Section
Capital
SaaS economics, valuation, and the financing of modern software companies.
The metrics, multiples, and pricing models reshaping how software businesses are funded, valued, and built in the post-growth-at-all-costs era.
The End of the Seat-Based Licensing Model
Usage-based and outcome-based pricing are no longer outliers — they are the survival mechanism.
Dry Powder and the Efficiency Mandate
The metrics VCs actually care about in the post-growth-at-all-costs era.
The Burn Multiple Is the Metric That Won
Why a single ratio has displaced growth as the dominant late-stage financing signal.
Net Dollar Retention: What 120% Actually Means
The metric is real. The way it is reported is frequently not.
Early-Stage Pricing Experiments That Did Not Backfire
How a handful of seed-stage companies tested aggressive pricing without burning their pipeline.
AI Cost of Goods Sold: The New SaaS Margin Problem
Why AI-first companies are reporting gross margins SaaS investors have not seen in fifteen years.
SaaS Valuation Multiples: The Reset Is Permanent
The 2021 multiples were not a baseline. They were an anomaly we are not returning to.
The Rule of 40 Revisited
The classic heuristic still works — but its components have shifted in importance.
Secondary Markets and the Retention Problem
How structured secondaries are quietly solving the equity-retention problem at growth-stage companies.
RSUs vs Options at Late-Stage Startups
Why an increasing number of growth-stage companies are switching equity instruments mid-life.