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How SaaStr Fund-Backed RevenueCat Went from a $1.5M Round at $7M Valuation in 2018 to $500M+ Today

SaaStr

When SaaStr Fund made the first investment in RevenueCat back in 2018, nobody could have predicted that this “simple API for managing in-app subscriptions” would become the infrastructure powering 33% of all mobile subscription apps and reach a $500M valuation in 2025. ” required weeks of developer time to answer.

Payments 281
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The Vertical SaaS Gold Rush: Why Non-Tech B2B Is Growing 250%+ Faster

SaaStr

The “productivity software” that seemed essential in 2021 is now getting cut. Try ripping out ServiceTitan when it’s running your entire HVAC business – from lead generation to invoicing to payroll. Why “Non-Tech” Verticals Are Winning 1.

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M&A Is Back! Melio’s $2.5B Exit to Xero — In Just 7 Years!

SaaStr

Key Metrics at a Glance Exit Valuation : $2.5B (down from $4B peak in 2021) Revenue Multiple : 13.4x discount from its 2021 peak valuation of $4B. But context matters: Market timing : Fintech valuations compressed 60-80% from 2021 peaks Strategic premium : 13.4x exit represents a 37.5%

Payments 224
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From $10M to $100M ARR in 5.5 Months: Inside Replit’s AI Coding Rocketship

SaaStr

For seven years, growth was painfully slow: 2016-2021 : Minimal revenue, limited funding first years 2022 : $1M ARR (after 6 years!) Usage-Based Pricing for AI Subscription models work for traditional software, but AI-powered platforms often create variable value. 2023 : $2.4M ARR Despite raising significant funding ($97.4M

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The Ultimate Gartner Report to Driving Growth & Recurring Revenue

In 2023, companies are looking to improve their revenue and drive sustainable growth by scaling their subscription offerings, to increase the rate of growth and resilience by moving from one-time sales to recurring revenue. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S.

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

SaaStr

Every IPO other than Sailpoint is trading up, and we’ve got a jolt of momentum here for the first time since … well … 2021. Navan represents something different: a mainstream B2B software company with enterprise clients and subscription revenue models that institutional investors understand. The IPO market has been … on fire in 2025.

B2B 187
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Clouded Judgement 10.11.24 - Budget Flush

Clouded Judgement

We all know 2020 and 2021 was the year of excessive software buying fueled by ZIRP. Most public companies don’t report net new ARR, so I’m taking an implied ARR metric (quarterly subscription revenue x 4). Companies that do not disclose subscription rev have been left out of the analysis and are listed as NA.

Cloud 167