The Ledger
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Specht: 2x to 3x Growth Results in 15x Valuation Multiples
“In the lower multiple buckets, like, in the, let's say, in a range of, like, 15 to 25, you would rather end up at the 15 X multiple range if you are growing, let's say, two to three X. So, solid good growth, but not hyper growth, not, like, very fast growth. T…”
Specht: ARR Multiple Benchmarks Only Work Above $1.5M-$2M ARR
“Typically, I think the multiple comparisons work well from, like, one and a half million, two million ARR upwards. When the base is, you know, much lower than that, then multiples are simply just very high because the denominator is so small in the calculation…”
Specht: Limit investor pitch calls to a maximum of five per day
“I also always recommend to maximum have five investor calls per day and not go for like 15, because you sometimes realize that people are, you know, worn out at the end of the day. You don't have the right energy of it. So rather, you know, ah, focus your ener…”
Specht: Founders must ignore early VC praise because only term sheets count
“And the most important point here is don't get blinded by initial off. Only a term sheet counts. What do I mean with that? It's the job of a VC to shine, you know, to show you initial love.”
Specht: Founders should raise 24 to 30 months of runway
“Typically I said, like, raise money for 24 months of runway, now, or 20 to 24 months of runway, now I would say actually 24 to 30 months of runway, ideally to more towards 30 months of runway, given the uncertain market,”
Specht: Startups must start fundraising nine months before cash out
“It's not starting six months before cash out anymore. It's more starting, you know, nine months before you run out of cash, because after two, three months, you realize if the fundraise was probably successful or not. And if it's, you know, tough fundraise or …”
Specht: Founders should prioritize closing rounds over high valuations
“And then, flat and down rounds are happening. We're seeing them across in the market. Everyone wants to avoid them. No one likes them. But they're the reality. And I would suggest prioritizing making a round happen over pushing on valuation.”