Deep Dive: Getting Funded with Jason Jason Lemkin Founder & CEO @ SaaStr

SaaStr Europa 2024

1. VC Fundraising Workshop Jason Lemkin Founder & CEO SaaStr It’s the Same but Different

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

3. 100x ARR Back … For Subset of AI

4. Why AI is Already Big $$$

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

6. 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

7. 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)

8. VCs Investing, But Stress in System

9. 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

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

11. 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

12. 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

13. 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

14. 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

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

16. B2B2C, Vertical, Security: No Downturn

17. B2B2C: Bounced Back Fast

18. Stress Will Remain Where Multiples Are Low

19. A Tale of Three Worlds

20. Thank You!

21. VCs Probably Too Optimistic on M&A

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

23. IPO Market & Multiples Still “Meh”

24. Thank You!