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How 1,000+ B2B Startups Are — And Aren’t — Growing. The Real Data.

SaaStr

This isn’t your typical “here’s what public companies are doing” report – this is real data from real private companies dealing with real challenges in 2025. Learning #4: The Equity vs. Bootstrap Reality – Paying for Growth Has Hidden Costs The data reveals a fascinating paradox in B2B funding strategies.

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What If LLMs Change the Business Model of the Internet?

Tom Tunguz

At least 10% of their revenue - about $60m - comes from selling data to train Large Language Models. Reddit’s data sales revenue will likely be much more than 10% by the end of the year. This raises a fundamental question : What if the revenue from data sales dwarfs the revenue from ads? LLMs need data.

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HubSpot Co-Founder and Chairman Brian Halligan on SaaS Markets, Board Meetings, and AI’s Impact

SaaStr

.’ The twist this time is the data is very hard for startups to acquire or accumulate. So it’s not just the innovation piece, but you need a proprietary data set to do something more meaningful with AI. Brian believes incumbent players like HubSpot and Salesforce have some key advantages: 1.

AI 275
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OneStream: Benchmarking the S1 Data

Clouded Judgement

Our platform unifies core financial and broader operational data and processes within a single platform, with solutions that maintain the integrity of corporate reporting standards for Finance while providing operationally significant insights for business users.

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Figma's S-1: A PLG Powerhouse

Tom Tunguz

The data also shows Figma’s Research & Development spend nearly equals Sales & Marketing spend. This is the PLG model at its best. Given its high growth & unique business model, how should the market value Figma? Both of these are removed in the non-GAAP data cited above. Non-GAAP Op Margin 17.0%

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

SaaStr

The Problem Was Real: Apple and Google’s app stores weren’t giving developers the data they needed. They were two developers who had lived through the nightmare of subscription infrastructure while working at Elevate. Basic questions like “What’s our churn rate?”

Payments 271
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Where AI Really Matters in Vertical SaaS With CEOs of Owner, Alloy Automation, and DoNotPay

SaaStr

Rather than committing to single solutions, successful companies are: Testing multiple AI models continuously Using self-served platforms for rapid experimentation Empowering engineers to make model-selection decisions Avoiding long-term vendor lock-in Data Management Data quality and integration have emerged as critical factors in successful AI implementation. (..)

AI 215