The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 41 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 41 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Revenue Growth Overtook Efficiency as the Top Valuation Driver in Q2 2023
“What you can see through kind of most of 22 last year was that efficiency went to the top. That's how companies were valued. And of course, now look at the very last point on the far right. Q two, 20, 23, it's flipped again and on top revenue growth.”
Lemkin: AI slide maker Gamma has reached $150M in revenue
“This is all Gamma does at a hundred fifty million revenue.”
Lemkin: Craft Ventures Puts 80% of New Capital Into AI
“I said, of your 3.5 billion dollars, how much of your new money is going into AI? I think he said 80%.”
Lemkin: SaaStr survey shows under 20% of sales reps hit 70% attainment
“I did a Saster survey of a couple thousand folks. I put it on Saster in the last week or two. You know, only like, only teens of folks are hitting 70% attainment.”
Bonzom: Fabrice Grinda Signed First 100 Term Sheets Without Reading
“Fabrice Grinder, he often do a deal just by one hour call, or even shorter, and he commit, and he admitted that I think his first Android term sheet, he didn't read anything. He just signed.”
Upwork CEO: 75% of Upwork's 2,000 team members are freelancers
“And today, fast forward, we're a public company. We have about 2000 team members. 75% of those team members are freelancers. They are distributed around the world. Our team is in 86 countries globally.”
Cursor Saw Immediate Revenue Uplift by Identifying Free Users via Clay
“Cursor they had so many free users using their product, didn't know who they were, and saw an immediate revenue uplift because now they knew who they were, they could convert them into revenue.”
Waste Management Uses Clay to Analyze Satellite Imagery of Trash Cans
“Waste Management uses Clay, actually, and they use Play because they, and this is a very custom, unique data point. They want to know who their customers are, so they use Google Maps to get satellite images, AI to analyze the images, to determine, like, what c…”
Lemkin: PagerDuty trades at 2x revenue with flat customer count for four years
“Pager duty missed its last quarter. Pager duty is doing just across five hundred million in ARR. It's worth one billion dollars, two times revenue. Now there's a bunch of things that happened there, but they, their customer count is flat, 15,000 something cust…”
Shen: Bessemer's initial investment memo gave ServiceTitan a 2% chance at $1B
“I remember way back in the day when we were at Bessemer, it's myself, Byron Dieter, and Tyler Goldberg. We wrote now this very famous memo about service sign. I think we put, what do we say, a two percent chance at a billion dollar outcome.”
Lemkin: Deel is growing 70% at an $800M run rate
“So here at the top down, this isn't all software or SAS revenue, but deal announced that. Eight hundred million is growing. 70% last week.”
BILL processes 1% of US GDP annually and $1T in five years
“One percent of GDP goes through bill. One percent every year. A trillion dollars has been moved on the platform in the last five years.”
Lemkin: Zscaler Has Seen No Downturn at $2.5B in Revenue
“Zscaler has seen no downturn at two and a half billion in revenue and cybersecurity.”
Lemkin: UiPath added zero net new customers in the previous quarter
“Growth is still good, but UiPath had no net new customers last quarter. No net new customers.”
Muralidharan: Expensify has maintained growth and cash positivity for five years
“And Expensify is a cash positive business. We're very proud of it. We've had growth and profitability for something like five years now.”
Rippling gifts $25 to high-NPS users who post on LinkedIn
“And what they do is they give an NPS survey At the end of that onboarding. So when I joined Founder's Fund, I onboarded to Rippling. And the NPS survey, I mark it, whatever I mark it, based off of my experience onboarding, I probably marked it a 10. And then I…”
Atlassian spends only 15% of revenue on sales and marketing
“We spend 15%, one to five percent of revenue on sales and marketing, roughly, mid-teens which is a fraction of any company that's in enterprise software of our size. And we spend, call it 35 to 40% on R&D.”
DigitalOcean Acquires Over 30,000 Self-Serve Customers Per Month
“We bring over 30,000 customers a month. In via self-serve, you know, think about that, you know, and sometimes I think about it like portfolio companies, which they had 30,000 customers total, you know, and this is what we're doing in a month.”
Betakure: 95% of top YC companies plan post-pandemic hybrid offices
“We just did an analysis of the top YC companies that they publish every year, the largest market cap coming out of YC in the history. 95% of those companies are going to have offices post-pandemic, and most of them will be hybrid.”
Bill.com transaction revenue has surpassed its subscription revenue
“If you looked at our quarter last quarter we have now surpassed our revenues. Subscription pricing revenue has now been surpassed by transaction-based pricing revenue.”
Bedecarre: San Francisco has lowest office occupancy of any major city
“Like the occupancy level in San Francisco is the lowest of any major city.”
Lemkin: SaaStr Tripled Its Content Output Using AI
“What we've been able to do is triple our content output with AI.”
BILL consistently adds roughly 45,000 customers per quarter
“We've grown customers, right? And so that sense, we are immune. Like we keep adding customers roughly 45,000 a quarter. We've been doing that for a while. That's very consistent growth for us.”
BILL once reported 300% year-over-year revenue growth on an earnings call
“To be on a public earnings call and to be public and to say, we grew 300% year over year. That was a fun day. And I knew I'd pay the price later because you can't grow that fast forever.”
BILL's spend management product Divvy is growing roughly 30% year-over-year
“And the spend and expense platform that used to be Divi now built, it's growing exceptionally well. So, roughly, 30% year over year.”
Lacerte: Bill.com has 3.2 million network members
“The opportunity for us to take this 3.2 million network members and give them something that is a paying product.”
Okta's position dropped slightly in Gartner's Magic Quadrant as competitors caught up
“And last year we were like way up in the leader position. And this year we came down a little bit and the other competitors got, got around us and caught us a little bit in the quadrant and it was, everyone's bummed out when that happens.”
Lemkin: monday.com moved from -5% to +20% operating margins in 18 months
“Monday.com in, in 18 months went from Minus five percent operating margins to plus 20, right? Salesforce is hitting plus 30.”
Lemkin: Monday.com Found Early Scale in Insurance, Church, and Construction Verticals
“They built a horizontal platform at Monday, but once they started doing Facebook marketing, they found that insurance, churches construction were the ones that performed, so they leaned the hell in, right?”
Lenta: How AWS pitched Honeywell on a 50-day application migration sprint
“We spent time with the CIO of Honeywell, and we said, hey, rather than spend a huge amount of time planning a migration and starting to work through this migration, and maybe in two years we'll have migrated assets and we'll know what we're doing, Why don't we…”
In 2012, Atlassian's most expensive product was an $8,000 unlimited Jira license
“In 2012, the most expensive thing you could buy from Atlassian was 8000 dollars. An unlimited license, unlimited users on Jira was 8000 bucks a year with a 4000 dollar renewal, right?”
Plank: Gusto generated huge early revenue through accounting channel partnerships
“We never had accountant partnerships when all of our competitors like Gusto, you know, had an enormous amount of their revenue in the early days came from the accounting channel.”
Snow: Divvy parked branded cars outside Brex's office to troll them
“We paid some cars, wrapped them in like, you know, the Divi branding and said, you know, corporate card for everybody. And we had them sit outside your office.”
Halligan: HubSpot only holds roughly 4% market share in CRM
“And we feel like we're really early, like our market share is like four percent.”
Lemkin: Top-Tier University Endowments Averaged 90% Venture IRR in 2021
“Do you have so much better data, or at least historically, but do you know what the average top tier university endowment adventure did last year? The IRR? ... 90%.”
Lemkin: First Great VP of Sales Boosts Revenue 20% to 100%
“How much of a revenue boost did you get from your first great VP of sales? 20% half got 20%, and about half got 40 to a hundred percent boost.”
Lemkin: Only 13% of surveyed companies have VP Sales comp over 50% variable
“It was interesting to me that all out of over 2000 votes, only 13% said more than 50%, although all very few had almost no variable comp.”
Meraki Surpassed Two Million Active Networks and $2B in Sales
“As they grew to two million active networks, And over the last couple of years they've reported that they've crossed over two billion in sales.”
Segment spent two years pushing CDI before surrendering to CDP
“With Segment, we, you know, we went about this exercise as, you know, is there a category that truly reflects exactly what we do? And we went down a path, you know, for a number of years where we said, we're actually not a CDP. We are not a customer data platf…”