Workshop Wednesday with SaaStr CEO Jason Lemkin - VC Workshop

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VC Fundraising Workshop with Jason Lemkin Jason Lemkin, Founder & CEO @ SaaStr

Workshop Wednesday with SaaStr CEO Jason Lemkin - VC Workshop

VCs Mostly Still Hunting Decacorns
In 2021, “easy” to
see in SaaS
In 2024, “easy” to
see in AI
vs

Best of Best Still There in SaaS
Now that we know it
can be done (SaaS
Decacorns) … so …
Big Funds ﬂooding
winners with capital

How a $2B Fund Makes Money
A $2B fund is what it
takes to write a Series
B check today
Even 4 unicorn cash
exits not enough for
$2B fund

Seed Funds Crunched on Ownership
A $100m seed fund
even with 3+ $1B exits
can’t make money
with 5% ownership
That’s really 10%
though at seed (50%
dilution proﬁle)

Big Funds Tripling Down on Winners
Big Funds ﬂooding
winners with capital
Capturing a lot of
headlines, but later
stage overall still
slow — outside of AI

Growth is Still King -- NOT Proﬁts
Eﬃciency only matters:
- Run up to IPO
- If can’t raise more money
Otherwise, VCs don’t really
care if proﬁtable or that
eﬃcient … if growth is epic

Triple Triple Double Double Still Rules
Many B2B startups have
seen growth slow, but not all
Still need “T2D2”, or ideally,
“T3D2” to get to $200m+
ARR, growing 40%, in 9-10
years or less

Growth Slowed? Cry Me a River
80%+ of VC-backed
startups not growing
fast enough anymore
to raise another
round
Be very self-aware
here

Calling Yourself “AI” (Probably) Isn’t Enough

Stress Will Remain Where Multiples Are Low

AI: But Where is Budget Coming From?
Other Apps,
Budgets In Many
Cases
Being Cut to Fund AI
Why?
Huge Eﬃciency
Promises

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Workshop Wednesday with SaaStr CEO Jason Lemkin - VC Workshop

1. Jason Lemkin Founder & CEO SaaStr @jasonlk VC Fundraising Workshop It’s the same but diﬀerent

5. VCs Investing, But Stress in System

6. VCs Mostly Still Hunting Decacorns In 2021, “easy” to see in SaaS In 2024, “easy” to see in AI vs

7. VCs Mostly Still Hunting Decacorns

8. Best of Best Still There in SaaS Now that we know it can be done (SaaS Decacorns) … so … Big Funds ﬂooding winners with capital

9. 100x ARR Back … For Subset of AI

10. Why AI is Already Big $$$

11. How a $2B Fund Makes Money A $2B fund is what it takes to write a Series B check today Even 4 unicorn cash exits not enough for $2B fund

12. Seed Funds Crunched on Ownership A $100m seed fund even with 3+ $1B exits can’t make money with 5% ownership That’s really 10% though at seed (50% dilution proﬁle)

13. Big Funds Tripling Down on Winners Big Funds ﬂooding winners with capital Capturing a lot of headlines, but later stage overall still slow — outside of AI

14. Yes, Come to SF Bay to Raise VC $$$

15. Growth is Still King -- NOT Profits Efficiency only matters: - Run up to IPO - If can’t raise more money Otherwise, VCs don’t really care if profitable or that efficient … if growth is epic

16. Triple Triple Double Double Still Rules Many B2B startups have seen growth slow, but not all Still need “T2D2”, or ideally, “T3D2” to get to $200m+ ARR, growing 40%, in 9-10 years or less

17. Growth Slowed? Cry Me a River 80%+ of VC-backed startups not growing fast enough anymore to raise another round Be very self-aware here

18. Growth Slowed? Cry Me a River 80%+ of VC-backed startups not growing fast enough anymore to raise another round Be very self-aware here

19. Calling Yourself “AI” (Probably) Isn’t Enough

20. B2B2C, Vertical, Security: No Downturn

21. B2B2C: Bounced Back Fast

22. Stress Will Remain Where Multiples Are Low

23. IPO Market & Multiples Still “Meh”

24. VCs Probably Too Optimistic on M&A

25. AI: But Where is Budget Coming From? Other Apps, Budgets In Many Cases Being Cut to Fund AI Why? Huge Eﬃciency Promises

26. Thank You! + Questions?

Workshop Wednesday with SaaStr CEO Jason Lemkin - VC Workshop

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