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5 Interesting Learnings from Procore at $1 Billion in ARR

SaaStr

Procore in fact was founded way back in 2002. He founded Procore in 2002. And it’s a great story of going long. It took Procore years to really take off, and it didn’t take off at all until mobile became the accelerant. Today though, it’s worth a stunning $10 Billion. Go long, folks. Tooey Courtemanche did.

Scale 208
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Dear SaaStr: How Long is a Venture Round Supposed to Last?

SaaStr

Until 2002, the rule was “18-24 months” Then, during the boom times, most VCs stopped caring how long the round would last. Dear SaaStr: How Long is a Venture Round Supposed to Last? I think like many venture axioms, founders get often get bad advice here out of good solid rules.

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Bezos' Shareholder Letter in 2000

Tom Tunguz

Amazon stood fast to their principles throughout. Just as important, though, Amazon managed their finances well. Net Income, $m. Cash & ST Equivalents, $m. Before the dotcom crash, Amazon grew at 68% and lost -$1.4b in net income.

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5 Interesting Learnings from Jamf at $500 Million in ARR

SaaStr

The company was founded in 2002, well before Apple’s renaissance, and took a while to take off. JAMF: pic.twitter.com/99ZoDn85YO — Jason Be Kind Lemkin  (@jasonlk) January 29, 2023 5 Interesting Learnings: #1. 12+ Years Until Business Really Took Off.

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5 Interesting Learnings from Procore at $500,000,000 in ARR

SaaStr

The first 10 years were actually pretty challenging … the company was founded way back in 2002. Founded in 2002 by Tooey Courtemanche, who is still CEO. Toeey started the company in 2002 and served as its President for the first few years, and again since in 2019. Not just in the office. Go long, folks.

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Plenty of Decacorns Were Late Bloomers

SaaStr

2002-2012 were slow. Just a few examples: UiPath took 10 years to get to its first $1m in ARR in 2015. Then, it accelerated like a rocket. Procore is a $16B+ leader in construction software, but took a full decade to take off. It took Squarespace 3 years just to get to $1M in ARR and 7+ years to get to the first $10M ARR.

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Why Do Some People Consider Venture Capital a “Young Person’s Game”?

SaaStr

Start raising own fund in 2002. But … from a fund you started raising in 2002. Let’s take a fun example of a simply awesome SaaS company that will IPO soon, doing hundreds of millions in ARR — Procore. Procore was founded in 2003. Imagine you were a seed VC: Started as an angel, in say 2000. Invest in seed round of Procore in 2003.