SaaSletter - Now On Substack
Back from a hiatus and the collapse of Revue (thanks Twitter!), here is your sea of curated content
Some Posts
“We Don't Have Nearly Enough Startups” - A great quantitative study from Nnamdi Iregbulem (Partner at Lightspeed) suggests a structural supply/demand imbalance. This aligned with my own priors on a scarcity of ~Series C+ / growth equity-grade assets in SaaS (the ARR funnel narrows fast!) relative to AUM… but seeing this at the earliest stages was a surprise.
As a “lazy long” (aka someone who uses EV/Revenue/Growth a bit too much!), I translated CJ’s excellent SaaS Napkin into this Google Sheet (public multiples as of 01/23/2023). But go read the true source material here:
and a write-up from a new Substack:
Indicators I’m Watching Most
The Repvue (think Glassdoor for sales) data continues to look grim with a very bad December across SMB, Middle Market, and Enterprise:
![Twitter avatar for @SaaSletter](https://substackcdn.com/image/twitter_name/w_96/SaaSletter.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFlzwgD6aYAArnuF.jpg)
Discounting is on the rise:
![Twitter avatar for @SaaSletter](https://substackcdn.com/image/twitter_name/w_96/SaaSletter.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFmNzq5MagAAkWDb.jpg)
Lastly, my SaaS Demand Index (high intent software buyer searches) continues to be slower than I want (continuing delays in the Google API → the SEO tool that drives this). The next issue is coming soon.
The “flash” data for November/December 2022 continues to indicate a flat top of the funnel. Better TOFU than real-time sales… but underwhelming versus sector growth expectations.
Some Tweets
![Twitter avatar for @nrmehta](https://substackcdn.com/image/twitter_name/w_96/nrmehta.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFmTorN4acAA_tlf.jpg)
![Twitter avatar for @SaaSletter](https://substackcdn.com/image/twitter_name/w_96/SaaSletter.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFm7ZWFZaAAIA43z.jpg)
Staysassy doesn’t get enough attention - tons of blog posts like this. Follow + read the archives:
![Twitter avatar for @staysaasy](https://substackcdn.com/image/twitter_name/w_96/staysaasy.jpg)
![](https://substackcdn.com/image/fetch/w_600,h_314,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbad34a56-6486-4f57-a601-ec82054db24e_1000x827.jpeg)
![Twitter avatar for @SaaSletter](https://substackcdn.com/image/twitter_name/w_96/SaaSletter.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFnAUiEZagAAUbl2.jpg)