Turo is about to go public. Below are the most interesting pieces of their public filing. The punchline: customer feedback drives the product roadmap, covid was crushing but the rebound has been strong, the host is the real customer and partner, and Turo’s P2P platform may be the ultimate marketplace.

Cash efficiency is one of the most important metrics in SaaS. Since the revenue at SaaS companies is largely recurring, we measure it as ARR / net investment. Formulaically it’s revenue / [equity + debt — cash].

We did an analysis looking at cash efficiency of the 73 most recent…

How many rounds has it taken the latest crop of tech companies to go public? Below is the data from the last 49 SaaS IPOs.

Software. On median, publicly traded software companies raised through their Series E before going public. Note that Palantir went all the way through their Series…

Every quarter we publish public SaaS multiples (that data is further down this blog). While we lean on public multiples heavily to understand valuation trends for venture investing, there are acquisitions of public companies that also can give us a feel for where multiples are. …

Below are revenue multiples for publicly traded consumer tech companies (B2C). Industries and therefore multiples vary widely. Commentary is below. If you’re looking for data on SaaS multiples, keep scrolling.

Social media is back to 2020 levels. Multiples rose steadily through 2020 peaking at 22.7x on median in Q1 2021…

SaaS comps continue to be strong, but fell from last quarter. Of the 126 SaaS companies we follow, the average public SaaS business is trading at 17.9x revenue while the median is 12.2x. In Q3, the average was 20.0x.

The gap between the average and median is 5.7x, meaning premium…

Sammy Abdullah

co-founder at Blossom Street Ventures. Email me at sammy@blossomstreetventures.com

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