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SaaS multiples

3 statements across 3 episodes · 1 bullish · 2 bearish · 3 people on the record · first statement Feb 3, 2023 by Jason Lemkin · across every show →

Everything said about SaaS multiples, oldest first

Feb 3, 2023 bullish
Prediction Didn’t hold up
Lemkin: Public SaaS multiples will rebound 20% to 40% by late 2023
“And so I'm pretty bullish at the end of this year. I'm bullish that multiples will be up somewhere between 20 and 40%, and I believe that will lead to a rush to deploy capital, but for founders, you have to understand that will never lead to a return of 2021.”
Jason Lemkin Feb 3, 2023 ▶ 52:34 What Venture Looks Like In 2023 | SaaStr Founder Jason Lemkin + 20VC Host Harry Stebbings
Sep 25, 2024 bearish
Assertion Partly supported
SaaS valuation multiples have compressed by roughly 80% since 2020
“A lot of companies out there have raised a series A or maybe a series B in 2020 or 20 21, and they might not have grown into that valuation yet because the multiples in the markets have just compressed by 80% or something.”
Christoph Janz Sep 25, 2024 ▶ 13:48 5 Metrics that Matter When Raising Your SaaS Series A and Series B with Christoph Janz of Point 9
Jul 15, 2026 bearish
Assertion Not checkable as stated
O'Driscoll: SaaS multiples collapsed because average growth dropped to 10%
“The collapse in the SAS multiples, and you've said this, has happened because of the collapse in the SAS growth rate. I mean, we didn't just, you know, like the average company used to grow at 30%, and now it's what? It's sub 10. It's 10.”
Rory O'Driscoll Jul 15, 2026 ▶ 33:47 Software Isn't Dead. It's Gotten Harder with Scale Venture Partners' Rory O'Driscoll
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