A mix of The Best of Times and Some Slowdown.

Most VCs in SaaS will tell you right now is 10 on a scale of 1–10. Multiples are not an all-time high … that peaked in late ’14 and into early ‘15.

But the best SaaS companies are growing faster than ever. Check out this great SaaStr Annual presentation from Bessemer Venture Partners on just this theme and data:

The State of the Cloud Report 2017

And the best VC firms have all raised large, new funds.

Having said that …

Many of the best VCs have slowed down their investment pace a bit. They made great investments the last few years that are now maturing into pre-nicorns. And they are focusing more of their time on making sure those bets can IPO or get acquired for $1b+.

I’ve seen many of the best SaaS VCs, with the strongest hands, slow down a bit.

They aren’t as hungry for new deals as a year or two ago. They still want to do new deals. But more of their time is more focused on farming.

It will swing back.

But even in the Best of Times, don’t necessarily expect every VC to be leaning forward quite as much right now.

Their bellies are a little full, that’s all.

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