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Fenwick: Down Rounds Aren’t Really Happening Much. But Later Stage Prices Have Fallen Quite a Bit.

SaaStr

Series B and later prices are down across the board from their peaks in 2021 and Q1’22, down 30% or more. Fenwick’s blended numbers see overall Series B and later round pricing down about 30%. #3. But overall, valuations and prices post-Series A still remain way ahead of where they were up until 2018.

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Navan Files for IPO: The Opening of B2B IPO Floodgates?

SaaStr

Digital health company Hinge Health’s May 2025 debut particularly stands out—the company priced at $32 per share (top of its range) and opened at $39.25, closing up 17% on its first day. Considering options Klarna 2005 Sebastian Siemiatkowski Fintech $2B $6.7B But these were largely specialized or consumer-adjacent plays.

B2B 184
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What’s a Mature SaaS Company at $240m ARR Really Worth? Maybe 3.6x ARR

SaaStr

It was founded way back in 2005, back when my last SaaS startup was, so I have a dim memory of it. Acquisitions of a certain size often have to have their purchase price disclosed, although it’s complicated, and the bigger the acquirer, the less they have to disclose. The price of low growth. Fast forward 13 years (!)

SaaS 303
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5 Interesting Learnings from Docebo at $145,000,000 in ARR

SaaStr

And while it’s stock price is down from its 2021 peaks, it’s still up 2x since its 2020 IPO. Docebo’s pricing is on the “corporate” side of LMS. It doesn’t compete at the bottom of the market, and targets top logos with a reasonably priced product. That’s right. Billion Market Cap.

Scale 350
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5 Interesting Learnings from Lightspeed Commerce at $750,000,000 in “ARR”

SaaStr

One leader in SMB commerce is Lightspeed Commerce, founded way back in 2005. That’s a material increase in pricing and ARPU. But “POS” systems and software are everywhere, and are a lot more than just Toast and Square. They are strongest in retail, but also have a presence in restaurants as well.

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5 Interesting Learnings from Olo at $130,000,000 in ARR

SaaStr

It got started in 2005 with a $500k seed round. It added its Dispatch and Rails modules just in 2015 and 2017, and added transactional pricing to its Ordering module in 2016. Only burned $24m to get to $100m+ in revenues — but it took a long time as a result. But it was started so long ago that it was a different time.

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The Most Important SaaS Metrics In 2023 with monday.com CEOs and Co-Founders Eran Zinman and Roy Mann, and SaaStr Founder Jason Lemkin

SaaStr

The Number One Thing That Has Changed In SaaS Since 2005 “The number one thing that has changed over my entire journey with SaaS since 2005 is efficiency,” shares Lemkin. You can brute force high NRR with deals and threaten people with out-of-bound prices, but that will hurt you in the long run. No one else will do it for you.

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