There aren’t enough great deals for the 300–500 new micro funds, for sure.

And the rapid expansion in valuations makes it even harder again. Deals at 2x-3x the price of a few years back makes it even harder for small funds to make money.

And yet … these are the Best of Times in SaaS.

So the best of the best will make a lot of money:

| Bessemer Venture Partners

And since absolute valuations and public and private unicorns are at an all time high, it’s good hunting.

But it’s difficult to believe there are 10x-20x more truly great start-ups being founded a year than a few years back. If there are, we need all these funds. But if there aren’t … there will be a culling. Eventually.

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