Growth
June 2014
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SaaS Money Metrics: Why VCs Should Focus More on Retention Than GrowthJune 2014 презентация
Содержание
- 1. SaaS Money Metrics: Why VCs Should Focus More on Retention Than GrowthJune 2014
- 2. SaaS Money Metrics About IVP SaaS Market Overview Measuring SaaS Efficiency Retention is King
- 3. IVP History
- 4. IVP Summary Current Fund: IVP XIV, a $1
- 5. IVP SaaS Investments
- 6. SaaS Money Metrics About IVP SaaS Market Overview Measuring SaaS Efficiency Retention is King
- 7. The World Has Changed 44% Decline
- 8. Growth No Longer Rewarded as Highly Source: Bank of America Merrill Lynch
- 9. Red is the New Black: LTM EBITDA %: 2012-2014 Software IPOs
- 10. SaaS Money Metrics About IVP SaaS Market Overview Measuring SaaS Efficiency Retention is King
- 11. ThrustSSC 760 MPH .04 MPG
- 12. Chevy Spark EV 89 MPH 128 MPG
- 13. Two Measures of SaaS Efficiency Magic Number LTV / CAC
- 14. Magic Number Magic Number = (Q1 GP$
- 15. Magic Number Example Magic Number = = 0.44x
- 16. LTV / CAC LTV / CAC =
- 17. LTV / CAC Example LTV / CAC
- 18. LTV / CAC Over Time Magic Number LTV / CAC
- 19. SaaS Efficiency Goals Magic Number = Above
- 20. SaaS Money Metrics About IVP SaaS Market Overview Measuring SaaS Efficiency Retention is King
- 21. Retention Trumps Growth Company A $200K New
- 22. Retention vs. Growth
- 23. Case Study: Hare (AVG Technologies) Source: Company
- 24. Case Study: Tortoise (Concur) 28% CAGR
- 25. Case Study: Unicorn (Workday) 109% CAGR
- 26. Retention vs. Growth
- 27. Retention vs. Growth
- 28. Measuring Cohort Revenue Source: David Skok. SaaS Metrics.
- 29. Tortoise or Hare?
- 30. Cohort Revenue (Negative Churn) Source: Model adapted from Startup Calculus (Joe Floyd)
- 31. Source: Model adapted from Startup Calculus (Joe Floyd) Cohort Revenue (8% Churn)
- 32. Questions Jules Maltz General Partner, IVP jmaltz@ivp.com @julesmaltz Thank You!
SaaS Money Metrics About IVP SaaS Market Overview Measuring SaaS Efficiency Retention is King
Слайд 4IVP Summary
Current Fund: IVP XIV, a $1 billion later-stage venture capital fund
Target
Sectors: Tech only (Consumer and Enterprise)
Investment Focus: Growth companies, generally with over $10 million in revenue
Geography: Primarily United States
Team: 6 General Partners with over 100 years of combined experience
Portfolio: Over 300 companies, 99 of which have gone public
Investment Focus: Growth companies, generally with over $10 million in revenue
Geography: Primarily United States
Team: 6 General Partners with over 100 years of combined experience
Portfolio: Over 300 companies, 99 of which have gone public
Слайд 14Magic Number
Magic Number =
(Q1 GP$ - Q4 GP$) *4
Q4 S&M$
A Magic
Number of 1 means you break even on your sales and marketing spend after 1 year
Слайд 17LTV / CAC Example
LTV / CAC = = 7x
$700 * 5
$500
You sell
your product for $1,000 per year at 70% GP
Customers churn 20% per year (5 year average life)
It costs $500 to acquire each customer
Customers churn 20% per year (5 year average life)
It costs $500 to acquire each customer
Слайд 21Retention Trumps Growth
Company A
$200K New Revenue Per Month
90% Monthly Retention
3 Years
Later = $2.0M Run-Rate
Company B
$100K New Revenue Per Month
99% Monthly Retention
3 Years Later = $3.1M Run-Rate
Слайд 23Case Study: Hare (AVG Technologies)
Source: Company filings. Analyst reports.
47% CAGR
6%
CAGR
Consumer Software Churn = 30-40% Per Year
Слайд 24Case Study: Tortoise (Concur)
28% CAGR
Customer Churn = 2% Per Year
Source: Company
filings. Analyst reports.
Слайд 25Case Study: Unicorn (Workday)
109% CAGR
Low/Negative Churn – 3 to 5 Year
Contracts
Source: Company filings. Analyst reports.
