The Brutal Truth About Series B: Only 1 in 3 Deals Even Double Investors’ Money, Per Latest Carta Data
When Figma raised its Series B in 2018, investors who passed on the Seed and Series A still made nearly 100x on their Series B investment. It’s the ultimate FOMO story VCs love to tell themselves. But Figma is the exception, not the rule. According to data from...
5 Tips For Pitching VCs for The Very First TIme
Dear SaaStr: What advice would you give to an entrepreneur who has never pitched before but has a pitch scheduled with venture capitalists? A few basic tips for your first VC pitch: #1. Practice With The Best You Can Find a founder that you know that has raised VC...
10 Things To Know About Raising Venture Capital for The First Time
Dear SaaStr: What should a founder know about raising VC capital for the first time? Fundraising is one of the most critical—and often misunderstood—parts of building a startup. It’s essentially a specialized form of sales, where instead of selling a product, you’re...
How A16Z’s Returns Show Just What an Epic Year and Epic Time 2021 Was. Will 2028 Be Next?
This A16Z chart of how much money they’ve made really, really, shows you what an epic year 2021 was for venture. For everyone, in many ways. AI should produce a few years that dwarf this. 2028? pic.twitter.com/LoQ6K324oZ — Jason ✨👾SaaStr.Ai✨ Lemkin (@jasonlk)...
How VC Reserve Allocation Actually Works: A Practical Guide for B2B Founders
Understanding the mechanics behind follow-on capital decisions from VCs. When a VC invests in your company, they’re not just writing one check. They’re typically reserving 2-3x their initial investment for follow-on rounds across your company’s...
“Non-Dilutive” Financing Has Its Place. But It Isn’t Free. And It Can Be Quite Dilutive.
So I am glad that “non-dilutive” financing vendors exist, and they do an important service when used properly: They can help you invest a little more in growth, if you are growing at a good clip and aren’t burning that much or anything. That’s when they are useful....
My #1 Tip When You Are Pitching VCs: Just Ask Them What The Odds Are They’d Invest.
It's totally OK to ask a VC at the end of a pitch meeting, "Based on what you know now, what are the odds you'd invest?" In fact, it can save a lot of time — Jason ✨👾SaaStr.Ai✨ Lemkin (@jasonlk) September 8, 2025 It’s totally OK to ask a...
The Great IPO Awakening: Are We Back?
Last week marked the busiest IPO stretch since 2021. Six companies raised $4.4 billion in five days. But is this the sustainable comeback founders and VCs have been waiting for, or just another false dawn? The IPO window isn’t just cracking open—it’s...
Need a Second Check From Your VCs? Here’s How “Reserves” Work
"If a VC doesn't write second and third checks into their investments … that VC just isn't as valuable as one that does. Ask. Just ask. Ask how often they write second checks." pic.twitter.com/yJ358OrpXA — Jason ✨👾SaaStr.Ai✨ Lemkin...
Want To Know What Your Startup is Worth? Try the FREE SaaStr VC Valuation Calculator
Wondering what B2B + AI VCs will think your start-up is worth today? We’ve pulled all the data and numbers into one simple VC Valuation Calculator here. Try it — it’s Free! We’ve pulled together all the latest data from: 4,000+ funding rounds...
Winner-Take-All Has Taken Over Venture. The Top 1% of AI Start-Ups Are Now Valued at 3-10x ‘Normal’ Multiples
Winner-Take-All Has Taken Over Venture. The Top 1% of AI Start-Ups Are Valued at 3-10x ‘Normal’ Multiples Based on fresh Carta data from 3,001 primary rounds raised by US startups (Sept 2024 – August 2025). The venture capital market has officially...
Venture Has Never Been More Concentrated: 40%+ of VC $$$ Going to Just 10 Deals
What’s happening in venture capital right now. At some level, if you’re not one of the chosen few mega-startups … you’re essentially competing for table scraps. Because the Age of AI has led to not just massive rounds being raised, but those...
11 Signs To Predict If a Venture Investment Will or Won’t Work Out
It's not a flag when a founder picks new VCs for the next one Many reasons for this It's a pretty big flag when none of a founder's last VCs want to invest in the next one Are exceptions, but usually a sign — Jason ✨👾SaaStr 2025 is May 13-15✨ Lemkin...
Are You Fundable Today? Just Ask Your Existing Investors. Just Ask Them.
So Venture Capital is back in force — but not for everyone. 71% of all VCs dollars are going into AI VC dollars are more and more concentrated into winners at growth stage Many traditional B2B VCs are now looking for faster growth than even T3D2 today, in the...
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