Ferdowsi
Zuora	ZUO	10%	Tien Tzuo
Docusign	DOCU	2%	Thomas Gonser (founder)
SmartSheet	SMAR	9%	Brent Frei
Zscaler	ZS	54%	Jay Chaudry
Survey Monkey	SVMK	9%	Ryan Finley
PagerDuty	PD	7%	Alex Solomon
Zoom Video	ZM	19%	Eric Yuan
Fastly	FSLY	16%	Artur Bergman
Slack	WORK	12%	Stewart Butterfield, Cal Henderson
Crowdstrike	CRWD	10%	George Kurtz
Livongo	LVGO	12%	Glen Tullman
DynaTrace	DT	---	---
Health Catalyst	HCAT	10%	Thomas Burton, Steven Barlow
Ping Identity	PING	---	---
DataDog	DDOG	24%	Alexis Lequoc, Olivier Pomel
Cloudflare	NET	23%	Michelle Zatlyn, Matthew Price, Lee Halloway
Sprout Social	SPT	23%	Justin Howard, Aaron Rankin (founders)
Bill.com	BILL	6%	Rene Lacerte (founder)
Zoominfo	ZI	34%	Henry Schuck, Kirk Brown (founders)
Snowflake	SNOW	3%	Benoit Degeville (co-founder)
Unity Software	U	4%	David Helgason (co-founder)
Sumo Logic	SUMO	3%	Christian Beedgen (founder)
Jfrog	FROG	24%	Shlomi Haim, Yoav Landman, Fred Simon
Palantir	PLTR	33%	Alex Karp, Stephen Cohen, Peter Thiel
Asana	ASAN	52%	Dustin and JR
Datto	MSP	15%	Austin McChord
McAfee	MCFE	---	---
PubMatic	PUBM	68%	Rajeev Goel, Amar Goel, Ashish Gupta, Narendra Gupta
C3.ai	AI	50%	Thomas Siebel
Certara	CERT	---
Qualtrics	XM	---	---
ON24	ONTF	11%	Sharat Sharan
Viant	DSP	93%	Tim Vanderhook, Chris Vanderhook
Olo	OLO	10%	Noah Glass
DigitalOcean	DOCN	16%	Benya Uretsky, Moisey Uretsky
SEMrush	SEMR	69%	Oleg Shchegolev, Dmitry Melnikov
SimilarWeb	SMWB	---	Or Offer, Ben Seror
UiPath	PATH	23%	daniel Dines
Alkami	ALKT	2%	Stephan Bohanon
DoubleVerify	DV	---	---
SquareSpace	SQSP	36%	Anthony Casalena
ZipRecruiter	ZIP	14%	Ian Siegel
Procore	PCOR	7%	Tooey Courtemanche
Sprinklr	CXM	24%	Ragy Thomas
Monday.com	MNDY	21%	Roy Mann, Eran Zinman
Zeta Global	ZETA	23%	David Steinberg
Doximity	DOCS	32%	Jeff Tangney
Confluent	CFLT	13%	Jay Kreps
SentinelOne	S	4%	Tomer Weingarten
EverCommerce	EVCM	6%	Eric Remer
Couchbase	BASE	---	Not listed
Kaltura	KLTR	11%	Ron Yekutiel, Michael Tsur
Blend Labs	BLND	9%	Nima Ghamarsi, Erin Collard
MeridianLink	MLNK	23%	Tim Nguyen
Powerschool Holdings	PWSC	---	---
Fresh Works	FRSH	---	Rathna Girish Mathrubootham
Definitive Healthcare	DH	15%	Jason Krantz
ForgeRock	FORG	4%
Amplitude	AMPL	17%	Spenser Skates, Curtis Liu
Gitlab	GTLB	19%	Sytse Sijbrandij
Enfusion	ENFN	---	Tarek Hammoud
avidxchange	AVDX	8%	Michael Praeger
Informatica	INFA	---	---
BackBlaze	BLZE	39%	Gleb Budman, Brian Wilson, Tim Nufire
Expensify	EXFY	---	David Barrett
Weave	WEAV	---	---
Braze	BRZE	4%	William magnusen, Jon Hyman, Mark Ghermezian
UserTesting	USER	4%	Darrel Banatar, Dave Garr
Hashicorp	HCP	21%	Mitchell Hashimoto, Armon Dadgar
Samsara	IOT	50%	Sanjit Bisaws, John Bicket
MEDIAN AVERAGE		15% 21%

VC Ownership

Name	Ticker	VC Ownership	Other Ownership	Strategic Investor?	VC's/Major Investors
Mongo DB	MDB	45%	42%	No	Sequoia, Flybridge, Union Square, NEA
Sendgrid	SEND	73%	20%	No	Bain, Bessemer, Foundry, Highway 12
Dropbox	DBX	32%	32%	No	Sequoia, Accel, T Rowe Price
Zuora	ZUO	42%	48%	No	Benchmark, RedPoint, Shasta, Tanaya, Wellington
Docusign	DOCU	40%	58%	No	Sigma Partners, Ignition Partners, Frazier Technology
SmartSheet	SMAR	66%	25%	No	Insight, Madrona, Sutter Hill
Zscaler	ZS	9%	38%	No	TPG
Survey Monkey	SVMK	29%	62%	No	Tiger Global
PagerDuty	PD	44%	49%	No	Andreesen, Accel, Bessemer, Baseline Ventures
Zoom Video	ZM	23%	58%	No	Emergence Capital, Sequoia
Fastly	FSLY	54%	30%	No	August Capital, Iconiq, OATV, Amplify
Slack	WORK	54%	34%	No	Accel, Andreesen Horwitz, Social Capital, Softbank
Crowdstrike	CRWD	61%	29%	No	Warburg Pincus, Accel, Capital G
Livongo	LVGO	49%	39%	Yes	General Catalyst, Kinnevik Online, KPCB, Merck Global Health, 7Wire
DynaTrace	DT	81%	---	No	Thoma Bravo
Health Catalyst	HCAT	49%	41%	Yes	Norwest, Sequoia, UPMC
Ping Identity	PING	97%	---	no	Vista
DataDog	DDOG	56%	20%	no	Index Ventures, OpenView, ICONIQ, RTP
Cloudflare	NET	61%	16%	no	NEA, Pelion Ventures, Venrock, Fidelity
Sprout Social	SPT	58%	19%	no	Goldman, NEA, Lightbank
Bill.com	BILL	65%	29%	no	DCM, August Capital, Ossa, Emergence, Financial Partners, Scale, Icon
Zoominfo	ZI	54%	12%	no	TA Associates, Carlyle, 22C Capital, DO Holdings
Snowflake	SNOW	66%	30%	no	Altimeter, ICONIQ, Redpoint, Sequoia, Sutter Hill
Unity Software	U	56%	40%	yes	Sequoia, Silver Lake, D1 Capital, JA Technologies
Sumo Logic	SUMO	47%	49%	No	Greylock, Sapphire, Accel, IVP, DFJ
Jfrog	FROG	60%	16%	Yes	Scale, Sapphire, Insight, Dell, Qumra, Gemini Israel
Palantir	PLTR	23%	45%	No	Founders Fund, SOMPO, DTS, UBS, 8VC
Asana	ASAN	22%	26%	No	Benchmark, Generation IM, Founders Fund
Datto	MSP	84%	1%	No	Vista
McAfee	MCFE	---	---	Yes	TPG Funds, Intel, Thoma Bravo, Snowflake
PubMatic	PUBM	25%	7%	No	August, DFJ
C3.ai	AI	35%	15%	Yes	TPG, Baker Hughes
Certara	CERT	56%	---	No	EQT Investor, Arsenal Investors
Qualtrics	XM	100%	---	Yes	SAP
ON24	ONTF	61%	28%	No	USVP, Canaan, Goldman, Rho
Viant	DSP	0%	7%	No	None
Olo	OLO	90%	0%	No	Raine, RRE, Tiger, Battery, Staley, Raqtinda, Wellington
DigitalOcean	DOCN	61%	23%	No	AI Droplet, Andreesen, IA Venture,
SEMrush	SEMR	22%	9%	No	Greycroft, Siguler
SimilarWeb	SMWB	---	---	No	Prosus, Naspers, Viola
UiPath	PATH	36%	41%	No	Accel, EarlyBird, CapitalG
Alkami	ALKT	70%	29%	No	General Atlantic, S3, D1, Argonaut
DoubleVerify	DV	88%	---	No	Providence, Blumberg, Tiger
SquareSpace	SQSP	46%	18%	No	Accel, General Atlantic, Index
ZipRecruiter	ZIP	32%	55%	No	IVP, Wellington
Procore	PCOR	59%	34%	No	ICONIQ, Bessemer
Sprinklr	CXM	55%	21%	No	Hellman & Friedman, Battery, ICONIQ
Monday.com	MNDY	63%	16%	No	Insight, Stripes, Sonnipe
Zeta Global	ZETA	46%	31%	No	GPI, Greenhill, CMS, ACI
Doximity	DOCS	39%	29%	No	Emergence, interWest, Morgenthaler
Confluent	CFLT	38%	50%	No	Benchmark, Index, Sequoia
SentinelOne	S	57%	39%	No	Insight, Tiger, Third Point, Redpoint, Data Collective, Achorage
EverCommerce	EVCM	88%	6%	No	Providence, Silver Lake
Couchbase	BASE	73%	---	No	Accel, Northbridge, GPI, SCP, Mayfield, Adams street
Kaltura	KLTR	67%	22%	yes	Point 406, Nexus, Avalon, Intel, Sapphire
Blend Labs	BLND	47%	44%	no	Coatue, Formation8, General Atlantic, Greylock, Lightspeed, Tiger, Temasek
MeridianLink	MLNK	66%	11%	no	Thoma Bravo, Serent
Powerschool Holdings	PWSC	79%	---	no	Vista, Onex
Fresh Works	FRSH	---	---	no	Accel, CapitalG, Tiger, Sequoia
Definitive Healthcare	DH	79%	6%	no	Advent, Spectrum
ForgeRock	FORG	78%	18%	no	Accel, Riverwood, meritech, Foundation, KKR, GravityRock
Amplitude	AMPL	50%	34%	no	Battery, Benchmark, IVP, Sequoia, Jasmine
Gitlab	GTLB	43%	38%	no	August, GV, ICONIQ, Khosla
Enfusion	ENFN	67%	---	no	ICONIQ, FTV
avidxchange	AVDX	35%	57%	Yes	Mastercard, Bain, Ossa
Informatica	INFA	---	---	no	CPP, Permira
BackBlaze	BLZE	16%	45%	no	TMT
Expensify	EXFY	---	---	no	OpenView, PJC, Octopus Head
Weave	WEAV	69%	---	no	Bessemer, Catalyst, pelion, Tiger, Crosslink
Braze	BRZE	71%	25%	no	Battery, ICONIQ, Rally, InterWest, Blumberg, Meritech, MCG7
UserTesting	USER	80%	16%	no	Accel, Greenspring, Insight, Openview, Topiary, Inspiration
Hashicorp	HCP	56%	24%	no	Mayfield, GGV, Redpoint, True Ventures
Samsara	IOT	28%	23%	no	Andreesen, General Catalyst
MEDIAN AVERAGE		56% 54%	29% 29%

Percent of OPEX

Name	Ticker	Financials Year	S&M	R&D	G&A	OPEX	% of OpEx S&M	% of OpEx R&D	% of OpEx G&A
Mongo DB	MDB	2017	$78,584	$51,772	$27,082	$157,438	50%	33%	17%
Sendgrid	SEND	2018	$28,185	$29,643	$30,101	$87,929	32%	34%	34%
Dropbox	DBX	2018	$314,000	$380,300	$157,300	$851,600	37%	45%	18%
Zuora	ZUO	2018	$73,087	$38,639	$22,572	$134,298	54%	29%	17%
Docusign	DOCU	2018	$277,930	$92,428	$81,526	$451,884	62%	20%	18%
SmartSheet	SMAR	2018	$72,925	$37,590	$28,034	$138,549	53%	27%	20%
Zscaler	ZS	2018	$79,236	$33,561	$20,521	$133,318	59%	25%	15%
Survey Monkey	SVMK	2018	$73,511	$53,660	$47,940	$175,111	42%	31%	27%
PagerDuty	PD	2019	$64,060	$38,858	$39,971	$142,889	45%	27%	28%
Zoom Video	ZM	2018	$185,821	$33,014	$44,514	$263,349	71%	13%	17%
Fastly	FSLY	2018	$50,134	$34,618	$23,450	$108,202	46%	32%	22%
Slack	WORK	2019	$233,191	$157,538	$112,730	$503,459	46%	31%	22%
Crowdstrike	CRWD	2018	$172,682	$84,551	$42,217	$299,450	58%	28%	14%
Livongo	LVGO	2018	$36,443	$24,861	$23,063	$84,367	43%	29%	27%
DynaTrace	DT	2019	$266,175	$119,281	$161,983	$547,439	49%	22%	30%
Health Catalyst	HCAT	2018	$44,123	$38,592	$22,690	$105,405	42%	37%	22%
Ping Identity	PING	2019	$78,889	$46,016	$38,293	$163,198	48%	28%	23%
DataDog	DDOG	2018	$88,849	$55,176	$18,556	$162,581	55%	34%	11%
Cloudflare	NET	2018	$94,394	$54,463	$85,179	$234,036	40%	23%	36%
Sprout Social	SPT	2019	$55,584	$28,059	$38,178	$121,821	46%	23%	31%
Bill.com	BILL	2019	$30,114	$28,924	$29,198	$88,236	34%	33%	33%
Zoominfo	ZI	2019	$90,200	$30,100	$35,100	$155,400	58%	19%	23%
Snowflake	SNOW	2019	$293,577	$105,160	$107,542	$506,279	58%	21%	21%
Unity Software	U	2019	$174,135	$255,928	$143,788	$573,851	30%	45%	25%
Sumo Logic	SUMO	2019	$107,239	$52,462	$37,263	$196,964	54%	27%	19%
Jfrog	FROG	2019	$44,088	$29,730	$17,800	$91,618	48%	32%	19%
Palantir	PLTR	2019	$450,120	$305,563	$320,943	$1,076,626	42%	28%	30%
Asana	ASAN	2019	$105,836	$89,675	$46,845	$242,356	44%	37%	19%
Datto	MSP	2019	$110,441	$60,459	$73,903	$244,803	45%	25%	30%
McAfee	MCFE	2019	$770,000	$380,000	$272,000	$1,422,000	54%	27%	19%
PubMatic	PUBM	2019	$36,498	$12,453	$20,307	$69,258	53%	18%	29%
C3.ai	AI	2019	$94,974	$64,548	$29,854	$189,376	50%	34%	16%
Certara	CERT	2019	$10,732	$11,633	$47,926	$70,291	15%	17%	68%
Qualtrics	XM	2019	$440,325	$242,124	$717,363	$1,399,812	31%	17%	51%
ON24	ONTF	2019	$47,773	$15,730	$14,590	$78,093	61%	20%	19%
Viant	DSP	2019	$29,027	$9,240	$19,770	$58,037	50%	16%	34%
Olo	OLO	2020	$8,545	$32,907	$22,209	$63,661	13%	52%	35%
DigitalOcean	DOCN	2020	$33,472	$74,970	$80,197	$188,639	18%	40%	43%
SEMrush	SEMR	2020	$54,518	$17,528	$29,044	$101,090	54%	17%	29%
SimilarWeb	SMWB	2020	$53,690	$22,086	$15,967	$91,743	59%	24%	17%
UiPath	PATH	2020	$380,154	$109,920	$162,035	$652,109	58%	17%	25%
Alkami	ALKT	2020	$16,774	$40,209	$37,276	$94,259	18%	43%	40%
DoubleVerify	DV	2020	$62,157	$47,004	$53,056	$162,217	38%	29%	33%
SquareSpace	SQSP	2020	$260,039	$167,906	$54,647	$482,592	54%	35%	11%
ZipRecruiter	ZIP	2020	$191,141	$69,408	$38,998	$299,547	64%	23%	13%
Procore	PCOR	2019	$173,472	$87,022	$58,158	$318,652	54%	27%	18%
Sprinklr	CXM	2020	$189,011	$40,280	$64,348	$293,639	64%	14%	22%
Monday.com	MNDY	2020	$191,353	$43,480	$54,339	$289,172	66%	15%	19%
Zeta Global	ZETA	2020	$77,140	$31,772	$70,849	$179,761	43%	18%	39%
Doximity	DOCS	2020	$62,033	$43,873	$16,492	$122,398	51%	36%	13%
Confluent	CFLT	2020	$166,361	$105,399	$122,516	$394,276	42%	27%	31%
SentinelOne	S	2020	$77,740	$62,444	$29,059	$169,243	46%	37%	17%
EverCommerce	EVCM	2020	$50,246	$30,386	$87,068	$167,700	30%	18%	52%
Couchbase	BASE	2020	$70,248	$39,000	$15,500	$124,748	56%	31%	12%
Kaltura	KLTR	2020	$29,475	$29,567	$22,222	$81,264	36%	36%	27%
Blend Labs	BLND	2020	$51,420	$55,503	$30,108	$137,031	38%	41%	22%
MeridianLink	MLNK	2020	$9,371	$18,691	$54,640	$82,702	11%	23%	66%
Powerschool Holdings	PWSC	2020	---	$70,673	---	---	---	---	---
Fresh Works	FRSH	2020	$133,277	$69,210	$50,792	$253,279	53%	27%	20%
Definitive Healthcare	DH	2020	$34,332	$11,062	$12,927	$58,321	59%	19%	22%
ForgeRock	FORG	2020	$75,768	$35,901	$26,729	$138,398	55%	26%	19%
Amplitude	AMPL	2020	$51,819	$26,098	$18,067	$95,984	54%	27%	19%
Gitlab	GTLB	2020	$154,086	$106,643	$86,868	$347,597	44%	31%	25%
Enfusion	ENFN	2020	$9,927	$6,318	$35,888	$52,133	19%	12%	69%
avidxchange	AVDX	2020	$47,909	$44,500	$56,396	$148,805	32%	30%	38%
Informatica	INFA	2020	$451,839	$230,151	$93,548	$775,538	58%	30%	12%
BackBlaze	BLZE	2020	$11,924	$13,069	$6,722	$31,715	38%	41%	21%
Expensify	EXFY	2020	$9,888	$6,728	$33,372	$49,988	20%	13%	67%
Weave	WEAV	2020	$39,258	$19,967	$25,793	$85,018	46%	23%	30%
Braze	BRZE	2020	$70,661	$29,212	$27,959	$127,832	55%	23%	22%
UserTesting	USER	2020	$59,737	$27,897	$18,960	$106,594	56%	26%	18%
Hashicorp	HCP	2020	$141,018	$65,248	$48,545	$254,811	55%	26%	19%
Samsara	IOT	2020	$202,262	$99,738	$75,223	$377,223	54%	26%	20%
MEDIAN AVERAGE		2019 2019	$74,640 $123,680	$43,480 $70,659	$38,236 $65,786	$159,828 $260,125	48% 46%	27% 27%	22% 27%

Percent of Revenue

Name	Ticker	Financials Year	Revenue	COGS	S&M	R&D	G&A	OPEX	Operating Income	% of Rev COGS	% of Rev S&M	% of Rev R&D	% of Rev G&A	% of Rev OPEX	% of Rev Op Income
Mongo DB	MDB	2017	$101,358	$29,867	$78,584	$51,772	$27,082	$157,438	-$85,947	29%	78%	51%	27%	155%	-85%
Sendgrid	SEND	2018	$111,888	$29,507	$28,185	$29,643	$30,101	$87,929	-$5,548	26%	25%	26%	27%	79%	-5%
Dropbox	DBX	2018	$1,106,000	$368,900	$314,000	$380,300	$157,300	$851,600	-$114,500	33%	28%	34%	14%	77%	-10%
Zuora	ZUO	2018	$167,926	$79,906	$73,087	$38,639	$22,572	$134,298	-$46,278	48%	44%	23%	13%	80%	-28%
Docusign	DOCU	2018	$518,504	$118,273	$277,930	$92,428	$81,526	$451,884	-$51,653	23%	54%	18%	16%	87%	-10%
SmartSheet	SMAR	2018	$111,253	$21,682	$72,925	$37,590	$28,034	$138,549	-$48,978	19%	66%	34%	25%	125%	-44%
Zscaler	ZS	2018	$125,717	$27,472	$79,236	$33,561	$20,521	$133,318	-$35,073	22%	63%	27%	16%	106%	-28%
Survey Monkey	SVMK	2018	$218,773	$62,679	$73,511	$53,660	$47,940	$175,111	-$19,017	29%	34%	25%	22%	80%	-9%
PagerDuty	PD	2019	$117,823	$17,255	$64,060	$38,858	$39,971	$142,889	-$42,321	15%	54%	33%	34%	121%	-36%
Zoom Video	ZM	2018	$330,517	$61,001	$185,821	$33,014	$44,514	$263,349	$6,167	18%	56%	10%	13%	80%	2%
Fastly	FSLY	2018	$144,563	$65,499	$50,134	$34,618	$23,450	$108,202	-$29,138	45%	35%	24%	16%	75%	-20%
Slack	WORK	2019	$400,552	$51,301	$233,191	$157,538	$112,730	$503,459	-$154,208	13%	58%	39%	28%	126%	-38%
Crowdstrike	CRWD	2018	$249,824	$87,238	$172,682	$84,551	$42,217	$299,450	-$136,864	35%	69%	34%	17%	120%	-55%
Livongo	LVGO	2018	$68,431	$20,269	$36,443	$24,861	$23,063	$84,367	-$36,205	30%	53%	36%	34%	123%	-53%
DynaTrace	DT	2019	$545,803	$128,931	$266,175	$119,281	$161,983	$547,439	-$130,567	24%	49%	22%	30%	100%	-24%
Health Catalyst	HCAT	2018	$112,574	$59,852	$44,123	$38,592	$22,690	$105,405	-$52,683	53%	39%	34%	20%	94%	-47%
Ping Identity	PING	2019	$242,898	$55,704	$78,889	$46,016	$38,293	$163,198	$23,996	23%	32%	19%	16%	67%	10%
DataDog	DDOG	2018	$198,077	$46,529	$88,849	$55,176	$18,556	$162,581	-$11,033	23%	45%	28%	9%	82%	-6%
Cloudflare	NET	2018	$192,674	$43,537	$94,394	$54,463	$85,179	$234,036	-$84,899	23%	49%	28%	44%	121%	-44%
Sprout Social	SPT	2019	$102,707	$28,154	$55,584	$28,059	$38,178	$121,821	-$47,268	27%	54%	27%	37%	119%	-46%
Bill.com	BILL	2019	$108,351	$29,918	$30,114	$28,924	$29,198	$88,236	-$9,803	28%	28%	27%	27%	81%	-9%
Zoominfo	ZI	2019	$293,300	$43,600	$90,200	$30,100	$35,100	$155,400	$94,300	15%	31%	10%	12%	53%	32%
Snowflake	SNOW	2019	$264,748	$116,557	$293,577	$105,160	$107,542	$506,279	-$358,088	44%	111%	40%	41%	191%	-135%
Unity Software	U	2019	$541,779	$118,597	$174,135	$255,928	$143,788	$573,851	-$150,669	22%	32%	47%	27%	106%	-28%
Sumo Logic	SUMO	2019	$155,056	$44,498	$107,239	$52,462	$37,263	$196,964	-$86,406	29%	69%	34%	24%	127%	-56%
Jfrog	FROG	2019	$104,716	$20,035	$44,088	$29,730	$17,800	$91,618	-$6,937	19%	42%	28%	17%	87%	-7%
Palantir	PLTR	2019	$742,555	$242,373	$450,120	$305,563	$320,943	$1,076,626	-$576,444	33%	61%	41%	43%	145%	-78%
Asana	ASAN	2019	$142,606	$19,881	$105,836	$89,675	$46,845	$242,356	-$119,631	14%	74%	63%	33%	170%	-84%
Datto	MSP	2019	$458,752	$157,307	$110,441	$60,459	$73,903	$244,803	$56,642	34%	24%	13%	16%	53%	12%
McAfee	MCFE	2019	$2,635,000	$843,000	$770,000	$380,000	$272,000	$1,422,000	$370,000	32%	29%	14%	10%	54%	14%
PubMatic	PUBM	2019	$113,871	$36,104	$36,498	$12,453	$20,307	$69,258	$8,509	32%	32%	11%	18%	61%	7%
C3.ai	AI	2019	$156,666	$38,787	$94,974	$64,548	$29,854	$189,376	-$71,497	25%	61%	41%	19%	121%	-46%
Certara	CERT	2019	$208,511	$79,770	$10,732	$11,633	$47,926	$70,291	$58,450	38%	5%	6%	23%	34%	28%
Qualtrics	XM	2019	$591,155	$185,491	$440,325	$242,124	$717,363	$1,399,812	-$994,148	31%	74%	41%	121%	237%	-168%
ON24	ONTF	2019	$89,133	$27,141	$47,773	$15,730	$14,590	$78,093	-$16,101	30%	54%	18%	16%	88%	-18%
Viant	DSP	2019	$164,892	$94,060	$29,027	$9,240	$19,770	$58,037	$12,795	57%	18%	6%	12%	35%	8%
Olo	OLO	2020	$98,424	$18,668	$8,545	$32,907	$22,209	$63,661	$16,095	19%	9%	33%	23%	65%	16%
DigitalOcean	DOCN	2020	$318,380	$145,532	$33,472	$74,970	$80,197	$188,639	-$15,791	46%	11%	24%	25%	59%	-5%
SEMrush	SEMR	2020	$124,875	$29,930	$54,518	$17,528	$29,044	$101,090	-$6,145	24%	44%	14%	23%	81%	-5%
SimilarWeb	SMWB	2020	$93,500	$21,417	$53,690	$22,086	$15,967	$91,743	-$19,660	23%	57%	24%	17%	98%	-21%
UiPath	PATH	2020	$607,643	$65,857	$380,154	$109,920	$162,035	$652,109	-$110,323	11%	63%	18%	27%	107%	-18%
Alkami	ALKT	2020	$112,142	$52,986	$16,774	$40,209	$37,276	$94,259	-$35,103	47%	15%	36%	33%	84%	-31%
DoubleVerify	DV	2020	$243,917	$35,750	$62,157	$47,004	$53,056	$162,217	$45,950	15%	25%	19%	22%	67%	19%
SquareSpace	SQSP	2020	$621,149	$98,337	$260,039	$167,906	$54,647	$482,592	$40,220	16%	42%	27%	9%	78%	6%
ZipRecruiter	ZIP	2020	$418,142	$54,163	$191,141	$69,408	$38,998	$299,547	$64,432	13%	46%	17%	9%	72%	15%
Procore	PCOR	2019	$289,194	$53,166	$173,472	$87,022	$58,158	$318,652	-$82,624	18%	60%	30%	20%	110%	-29%
Sprinklr	CXM	2020	$386,930	$122,082	$189,011	$40,280	$64,348	$293,639	-$28,791	32%	49%	10%	17%	76%	-7%
Monday.com	MNDY	2020	$161,123	$22,488	$191,353	$43,480	$54,339	$289,172	-$150,537	14%	119%	27%	34%	179%	-93%
Zeta Global	ZETA	2020	$368,120	$148,878	$77,140	$31,772	$70,849	$179,761	$39,481	40%	21%	9%	19%	49%	11%
Doximity	DOCS	2020	$206,897	$31,196	$62,033	$43,873	$16,492	$122,398	$53,303	15%	30%	21%	8%	59%	26%
Confluent	CFLT	2020	$236,577	$75,476	$166,361	$105,399	$122,516	$394,276	-$233,175	32%	70%	45%	52%	167%	-99%
SentinelOne	S	2020	$93,056	$39,332	$77,740	$62,444	$29,059	$169,243	-$115,519	42%	84%	67%	31%	182%	-124%
EverCommerce	EVCM	2020	$337,525	$115,020	$50,246	$30,386	$87,068	$167,700	$54,805	34%	15%	9%	26%	50%	16%
Couchbase	BASE	2020	$103,285	$11,617	$70,248	$39,000	$15,500	$124,748	-$33,080	11%	68%	38%	15%	121%	-32%
Kaltura	KLTR	2020	$120,440	$47,665	$29,475	$29,567	$22,222	$81,264	-$8,489	40%	24%	25%	18%	67%	-7%
Blend Labs	BLND	2020	$96,029	$34,289	$51,420	$55,503	$30,108	$137,031	-$75,291	36%	54%	58%	31%	143%	-78%
MeridianLink	MLNK	2020	$199,340	$152,731	$9,371	$18,691	$54,640	$82,702	-$36,093	77%	5%	9%	27%	41%	-18%
Powerschool Holdings	PWSC	2020	$434,888	$191,802	---	$70,673	---	---	---	44%	---	16%	---	---	---
Fresh Works	FRSH	2020	$249,659	$52,492	$133,277	$69,210	$50,792	$253,279	-$56,112	21%	53%	28%	20%	101%	-22%
Definitive Healthcare	DH	2020	$118,317	$11,085	$34,332	$11,062	$12,927	$58,321	$48,911	9%	29%	9%	11%	49%	41%
ForgeRock	FORG	2020	$127,634	$21,328	$75,768	$35,901	$26,729	$138,398	-$32,092	17%	59%	28%	21%	108%	-25%
Amplitude	AMPL	2020	$102,464	$30,483	$51,819	$26,098	$18,067	$95,984	-$24,003	30%	51%	25%	18%	94%	-23%
Gitlab	GTLB	2020	$152,176	$18,463	$154,086	$106,643	$86,868	$347,597	-$213,884	12%	101%	70%	57%	228%	-141%
Enfusion	ENFN	2020	$79,565	$21,358	$9,927	$6,318	$35,888	$52,133	$6,074	27%	12%	8%	45%	66%	8%
avidxchange	AVDX	2020	$185,927	$83,754	$47,909	$44,500	$56,396	$148,805	-$46,632	45%	26%	24%	30%	80%	-25%
Informatica	INFA	2020	$1,323,096	$317,985	$451,839	$230,151	$93,548	$775,538	$229,573	24%	34%	17%	7%	59%	17%
BackBlaze	BLZE	2020	$53,784	$25,801	$11,924	$13,069	$6,722	$31,715	-$3,732	48%	22%	24%	12%	59%	-7%
Expensify	EXFY	2020	$88,072	$32,414	$9,888	$6,728	$33,372	$49,988	$5,670	37%	11%	8%	38%	57%	6%
Weave	WEAV	2020	$79,896	$34,449	$39,258	$19,967	$25,793	$85,018	-$39,571	43%	49%	25%	32%	106%	-50%
Braze	BRZE	2020	$150,191	$54,511	$70,661	$29,212	$27,959	$127,832	-$32,152	36%	47%	19%	19%	85%	-21%
UserTesting	USER	2020	$102,195	$29,567	$59,737	$27,897	$18,960	$106,594	-$33,966	29%	58%	27%	19%	104%	-33%
Hashicorp	HCP	2020	$211,854	$41,052	$141,018	$65,248	$48,545	$254,811	-$84,009	19%	67%	31%	23%	120%	-40%
Samsara	IOT	2020	$249,905	$75,393	$202,262	$99,738	$75,223	$377,223	-$202,711	30%	81%	40%	30%	151%	-81%
MEDIAN AVERAGE		2019 2019	$167,926 $286,100	$47,665 $81,085	$74,640 $123,680	$43,480 $70,659	$38,236 $65,786	$159,828 $260,125	-$33,523 -$55,639	29% 29%	48% 46%	26% 27%	22% 25%	87% 98%	-21% -27%

Date	Name	Acquisition Price ($mm)	Acquisition Multiple	Revenue ($MM LTM)	EBITDA ($MM LTM)	Enterprise Value	YOY Growth	Buyer	Acquirer
Feb 23	Sumo Logic	$1,700	5.9x	$287	-$121	$624	27%	PE	Francisco Partners
Dec 22	Coupa	$8,000	10.2x	$786	-$119	$6,111	22%	PE	Thoma Bravo
Nov 22	Zendesk	$10,200	6.7x	$1,520	-$173	$9,670	31%	PE	Hellman & Friedman
Nov 22	BenefitFocus	$570	2.2x	$254	$10	$385	-4%	Strategic	Voya Financial
Nov 22	ChannelAdvisor	$635	3.7x	$171	$21	$301	12%	Strategic	CommerceHub
Oct 22	UserTesting	$1,300	7.5x	$174	-$58	$428	28%	PE	Thoma Bravo
Oct 22	KnowBe4	$4,500	15.6x	$289	$17	$3,910	36%	PE	Vista
Aug 22	Avalara	$8,400	10.6x	$789	-$107	$5,760	23%	PE	Vista
Aug 22	Ping Identity	$2,800	8.9x	$315	-$55	$1,707	26%	PE	Thoma Bravo
May 22	VMWare	$61,000	4.7x	$12,850	$3,040	$63,970	7%	Strategic	Broadcom
May 22	Mimecast	$5,800	10.1x	$575	$105	$5,320	19%	PE	Permira
May 22	Datto	$6,200	9.3x	$665	$113	$5,410	18%	Strategic	Kaseya
Mar 22	Anaplan	$10,700	18.1x	$592	-$172	$6,867	33%	PE	Thoma Bravo
Jan 22	Citrix	$16,500	5.2x	$3,180	$613	$15,841	-3%	PE	TIBCO/Vista
Nov 21	McAfee	$14,000	4.5x	$3,080	$482	$13,000	0%	PE	Advent
Aug 21	Cornerstone	$5,200	6.5x	$800	$151	$3,941	36%	PE	Clearlake
Apr 21	Proofpoint	$12,300	11.7x	$1,050	$1	$7,461	18%	PE	Thoma Bravo
Jun 21	Cloudera	$5,300	6.1x	$869	-$31	$3,744	9%	PE	KKR/CD&R
Jun 21	FireEye	$1,200	2.2x	$541	$28	---	---	PE	Symphony
Mar 21	Talend	$2,400	8.7x	$276	-$55	$1,238	17%	PE	Thoma Bravo
Jan 21	Change Healthcare	$13,010	7.9x	$1,650	$285	$10,633	3%	Strategic	United Healthcare
Jan 21	Slack	$27,700	33.3x	$833	-$238	$23,714	46%	Strategic	Salesforce
Dec 20	RealPage	$10,200	9.5x	$1,070	$180	$6,601	19%	PE	Thoma Bravo



	Median Average	$6,200 $9,983	7.9x 9.1x	$786 $1,418	$10 $170	$5,585 $8,938	19% 19%

Name	Ticker	IPO Total Revenue	Prior Yr Revenue	Revenue Change	Operating Loss	New Rev/ Op Loss	Payback Period
Mongo DB	MDB	101,358	65,271	36,087	-85,947	$0.42	2.4 years
Sendgrid	SEND	111,888	79,929	31,959	-5,548	$5.76	0.2 years
Dropbox	DBX	1,106,000	844,800	261,200	-114,500	$2.28	0.4 years
Zuora	ZUO	167,926	113,008	54,918	-46,278	$1.19	0.8 years
Docusign	DOCU	518,504	381,459	137,045	-51,653	$2.65	0.4 years
SmartSheet	SMAR	111,253	66,964	44,289	-48,978	$0.90	1.1 years
Zscaler	ZS	125,717	80,325	45,392	-35,073	$1.29	0.8 years
Survey Monkey	SVMK	218,773	207,295	11,478	-19,017	$0.60	1.7 years
PagerDuty	PD	117,823	79,630	38,193	-42,321	$0.90	1.1 years
Zoom Video	ZM	330,517	151,478	179,039	6,167	---	---
Fastly	FSLY	144,563	104,900	39,663	-29,138	$1.36	0.7 years
Slack	WORK	400,552	220,544	180,008	-154,208	$1.17	0.9 years
Crowdstrike	CRWD	249,824	118,752	131,072	-136,864	$0.96	1.0 years
Livongo	LVGO	68,431	30,850	37,581	-36,205	$1.04	1.0 years
DynaTrace	DT	545,803	430,966	114,837	-130,567	$0.88	1.1 years
Health Catalyst	HCAT	112,574	73,081	39,493	-52,683	$0.75	1.3 years
Ping Identity	PING	242,898	201,562	41,336	23,996	---	---
DataDog	DDOG	198,077	100,761	97,316	-11,033	$8.82	0.1 years
Cloudflare	NET	192,674	134,915	57,759	-84,899	$0.68	1.5 years
Sprout Social	SPT	102,707	78,813	23,894	-47,268	$0.51	2.0 years
Bill.com	BILL	108,351	64,865	43,486	-9,803	$4.44	0.2 years
Zoominfo	ZI	293,300	144,300	149,000	94,300	---	---
Snowflake	SNOW	264,748	96,666	168,082	-358,088	$0.47	2.1 years
Unity Software	U	541,779	380,755	161,024	-150,669	$1.07	0.9 years
Sumo Logic	SUMO	155,056	103,642	51,414	-86,406	$0.60	1.7 years
Jfrog	FROG	104,716	63,532	41,184	-6,937	$5.94	0.2 years
Palantir	PLTR	742,555	595,409	147,146	-576,444	$0.26	3.9 years
Asana	ASAN	142,606	76,770	65,836	-119,631	$0.55	1.8 years
Datto	MSP	458,752	387,355	71,397	56,642	---	---
McAfee	MCFE	2,635,000	2,409,000	226,000	370,000	---	---
PubMatic	PUBM	113,871	99,264	14,607	8,509	---	---
C3.ai	AI	156,666	91,605	65,061	-71,497	$0.91	1.1 years
Certara	CERT	208,511	163,719	44,792	58,450	---	---
Qualtrics	XM	591,155	401,908	189,247	-994,148	$0.19	5.3 years
ON24	ONTF	89,133	82,608	6,525	-16,101	$0.41	2.5 years
Viant	DSP	164,892	108,355	56,537	12,795	---	---
Olo	OLO	98,424	50,691	47,733	16,095	---	---
DigitalOcean	DOCN	318,380	254,823	63,557	-15,791	$4.02	0.2 years
SEMrush	SEMR	124,875	92,109	32,766	-6,145	$5.33	0.2 years
SimilarWeb	SMWB	93,500	70,600	22,900	-19,660	$1.16	0.9 years
UiPath	PATH	607,643	336,156	271,487	-110,323	$2.46	0.4 years
Alkami	ALKT	112,142	73,541	38,601	-35,103	$1.10	0.9 years
DoubleVerify	DV	243,917	182,663	61,254	45,950	---	---
SquareSpace	SQSP	621,149	484,751	136,398	40,220	---	---
ZipRecruiter	ZIP	418,142	429,559	-11,417	64,432	---	---
Procore	PCOR	289,194	186,396	102,798	-82,624	$1.24	0.8 years
Sprinklr	CXM	386,930	324,276	62,654	-28,791	$2.18	0.5 years
Monday.com	MNDY	161,123	78,089	83,034	-150,537	$0.55	1.8 years
Zeta Global	ZETA	368,120	306,051	62,069	39,481	---	---
Doximity	DOCS	206,897	116,388	90,509	53,303	---	---
Confluent	CFLT	236,577	149,805	86,772	-233,175	$0.37	2.7 years
SentinelOne	S	93,056	46,474	46,582	-115,519	$0.40	2.5 years
EverCommerce	EVCM	337,525	242,142	95,383	54,805	---	---
Couchbase	BASE	103,285	82,521	20,764	-33,080	$0.63	1.6 years
Kaltura	KLTR	120,440	97,349	23,091	-8,489	$2.72	0.4 years
Blend Labs	BLND	96,029	50,671	45,358	-75,291	$0.60	1.7 years
MeridianLink	MLNK	199,340	152,700	46,640	-36,093	$1.29	0.8 years
Powerschool Holdings	PWSC	434,888	364,991	69,897	---	---	---
Fresh Works	FRSH	249,659	172,377	77,282	-56,112	$1.38	0.7 years
Definitive Healthcare	DH	118,317	85,503	32,814	48,911	---	---
ForgeRock	FORG	127,634	104,498	23,136	-32,092	$0.72	1.4 years
Amplitude	AMPL	102,464	68,442	34,022	-24,003	$1.42	0.7 years
Gitlab	GTLB	152,176	81,227	70,949	-213,884	$0.33	3.0 years
Enfusion	ENFN	79,565	59,027	20,538	6,074	---	---
avidxchange	AVDX	185,927	149,584	36,343	-46,632	$0.78	1.3 years
Informatica	INFA	1,323,096	1,306,530	16,566	229,573	---	---
BackBlaze	BLZE	53,784	40,748	13,036	-3,732	$3.49	0.3 years
Expensify	EXFY	88,072	80,460	7,612	5,670	---	---
Weave	WEAV	79,896	45,746	34,150	-39,571	$0.86	1.2 years
Braze	BRZE	150,191	96,364	53,827	-32,152	$1.67	0.6 years
UserTesting	USER	102,195	76,633	25,562	-33,966	$0.75	1.3 years
Hashicorp	HCP	211,854	121,261	90,593	-84,009	$1.08	0.9 years
Samsara	IOT	249,905	119,865	130,040	-202,711	$0.64	1.6 years


Median Average		$167,926 $286,100	$104,900 $213,919	$51,414 $72,181	-$33,523 -$55,639	$0.96 $1.59	1.0 years 1.3 years

Q1 2022	Ticker	Quarterly revenue	YOYG	Operating Income	Net Dollar Retention	Margin	Efficiency	Revenue/Burn
Mongo DB	MDB	$285.4	58%	-$75.9	---	-13159%	$1.38	3.76x
Dropbox	DBX	$562.4	10%	$89.5	---	16%	profitable	profitable
Zuora	ZUO	$93.1	16%	-$23.6	110%	-25%	$0.54	3.94x
Docusign	DOCU	$588.6	26%	-$19.2	---	-3%	$6.23	30.66x
SmartSheet	SMAR	$168.3	44%	-$69.8	133%	-41%	$0.73	2.41x
Zscaler	ZS	$286.8	63%	-$86.5	125%	-30%	$1.28	3.32x
Momentiv	MNTV	$116.9	14%	-$35.0	100%	-30%	$0.40	3.34x
PagerDuty	PD	$85.3	34%	-$32.4	126%	-38%	$0.67	2.63x
Zoom Video	ZM	$1,073.8	12%	$187.0	---	17%	profitable	profitable
Fastly	FSLY	$102.3	21%	-$63.0	114%	-62%	$0.28	1.62x
Crowdstrike	CRWD	$487.3	61%	-$23.8	120%	-5%	$7.79	20.47x
DynaTrace	DT	$240.7	32%	$21.2	---	9%	profitable	profitable
Health Catalyst	HCAT	$68.0	22%	-$24.3	---	-36%	$0.50	2.80x
Ping Identity	PING	$84.6	23%	-$15.9	114%	-19%	$0.99	5.32x
DataDog	DDOG	$363.0	83%	$10.4	130%	3%	profitable	profitable
Cloudflare	NET	$212.1	54%	-$40.0	127%	-19%	$1.85	5.30x
Sprout Social	SPT	$57.4	41%	-$9.6	---	-17%	$1.73	5.98x
Bill.com	BILL	$166.9	180%	-$83.1	---	-50%	$1.29	2.01x
Zoominfo	ZI	$241.7	58%	$32.4	---	13%	profitable	profitable
Snowflake	SNOW	$422.3	84%	-$188.7	174%	-45%	$1.02	2.24x
Unity Software	U	$320.1	37%	-$171.0	---	-53%	$0.50	1.87x
Sumo Logic	SUMO	$67.8	26%	-$34.8	115%	-51%	$0.40	1.95x
Jfrog	FROG	$63.6	41%	-$19.1	131%	-30%	$0.97	3.33x
Palantir	PLTR	$446.3	31%	-$39.4	---	-9%	$2.67	11.33x
Asana	ASAN	$120.6	57%	-$96.2	120%	-80%	$0.46	1.25x
Datto	MSP	$170.7	18%	$8.0	---	5%	profitable	profitable
PubMatic	PUBM	$54.5	25%	$4.5	140%	8%	profitable	profitable
C3.ai	AI	$69.7	42%	-$47.4	---	-68%	$0.43	1.47x
Certara	CERT	$81.5	22%	$6.1	---	7%	profitable	profitable
Qualtrics	XM	$335.6	41%	-$290.5	128%	-87%	$0.33	1.16x
ON24	ONTF	$48.4	-3%	-$15.1	---	-31%	no growth	3.21x
Viant	DSP	$42.6	6%	-$13.4	---	-31%	$0.19	3.18x
Olo	OLO	$42.7	18%	-$12.9	---	-30%	$0.51	3.31x
DigitalOcean	DOCN	$127.3	36%	-$13.1	117%	-10%	$2.57	9.72x
SEMrush	SEMR	$57.2	43%	-$2.5	127%	-4%	$6.92	22.88x
UiPath	PATH	$245.0	32%	-$115.9	138%	-47%	$0.51	2.11x
Alkami	ALKT	$44.7	35%	-$13.0	---	-29%	$0.88	3.44x
DoubleVerify	DV	$96.7	43%	$2.8	---	3%	profitable	profitable
SquareSpace	SQSP	$207.7	16%	-$35.1	---	-17%	$0.80	5.92x
ZipRecruiter	ZIP	$227.2	81%	$14.2	---	6%	profitable	profitable
Procore	PCOR	$159.5	40%	-$71.1	---	-45%	$0.64	2.24x
Sprinklr	CXM	$144.9	31%	-$23.1	---	-16%	$1.47	6.27x
Zeta Global	ZETA	$126.2	25%	-$68.0	---	-54%	$0.37	1.86x
Doximity	DOCS	---	---	---	---	---	---	---
Confluent	CFLT	$126.1	64%	-$111.4	130%	-88%	$0.44	1.13x
SentinelOne	S	$78.2	110%	-$90.2	131%	-115%	$0.45	0.87x
EverCommerce	EVCM	$143.5	37%	-$13.5	100%	-9%	$2.86	10.63x
Couchbase	BASE	$34.8	25%	-$18.9	115%	-54%	$0.37	1.84x
Kaltura	KLTR	$41.7	12%	-$14.6	107%	-35%	$0.32	2.86x
Blend Labs	BLND	$71.5	125%	-$69.7	---	-97%	$0.57	1.03x
MeridianLink	MLNK	$72.9	7%	$8.9	---	12%	profitable	profitable
Powerschool Holdings	PWSC	$149.5	27%	-$2.6	---	-2%	$12.08	57.50x
Fresh Works	FRSH	$114.6	42%	-$47.1	115%	-41%	$0.72	2.43x
Definitive Healthcare	DH	$50.1	36%	-$10.9	120%	-22%	$1.21	4.60x
ForgeRock	FORG	$48.0	18%	-$15.6	111%	-33%	$0.46	3.08x
Amplitude	AMPL	$53.0	61%	-$22.2	126%	-42%	$0.90	2.39x
Gitlab	GTLB	$87.4	75%	-$42.8	130%	-49%	$0.88	2.04x
Enfusion	ENFN	$34.1	37%	-$12.4	116%	-36%	$0.75	2.75x
avidxchange	AVDX	$71.2	29%	-$20.3	107%	-29%	$0.79	3.51x
Informatica	INFA	$362.3	9%	$6.2	113%	2%	profitable	profitable
BackBlaze	BLZE	$19.4	27%	-$11.7	112%	-60%	$0.35	1.66x
Expensify	EXFY	$40.3	36%	-$4.8	---	-12%	$2.21	8.40x
Weave	WEAV	$33.2	30%	-$13.5	103%	-41%	$0.56	2.46x
Braze	BRZE	$77.4	62%	-$39.6	127%	-51%	$0.75	1.95x
UserTesting	USER	$45.9	47%	-$15.0	117%	-33%	$0.98	3.06x
Hashicorp	HCP	$100.8	51%	-$78.4	133%	-78%	$0.43	1.29x
Samsara	IOT	$142.6	63%	-$70.2	---	-49%	$0.79	2.03x

MEDIAN Average		$101.6 $166.8	36% 41%	-$19.8 -$33.4	120% 122%	-31% -229%	$0.75 $1.44	2.83x 5.55x

Q2 2022	Ticker	Quarterly revenue	YOYG	Operating Income	Net Dollar Retention	Margin	Efficiency	Revenue/Burn
Mongo DB	MDB	$303.6	53%	-$114.8	---	---	$0.91	2.64x
Dropbox	DBX	$572.2	8%	$82.9	---	---	profitable	profitable
Zuora	ZUO	$98.7	14%	-$30.1	110%	111%	$0.41	3.28x
Docusign	DOCU	$622.2	22%	-$41.0	---	---	$2.71	15.18x
SmartSheet	SMAR	$186.6	42%	-$64.8	133%	131%	$0.85	2.88x
Zscaler	ZS	---	---	---	125%	---	---	---
Momentiv	MNTV	$120.1	10%	-$25.4	100%	100%	$0.43	4.73x
PagerDuty	PD	$90.2	35%	-$37.8	126%	124%	$0.61	2.39x
Zoom Video	ZM	$1,099.0	8%	$121.7	---	---	profitable	profitable
Fastly	FSLY	$102.5	21%	-$68.9	114%	128%	$0.25	1.49x
Crowdstrike	CRWD	$535.1	59%	-$48.3	120%	120%	$4.10	11.08x
DynaTrace	DT	$267.2	27%	$19.0	---	---	profitable	profitable
Health Catalyst	HCAT	$70.6	18%	-$33.1	---	---	$0.33	2.13x
Ping Identity	PING	$72.0	-9%	-$40.9	114%	114%	no growth	1.76x
DataDog	DDOG	$406.1	74%	-$3.0	130%	130%	$57.53	135.37x
Cloudflare	NET	$234.5	54%	-$64.5	127%	126%	$1.28	3.64x
Sprout Social	SPT	$61.4	38%	-$14.5	---	---	$1.16	4.23x
Bill.com	BILL	---	---	---	---	---	---	---
Zoominfo	ZI	$267.1	54%	$39.5	---	---	profitable	profitable
Snowflake	SNOW	$497.2	83%	-$207.0	174%	171%	$1.09	2.40x
Unity Software	U	$297.0	9%	-$197.6	---	---	$0.12	1.50x
Sumo Logic	SUMO	$74.1	26%	-$36.5	115%	115%	$0.42	2.03x
Jfrog	FROG	$67.8	39%	-$2.0	131%	132%	$9.51	33.90x
Palantir	PLTR	$473.0	26%	-$41.7	---	---	$2.35	11.34x
Asana	ASAN	$134.8	51%	-$111.2	120%	120%	$0.41	1.21x
Datto	MSP	---	---	---	---	---	---	---
PubMatic	PUBM	$63.0	27%	$9.7	140%	130%	profitable	profitable
C3.ai	AI	$65.3	26%	-$73.2	---	;---	$0.18	0.89x
Certara	CERT	$82.7	18%	$4.1	---	---	profitable	profitable
Qualtrics	XM	$356.3	43%	-$271.9	128%	126%	$0.39	1.31x
ON24	ONTF	$48.2	-7%	-$16.0	---	---	no growth	3.01x
Viant	DSP	$51.2	2%	-$13.7	---	---	$0.06	3.74x
Olo	OLO	$45.6	27%	-$11.9	---	---	$0.82	3.83x
DigitalOcean	DOCN	$133.8	29%	-$7.3	117%	112%	$4.11	18.33x
SEMrush	SEMR	$62.6	39%	-$8.2	127%	125%	$2.15	7.63x
UiPath	PATH	$242.2	24%	-$120.0	138%	132%	$0.39	2.02x
Alkami	ALKT	$50.5	38%	-$19.3	---	---	$0.72	2.62x
DoubleVerify	DV	$109.8	44%	$13.1	---	---	profitable	profitable
SquareSpace	SQSP	$212.7	9%	$8.9	---	---	profitable	profitable
ZipRecruiter	ZIP	$239.9	31%	$25.0	---	---	profitable	profitable
Procore	PCOR	$172.2	40%	-$72.3	---	---	$0.68	2.38x
Sprinklr	CXM	$150.6	28%	-$21.6	---	---	$1.51	6.97x
Zeta Global	ZETA	$137.3	30%	-$77.0	---	---	$0.41	1.78x
Doximity	DOCS	$90.6	$0.2	$21.6	---	139%	profitable	profitable
Confluent	CFLT	$139.4	58%	-$117.3	130%	130%	$0.44	1.19x
SentinelOne	S	$102.5	128%	-$108.1	131%	137%	$0.53	0.95x
EverCommerce	EVCM	$157.2	30%	-$6.1	100%	100%	$5.93	25.77x
Couchbase	BASE	$39.7	37%	-$15.2	115%	115%	$0.70	2.61x
Kaltura	KLTR	$41.9	1%	-$15.5	107%	100%	$0.02	2.70x
Blend Labs	BLND	$65.5	103%	-$80.0	---	---	$0.42	0.82x
MeridianLink	MLNK	$72.9	7%	$8.9	---	---	profitable	profitable
Powerschool Holdings	PWSC	$157.5	8%	-$1.1	---	---	$11.00	143.18x
Fresh Works	FRSH	$121.4	37%	-$67.3	115%	111%	$0.49	1.80x
Definitive Healthcare	DH	$54.5	37%	-$11.2	120%	---	$1.31	4.87x
ForgeRock	FORG	$47.6	8%	-$22.3	111%	112%	$0.17	2.13x
Amplitude	AMPL	$58.1	48%	-$24.2	126%	126%	$0.78	2.40x
Gitlab	GTLB	$101.0	74%	-$65.3	130%	130%	$0.66	1.55x
Enfusion	ENFN	$36.5	40%	-$3.9	116%	---	$2.69	9.36x
avidxchange	AVDX	$76.6	30%	-$21.2	107%	---	$0.84	3.61x
Informatica	INFA	$209.3	20%	-$12.1	113%	113%	$2.94	17.30x
BackBlaze	BLZE	$20.6	28%	-$10.8	112%	113%	$0.42	1.91x
Expensify	EXFY	$43.1	23%	-$3.9	---	---	$2.08	11.05x
Weave	WEAV	$34.9	25%	-$14.5	103%	102%	$0.48	2.41x
Braze	BRZE	$86.1	57%	-$35.0	127%	126%	$0.89	2.46x
UserTesting	USER	$47.6	36%	-$18.7	117%	112%	$0.67	2.54x
Hashicorp	HCP	$113.8	52%	-$78.6	133%	134%	$0.49	1.45x
Samsara	IOT	$153.5	52%	-$65.7	---	---	$0.80	2.34x

MEDIAN Average		$102.5 $171.1	30% 34%	-$21.4 -$36.5	120% 122%	125% 122%	$0.70 $2.56	2.61x 10.23x

Q1 2022	Ticker	Quarterly revenue	YOYG	Operating Income	Net Dollar Retention	Margin	Efficiency	Revenue/Burn
Mongo DB	MDB	$333.2	47%	-$82.9	---	-25%	$1.29	4.02x
Dropbox	DBX	$591.0	7%	$89.3	---	15%	profitable	profitable
Zuora	ZUO	$101.0	13%	-$33.9	109%	-34%	$0.35	2.98x
Docusign	DOCU	$645.4	18%	-$27.4	---	-4%	$3.65	23.55x
SmartSheet	SMAR	$199.5	38%	-$42.5	129%	-21%	$1.30	4.69x
Zscaler	ZS	$355.5	54%	-$69.0	125%	-19%	$1.81	5.15x
Momentiv	MNTV	$121.3	6%	-$16.2	95%	-13%	$0.43	7.49x
PagerDuty	PD	$94.2	32%	-$32.5	123%	-35%	$0.71	2.90x
Zoom Video	ZM	$1,101.8	5%	$66.5	---	6%	profitable	profitable
Fastly	FSLY	$108.5	26%	-$65.7	118%	-61%	$0.34	1.65x
Crowdstrike	CRWD	$580.8	53%	-$56.0	120%	-10%	$3.58	10.37x
DynaTrace	DT	$279.3	23%	$20.3	---	7%	profitable	profitable
Health Catalyst	HCAT	$68.3	11%	-$45.7	---	-67%	$0.15	1.49x
Ping Identity	PING	---	---	---	---	---	---	---
DataDog	DDOG	$436.5	61%	-$31.0	130%	-7%	$5.36	14.08x
Cloudflare	NET	$253.8	47%	-$45.9	124%	-18%	$1.77	5.53x
Sprout Social	SPT	$65.3	33%	-$14.3	---	-22%	$1.12	4.57x
Bill.com	BILL	$229.9	94%	-$87.6	---	-38%	$1.27	2.62x
Zoominfo	ZI	$287.6	46%	$51.8	---	18%	profitable	profitable
Snowflake	SNOW	$557.0	67%	-$206.0	165%	-37%	$1.08	2.70x
Unity Software	U	$322.8	13%	-$239.0	---	-74%	$0.15	1.35x
Sumo Logic	SUMO	$78.9	27%	-$27.3	115%	-35%	$0.62	2.89x
Jfrog	FROG	$71.9	36%	-$23.4	130%	-33%	$0.81	3.07x
Palantir	PLTR	$477.8	22%	-$62.1	---	-13%	$1.38	7.69x
Asana	ASAN	$141.4	41%	-$101.0	140%	-71%	$0.41	1.40x
Datto	MSP	---	---	---	---	---	---	---
PubMatic	PUBM	$64.5	10%	$9.6	120%	15%	profitable	profitable
C3.ai	AI	$62.4	7%	-$71.9	---	-115%	$0.06	0.87x
Certara	CERT	$84.7	15%	$10.8	---	13%	profitable	profitable
Qualtrics	XM	$377.5	39%	-$239.8	124%	-64%	$0.44	1.57x
ON24	ONTF	$47.5	-4%	-$14.7	---	-31%	no growth	3.23x
Viant	DSP	$48.8	-4%	-$12.8	---	-26%	no growth	3.81x
Olo	OLO	$47.2	27%	-$15.9	---	-34%	$0.63	2.97x
DigitalOcean	DOCN	$152.1	37%	$9.3	118%	6%	profitable	profitable
SEMrush	SEMR	$65.7	35%	-$10.2	122%	-16%	$1.66	6.44x
UiPath	PATH	$262.7	19%	-$66.9	126%	-25%	$0.63	3.93x
Alkami	ALKT	$53.4	36%	-$19.8	---	-37%	$0.71	2.70x
DoubleVerify	DV	$112.2	35%	$14.3	---	13%	profitable	profitable
SquareSpace	SQSP	$217.6	9%	$11.7	---	5%	profitable	profitable
ZipRecruiter	ZIP	$226.9	7%	$29.4	---	13%	profitable	profitable
Procore	PCOR	$186.4	42%	-$71.8	---	-39%	$0.77	2.60x
Sprinklr	CXM	$157.2	24%	-$4.6	---	-3%	$6.53	34.17x
Zeta Global	ZETA	$152.2	32%	-$66.1	---	-43%	$0.56	2.30x
Doximity	DOCS	$102.1	29%	$32.1	128%	31%	profitable	profitable
Confluent	CFLT	$151.7	48%	-$118.9	130%	-78%	$0.41	1.28x
SentinelOne	S	$115.3	105%	-$104.0	134%	-90%	$0.57	1.11x
EverCommerce	EVCM	$158.1	23%	-$7.2	100%	-5%	$4.17	21.96x
Couchbase	BASE	$38.5	27%	-$16.5	115%	-43%	$0.49	2.33x
Kaltura	KLTR	$41.0	-5%	-$41.2	96%	-100%	no growth	1.00x
Blend Labs	BLND	$55.3	-38%	-$129.8	---	-235%	no growth	0.43x
MeridianLink	MLNK	$71.7	6%	$4.5	---	6%	profitable	profitable
Powerschool Holdings	PWSC	$162.4	9%	$3.3	109%	2%	profitable	profitable
Fresh Works	FRSH	$128.7	33%	-$58.2	107%	-45%	$0.55	2.21x
Definitive Healthcare	DH	$57.3	33%	-$9.4	---	-16%	$1.50	6.10x
ForgeRock	FORG	$58.2	32%	-$12.7	111%	-22%	$1.11	4.58x
Amplitude	AMPL	$61.6	36%	-$22.7	123%	-37%	$0.71	2.71x
Gitlab	GTLB	$112.9	70%	-$56.9	130%	-50%	$0.81	1.98x
Enfusion	ENFN	$39.1	34%	$2.9	---	7%	profitable	profitable
avidxchange	AVDX	$82.4	26%	-$22.1	---	-27%	$0.77	3.73x
Informatica	INFA	$371.9	3%	$2.5	112%	1%	profitable	profitable
BackBlaze	BLZE	$22.0	29%	-$12.0	114%	-55%	$0.42	1.83x
Expensify	EXFY	$42.4	14%	-$5.7	---	-13%	$0.89	7.44x
Weave	WEAV	$36.2	20%	-$11.8	101%	-33%	$0.51	3.07x
Braze	BRZE	$93.1	48%	-$36.8	126%	-40%	$0.82	2.53x
UserTesting	USER	---	---	---	---	---	---	---
Hashicorp	HCP	$125.3	52%	-$77.3	134%	-62%	$0.56	1.62x
Samsara	IOT	$169.8	50%	-$63.4	---	-37%	$0.89	2.68x

MEDIAN Average		$118.3 $189.4	29% 29%	-$23.1 -$36.8	123% 121%	-26% -30%	$0.77 $1.22	2.90x 4.97x