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Point Nine Capital

also referred to as: point nine

30 statements across 5 episodes · 7 bullish · 4 bearish · 1 people on the record · first statement Feb 4, 2021 by Christoph Janz · said 26 times in 9 episodes since 2017 · across every show →

Mentions by year

brought up most by Christoph Janz (14), Jason Lemkin (3), Robert Lacher (2), Mikkel Svane (1), Arnaud Bonzom (1)

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2018 2 mentions in 1 episode
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Everything said about Point Nine Capital, oldest first

Feb 4, 2021
Disclosure
Point Nine examines pre-launch research when evaluating pre-seed founders
“When we look at companies at these early stages and knowing that There is very little in terms of validation from the market. We always want to know how much work did the founders do before they decided to pursue this idea and not another idea. So this is what…”
Christoph Janz Feb 4, 2021 ▶ 11:57 How To Raise Your Next Round: What Does it Take to Really Raise Capital | Point Nine Capital
Feb 4, 2021 neutral
Insight
Janz: Venture round definitions have shifted upward by an entire stage
“Like what used to be called a seed is now a pre-seed, what used to be called a series A is now a seed, what used to be called a series B is now a series A, and what used to be called A series C is now a series B. So you can almost shift the columns one step if…”
Christoph Janz Feb 4, 2021 ▶ 26:58 How To Raise Your Next Round: What Does it Take to Really Raise Capital | Point Nine Capital
Feb 4, 2021 bullish
Assertion Partly supported
Janz: Half of 2021 SaaS Series B rounds exceeded $200M valuations
“And our takeaway from this data is that the round sizes are typically in the 18 to fifty million dollar rate range for the pre-money valuation. The range, as you can see, is Very, very wide, and I think that's, that is quite remarkable, and something which we …”
Christoph Janz Feb 4, 2021 ▶ 21:27 How To Raise Your Next Round: What Does it Take to Really Raise Capital | Point Nine Capital
Feb 4, 2021
Assertion Partly supported
Janz: Typical SaaS Seed Valuations Have More Than Tripled Since 2016
“Valuations we originally mentioned or noted the range as being two to six million and now it's eight to 17. So that's basically more than triple the valuation at a typical seed round.”
Christoph Janz Feb 4, 2021 ▶ 15:07 How To Raise Your Next Round: What Does it Take to Really Raise Capital | Point Nine Capital
Feb 4, 2021 negative
Insight
Janz: Preemptive VC Discussions Benefit Investors, Not Founders
“Investors will often try to pull you into preemptive fundraising discussions. I think that's mostly good for them, not necessarily good for the founders, and I think in almost all cases you are better off if you decide when you go out fundraising, and then you…”
Christoph Janz Feb 4, 2021 ▶ 31:07 How To Raise Your Next Round: What Does it Take to Really Raise Capital | Point Nine Capital
Feb 4, 2021 neutral
Assertion Supported
Janz: Pre-seed round valuations and sizes doubled or tripled since 2016
“You can see that the valuations as well as the amounts typically raised in a pre-seed financing have pretty much doubled, maybe almost, almost tripled here which is quite quite a dramatic change.”
Christoph Janz Feb 4, 2021 ▶ 10:19 How To Raise Your Next Round: What Does it Take to Really Raise Capital | Point Nine Capital
Feb 4, 2021 neutral
Assertion Supported
Janz: 2021 SaaS Series C Valuations Spanned $100M to $900M
“So you can see that the range for a Series C was thirty-five million to a hundred twenty million, and that valuation range was a hundred million to as much as Nine hundred million.”
Christoph Janz Feb 4, 2021 ▶ 24:49 How To Raise Your Next Round: What Does it Take to Really Raise Capital | Point Nine Capital
Jun 29, 2022 bearish
Assertion Not checkable as stated
Janz: Venture funding has shifted and growth is no longer rewarded at all costs
“Whether you like it or not, and I don't really know if there will be an extended funding winter but it's pretty clear that something has changed in the funding environment in the last couple of days, weeks, and months. Growth is no longer rewarded at any cost.”
Christoph Janz Jun 29, 2022 ▶ 1:27 Balancing Growth and Efficiency in Tougher Times | Point Nine Managing Partner Christoph Janz
Jun 29, 2022
Insight
Janz: Efficient startups with high burn should increase sales spend and cut elsewhere
“If you have an efficient sales and marketing engine, try to spend more on it, not less, and try to save money in other places.”
Christoph Janz Jun 29, 2022 ▶ 22:59 Balancing Growth and Efficiency in Tougher Times | Point Nine Managing Partner Christoph Janz
Jun 29, 2022 bearish
Prediction Not checkable as stated
Janz: VC markets may not see 2021-level valuations for a decade
“My guess is that we will not go back maybe never, or maybe not for 10 years to what we've seen in 2020 and 20 21, where there was a lot of craziness, like every round being done in just a couple of days at insane valuations.”
Christoph Janz Jun 29, 2022 ▶ 38:10 Balancing Growth and Efficiency in Tougher Times | Point Nine Managing Partner Christoph Janz
Jun 29, 2022 bullish
Prediction Held up
Janz: Seed deep tech startups can still raise $5M to $10M
“I think pre-seed or seed companies will still be able to raise significant amounts of money, like let's say five or ten million dollars if it's the right team and if it's the right opportunity to do that R&D work to get a product into the hands of customers.”
Christoph Janz Jun 29, 2022 ▶ 48:28 Balancing Growth and Efficiency in Tougher Times | Point Nine Managing Partner Christoph Janz
Oct 13, 2022 neutral
Insight
Strict 'default alive' goals can cause startups to underinvest and stagnate
“If you're planning to be default alive, which is a great goal, it might, depending on your situation, lead you to under-invest in, in product and R&D, sales and marketing. So the consequence of that might be that you that you sort of, you don't fail quickly, b…”
Christoph Janz Oct 13, 2022 ▶ 10:59 Growth vs. Efficiency: How to Weatherproof Your SaaS Startup for Tougher Times | Christoph Janz
Oct 13, 2022 positive
Insight
Tracking net new ARR reveals revenue plan deviations much earlier
“With that simple trick of making sure that you always keep a very close eye on net new ARR, you might be able to detect, or you will be able to detect significant deviations from that plan much earlier.”
Christoph Janz Oct 13, 2022 ▶ 10:00 Growth vs. Efficiency: How to Weatherproof Your SaaS Startup for Tougher Times | Christoph Janz
Oct 13, 2022 neutral
Insight
Janz: Rapid startup downturns stem from slowing growth while maintaining planned spend
“So if you suddenly find yourself in a much worse situation, it's probably because two things happened. Number one, your growth rate went down, and number two, you kept spending cash according to your original plan. So this is what typically happens, or at leas…”
Christoph Janz Oct 13, 2022 ▶ 3:31 Growth vs. Efficiency: How to Weatherproof Your SaaS Startup for Tougher Times | Christoph Janz
Oct 13, 2022
Insight
Pre-product-market fit startups should keep engineering teams under 10 people
“I think for pre product market fit companies, I would say it's always been true that you should have a pretty small team because it's unpredictable how long it's going to take. To get to product market fit and adding more people doesn't necessarily get you the…”
Christoph Janz Oct 13, 2022 ▶ 33:38 Growth vs. Efficiency: How to Weatherproof Your SaaS Startup for Tougher Times | Christoph Janz
Sep 27, 2023 neutral
Assertion Not checkable as stated
2023 Series A SaaS Startups Reached $1M to $5M ARR
“Most companies when they raised their series A were at around one to five million ARR, which might be a bit more than you'd expect. And also is a bit more than we, what we saw in previous years.”
Christoph Janz Sep 27, 2023 ▶ 7:22 What it Takes to Raise Capital with Christoph Janz of Point Nine
Sep 27, 2023
Insight
A 1.0 to 1.5 Burn Multiple Is Good for Early SaaS
“And it's generally considered that In the relatively early stage, let's say up to twenty five million in ARR or so, if you are, if your burn multiple is one to 1.5, that's good. If it's even lower, that's great.”
Christoph Janz Sep 27, 2023 ▶ 15:54 What it Takes to Raise Capital with Christoph Janz of Point Nine
Sep 27, 2023 neutral
Disclosure
2023 VC Market Is More Nuanced Than AI Versus Non-AI
“Before we did the survey this year, my expectation was that the napkin could look a bit like this year, meaning that if you're an AI, everybody wants to give you money at any valuation. And if you're not an AI, then, well, probably difficult. I think there is …”
Christoph Janz Sep 27, 2023 ▶ 2:01 What it Takes to Raise Capital with Christoph Janz of Point Nine
Sep 27, 2023 positive
Assertion Supported
Half of VC Investors Demand a Convincing AI Strategy
“Half of them, maybe not surprisingly, also told us that a convincing AI strategy has become more important than it was previously.”
Christoph Janz Sep 27, 2023 ▶ 11:29 What it Takes to Raise Capital with Christoph Janz of Point Nine
Sep 27, 2023 neutral
Assertion Supported
Half of 2023 Seed-Stage SaaS Startups Raised Pre-Revenue
“At the seed stage, as you can see here, approximately half of them were pre-revenue, while the other half had some ARR, anything between just a couple of 100,000 dollars Up to about a million or even 1.5 million.”
Christoph Janz Sep 27, 2023 ▶ 5:49 What it Takes to Raise Capital with Christoph Janz of Point Nine
Sep 27, 2023 neutral
Assertion Supported
2023 Pre-Seed Rounds Target $1M–$1.5M at $5M–$10M Valuations
“If you look at where most of these data points are, and if you take a look at the median, you can see that most pre-seed round sizes were around one to one and a half million, and valuations were very roughly at five to ten million.”
Christoph Janz Sep 27, 2023 ▶ 5:01 What it Takes to Raise Capital with Christoph Janz of Point Nine
Sep 27, 2023 neutral
Assertion Supported
2023 Seed Rounds Average $4M–$5M at $10M–$20M Pre-Money
“Most seed rounds were very roughly in the four to five million range at around 10 to twenty million pre.”
Christoph Janz Sep 27, 2023 ▶ 5:29 What it Takes to Raise Capital with Christoph Janz of Point Nine
Sep 25, 2024 negative
Insight
Historical actuals and future projections must share the same spreadsheet model
“I think the historic numbers and the projections should follow the same logic and the same model. This is something that we quite oftentimes see founders do it, like, not quite right. So you get a model, you try to understand it, look at all the projections, a…”
Christoph Janz Sep 25, 2024 ▶ 8:14 5 Metrics that Matter When Raising Your SaaS Series A and Series B with Christoph Janz of Point 9
Sep 25, 2024
Insight
Founders must explain CAC calculations because no single standard exists
“There is probably not one generally accepted way of how customer acquisition costs are calculated. You can do it in many different ways. So make sure to explain how you do that or add a footnote. Otherwise, that will for sure trigger a follow up question from …”
Christoph Janz Sep 25, 2024 ▶ 20:26 5 Metrics that Matter When Raising Your SaaS Series A and Series B with Christoph Janz of Point 9
Sep 25, 2024 positive
Insight
SaaS early-stage financial projections should cover roughly two years
“I think projections should usually be for around two years. I think one year is usually not enough because you raise a certain amount that should give you runway for 18 months or two years, and so it's good to have a budget for that period.”
Christoph Janz Sep 25, 2024 ▶ 5:12 5 Metrics that Matter When Raising Your SaaS Series A and Series B with Christoph Janz of Point 9
Sep 25, 2024 positive
Insight
Cohort analysis is the only way to track SaaS retention and payback
“A cohort analysis is really the only way to get a sense for churn and retention, customer acquisition costs, payback, customer lifetime value in a subscription business.”
Christoph Janz Sep 25, 2024 ▶ 14:27 5 Metrics that Matter When Raising Your SaaS Series A and Series B with Christoph Janz of Point 9
Sep 25, 2024
Insight
SaaS cohort analyses must separate monthly and annual plan customers
“Don't mix monthly and annual plans. If you do this all in one bucket, it makes more sense because some of the annually and the annual plan customers, they didn't even have a chance to cancel their subscriptions. You have to look at cohort analyzes for monthly …”
Christoph Janz Sep 25, 2024 ▶ 16:52 5 Metrics that Matter When Raising Your SaaS Series A and Series B with Christoph Janz of Point 9
Sep 25, 2024
Insight
Investors prioritize finding at least one scalable customer acquisition channel
“What investors really are looking for here is they want to see one source or one channel that's clearly working and that seems to be efficient and scalable.”
Christoph Janz Sep 25, 2024 ▶ 21:45 5 Metrics that Matter When Raising Your SaaS Series A and Series B with Christoph Janz of Point 9
Sep 25, 2024 positive
Insight
Founders may highlight top customer segments in fundraising if transparent
“So a little bit of cherry picking in a fundraising process is allowed. You just have to be transparent about it. You have to explain it. And you have to, you shouldn't overdo it.”
Christoph Janz Sep 25, 2024 ▶ 17:54 5 Metrics that Matter When Raising Your SaaS Series A and Series B with Christoph Janz of Point 9
Sep 25, 2024
Insight
Clean SaaS metrics reduce diligence friction and accelerate fundraising
“If your data is self-explanatory, in good shape, easy to understand, and aligned with what investors really care about, you will avoid a lot of follow-up questions and a lot of back and forth with the investors that you are going to talk to and that are going …”
Christoph Janz Sep 25, 2024 ▶ 3:31 5 Metrics that Matter When Raising Your SaaS Series A and Series B with Christoph Janz of Point 9
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