OpenView 2019 SaaS Benchmarks Report PDF

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2019

EXPANSION SAAS
BENCHMARKS
SEAN FANNING & KYLE POYAR

View the interactive report at saasbenchmarks.com

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TABLE OF CONTENTS

Features:

1 2 3 4
Participant Executive PLG Insights
Introduction
Overview Summary & Founder
Priorities

6 7 8
Financial &

5
Go-to-Market Pricing Operating Talent
Insights Insights Insights Insights

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INTRODUCTION
Objective data is critical to making the right The 2019 survey revealed surprising insights about
strategic decisions that can propel your long-term the adoption of product led growth (PLG) - a go-to-
growth. For this reason, we’re releasing the results market strategy that underpins some of today’s most
of our third annual Expansion SaaS Benchmarks successful businesses. While most companies are still
survey. This report was designed specifically to in the experimentation phase, those who’ve
enable operators to compare themselves against mastered product led growth are exhibiting faster
their exact peers across the metrics that matter most growth at scale while maintaining efficient customer
in a SaaS business. This year’s survey was live from acquisition. We’ve also covered topics ranging from
May - June 2019. There were 639 respondents top concerns for founders, performance by
(~70% of participants were CEOs, CFOs, or VPs of company headquarter region, progress on
Finance at their respective company) across a executive diversity and much more.
range of geographies and software types.

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THANKS TO OUR SURVEY PARTNERS

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PARTICIPANT OVERVIEW

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DISTRIBUTION BY ARR DISTRIBUTION BY GEOGRAPHY

9% 6%
7%

11% 26%

11%

13%
56%

14% 20%

27%

<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M US Europe Canada APAC Other

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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DISTRIBUTION BY DISTRIBUTION BY
S O F T WA R E C A T E G O R Y TA R G E T C U S T O M E R S I Z E

5%
8%
Enterprise (>1,000 employees) 45%

38%
Midmarket (101-1,000 employees) 54%

SMB (20-100 employees) 36%


48%

Very small business


16%
(VSB, <20 employees)

We sell to a consumer market 6%


Vertical application Horizontal application

Infrastructure / developer software Other


Source: 2019 OpenView SaaS Metrics Survey, N=639.

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EXECUTIVE SUMMARY

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COMPANY PERFORMANCE BENCHMARKS
SIZE AND GROWTH

Employees Number of full-time equivalent employees at the end of 2018.

Funding Amount of equity capital raised to date.

Annual Recurring Revenue (ARR) Company annual recurring revenue (ARR) scale at the end of 2018.

YoY Growth Rate Change in annual recurring revenue at the end of 2018 vs. 2017.

FINANCIAL

Sales & Marketing Spend Spending on sales & marketing, including headcount, as a % of year-end 2018 ARR.

R&D Spend Spending on R&D, including headcount, as a % of year-end 2018 ARR.

Software Revenue Revenue derived from subscriptions as a percent of total 2018 revenue.

Monthly Burn Rate (in 000’s) Net monthly operating cash burn rate basis at the end of 2018 (total $ lost each month, negative values = profit).

SAAS VALUE DRIVERS

CAC Payback (months) Months of subscription gross margin to recover the fully loaded cost of acquiring a customer.

Logo Retention Annual logo retention seen in cohorts.

Net Dollar Retention Annual net dollar retention (after churn, upsells & expansion) seen in cohorts.

DIVERSITY

Women in Leadership % of female representation among employees Director-level and above.

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HOW TO READ THESE SLIDES
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M

SIZE AND GROWTH

Employees 8 (4-15) 25 (14-40) 47 (30-70) 100 (77-149) 180 (147-269) 555 (385-752)

Funding $3M ($1-3M) $3M ($3-9M) $8M ($3-15M) $28M ($15-43M) $63M ($31-88M) $88M ($28-100M)

YoY Growth Rate 80% (15-125%) 80% (30-165%) 50% (30-100%) 42% (22-78%) 40% (20-61%) 29% (10-40%)

FINANCIAL

Sales & Marketing Spend 30% (15-50%) 30% (20-46%) 35% (20-50%) 40% (24-58%) 42% (31-55%) 38% (15-48%)
Rows represent common KPIs across
R&D Spend 50% (30-80%) 48% (30-60%) 30% (20-41%) 30% (22-39%) 30% (20-40%) 20% (15-30%)

Subscription Revenue 90% (59-100%) categories


93% (85-100%)including size and growth,
90% (80-100%) 90% (80-95%) 94% (80-98%) 90% (80-98%)

Monthly Burn Rate ($ in 000s) $50 ($50-175) financial, value drivers,


$50 ($50-175) and diversity
$175 ($0-375) $375 ($50-625) $375 ($0-1,025) $50 ($<0-1,063)

SAAS VALUE DRIVERS

CAC Payback (months) 5 (2-11) 8 (5-11) 11 (8-15) 15 (11-21) 15 (8-15) 15 (3-15)

Logo Retention 90% (75-100%) 90% (78-98%) 90% (80-95%) 88% (80-95%) 89% (75-95%) 88% (80-94%)

Net Dollar Retention 100% (83-106%) 100% (82-113%) 100% (90-110%) 95% (90-105%) 102% (96-110%) 97.5% (89-101%)

DIVERSITY

Women in Leadership 10% (0-33%) 25% (0-40%) 20% (10-33%) 25% (19-39%) 25% (20-40%) 29% (16-43%)

Note: Companies are not in the top quartile for all metrics. A top quartile grower at a particular ARR scale may also be in the bottom quartile for that ARR scale in other financial, SaaS value drivers, or diversity metrics.

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HOW TO READ THESE SLIDES
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M

SIZE AND GROWTH

Employees 8 (4-15) 25 (14-40) 47 (30-70) 100 (77-149) 180 (147-269) 555 (385-752)

Funding $3M ($1-3M) $3M ($3-9M) $8M ($3-15M) $28M ($15-43M) $63M ($31-88M) $88M ($28-100M)

YoY Growth Rate 80% (15-125%) 80% (30-165%) 50% (30-100%) 42% (22-78%) 40% (20-61%) 29% (10-40%)

FINANCIAL Columns represent distribution of


Sales & Marketing Spend 30% (15-50%) 30% (20-46%) 35% (20-50%)from 40%
responses companies
(24-58%) varying
at 42% (31-55%) 38% (15-48%)

R&D Spend 50% (30-80%) 48% (30-60%) 30% (20-41%) 30% (22-39%) 30% (20-40%) 20% (15-30%)
levels of ARR, from <$1M to >$50M
Subscription Revenue 90% (59-100%) 93% (85-100%) 90% (80-100%) 90% (80-95%) 94% (80-98%) 90% (80-98%)

Monthly Burn Rate ($ in 000s) $50 ($50-175) $50 ($50-175) $175 ($0-375) $375 ($50-625) $375 ($0-1,025) $50 ($<0-1,063)

SAAS VALUE DRIVERS

CAC Payback (months) 5 (2-11) 8 (5-11) 11 (8-15) 15 (11-21) 15 (8-15) 15 (3-15)

Logo Retention 90% (75-100%) 90% (78-98%) 90% (80-95%) 88% (80-95%) 89% (75-95%) 88% (80-94%)

Net Dollar Retention 100% (83-106%) 100% (82-113%) 100% (90-110%) 95% (90-105%) 102% (96-110%) 97.5% (89-101%)

DIVERSITY

Women in Leadership 10% (0-33%) 25% (0-40%) 20% (10-33%) 25% (19-39%) 25% (20-40%) 29% (16-43%)

Note: Companies are not in the top quartile for all metrics. A top quartile grower at a particular ARR scale may also be in the bottom quartile for that ARR scale in other financial, SaaS value drivers, or diversity metrics.

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HOW TO READ THESE SLIDES
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M

SIZE AND GROWTH

Employees 8 (4-15) 25 (14-40) 47 (30-70) 100 (77-149) 180 (147-269) 555 (385-752)

Funding $3M ($1-3M) $3M ($3-9M) $8M ($3-15M) $28M ($15-43M) $63M ($31-88M) $88M ($28-100M)

YoY Growth Rate 80% (15-125%) 80% (30-165%) 50% (30-100%) 42% (22-78%) 40% (20-61%) 29% (10-40%)

FINANCIAL

Sales & Marketing Spend 30% (15-50%) 30% (20-46%) 35% (20-50%) 40% (24-58%) 42% (31-55%) 38% (15-48%)

R&D Spend 50% (30-80%) Each


48% (30-60%) cell
30%represents
(20-41%) 30%median
the (22-39%) 30% (20-40%) 20% (15-30%)

Subscription Revenue 90% (59-100%) 93% (85-100%) 90% (80-100%) 90% (80-95%) 94% (80-98%) 90% (80-98%)
performance of a company, as well as
Monthly Burn Rate ($ in 000s) $50 ($50-175) $50 ($50-175) $175 ($0-375) $375 ($50-625) $375 ($0-1,025) $50 ($<0-1,063)
the range (bottom quartile – top quartile) of
SAAS VALUE DRIVERS

CAC Payback (months) 5 (2-11) 8 (5-11)each metric at each respective


11 (8-15) 15 (11-21) ARR scale
15 (8-15) 15 (3-15)

Logo Retention 90% (75-100%) 90% (78-98%) 90% (80-95%) 88% (80-95%) 89% (75-95%) 88% (80-94%)

Net Dollar Retention 100% (83-106%) 100% (82-113%) 100% (90-110%) 95% (90-105%) 102% (96-110%) 97.5% (89-101%)

DIVERSITY

Women in Leadership 10% (0-33%) 25% (0-40%) 20% (10-33%) 25% (19-39%) 25% (20-40%) 29% (16-43%)

Note: Companies are not in the top quartile for all metrics. A top quartile grower at a particular ARR scale may also be in the bottom quartile for that ARR scale in other financial, SaaS value drivers, or diversity metrics.

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SAAS METRICS BY COMPANY ARR
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M

SIZE AND GROWTH

Employees 8 (4-15) 25 (14-40) 47 (30-70) 100 (77-149) 180 (147-269) 555 (385-752)

Funding $3M ($1-3M) $3M ($3-9M) $8M ($3-15M) $28M ($15-43M) $63M ($31-88M) $88M ($28-100M)

YoY Growth Rate 80% (15-125%) 80% (30-165%) 50% (30-100%) 42% (22-78%) 40% (20-61%) 29% (10-40%)

FINANCIAL

Sales & Marketing Spend 30% (15-50%) 30% (20-46%) 35% (20-50%) 40% (24-58%) 42% (31-55%) 38% (15-48%)

R&D Spend 50% (30-80%) 48% (30-60%) 30% (20-41%) 30% (22-39%) 30% (20-40%) 20% (15-30%)

Subscription Revenue 90% (59-100%) 93% (85-100%) 90% (80-100%) 90% (80-95%) 94% (80-98%) 90% (80-98%)

Monthly Burn Rate ($ in 000s) $50 ($50-175) $50 ($50-175) $175 ($0-375) $375 ($50-625) $375 ($0-1,025) $50 ($<0-1,063)

SAAS VALUE DRIVERS

CAC Payback (months) 5 (2-11) 8 (5-11) 11 (8-15) 15 (11-21) 15 (8-15) 15 (3-15)

Logo Retention 90% (75-100%) 90% (78-98%) 90% (80-95%) 88% (80-95%) 89% (75-95%) 88% (80-94%)

Net Dollar Retention 100% (83-106%) 100% (82-113%) 100% (90-110%) 95% (90-105%) 102% (96-110%) 97.5% (89-101%)

DIVERSITY

Women in Leadership 10% (0-33%) 25% (0-40%) 20% (10-33%) 25% (19-39%) 25% (20-40%) 29% (16-43%)

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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SAAS METRICS BY MOST RECENT FUNDING
Angel / Seed Series A Series B Series C Series D or Later

SIZE AND GROWTH

Employees 15 (7-33) 49 (30-79) 93 (57-121) 147 (120-194) 268 (140-440)

Funding $3M (0.5-3M) $8M (3-15M) $28M (15-42M) $43M (28-63M) $88M (48-100M)

Annual Recurring Revenue (ARR) $0.5M ($0.5-2M) $4M ($2-8M) $8M ($7-13M) $17M ($13-25M) $40M ($18-63M)

YoY Growth Rate 80% (36-150%) 75% (35-161%) 80% (50-104%) 45% (24-80%) 33% (21-44%)

FINANCIAL

Sales & Marketing Spend 33% (20-50%) 35% (20-59%) 45% (30-60%) 40% (30-54%) 42% (27-50%)

R&D Spend 40% (30-60%) 40% (25-59%) 30% (22-50%) 30% (21-40%) 30% (21-39%)

Subscription Revenue 95% (80-100%) 92% (80-100%) 95% (80-100%) 90% (80-97%) 91% (82-98%)

Monthly Burn Rate ($ in 000s) $50 ($50-175) $175 ($50-375) $375 ($375-750) $375 ($50-1,063) $375 ($50-1,250)

SAAS VALUE DRIVERS

CAC Payback (months) 7 (4-10) 10 (5-15) 15 (10-15) 15 (10-21) 15 (10-15)

Logo Retention 90% (75-97%) 90% (75-96%) 84% (80-95%) 88% (75-90%) 89% (80-92%)

Net Dollar Retention 100% (80-110%) 103% (95-114%) 100% (90-110%) 98% (88-106%) 100% (90-105%)

DIVERSITY

Women in Leadership 20% (0-33%) 20% (10-34%) 20% (15-40%) 25% (20-36%) 29% (14-35%)
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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PRODUCT LED GROWTH
INSIGHTS

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WHAT IS PRODUCT LED GROWTH?

Product led growth (PLG) is a business strategy where product


usage serves as the primary driver of user acquisition,
conversion and expansion.

PLG is employed by many of the fastest growing software


companies including standout public companies.

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PRODUCT LED GROWTH IS YOUR
SECRET WEAPON

E vo lutio n o f P ublic P LG C o mp a nie s S ince 2012

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ADOPTION OF PRODUCT LED GROWTH
STRATEGIES
PLG All Most companies are
Companies Companies experimenting with PLG but

Free trial offering 74% 45% relatively few have gone ‘all in’
(just 33% of respondents report
Product analytics for decision making 67% 31%
PLG being fundamental to their
Self service buying experience 61% 28% business).
Bottoms-up sales 55% 31%
Free trials remain the most
Product qualified leads 53% 29%
popular product led growth
Referral programs 50% 31%
strategy. Freemium – while much
Dedicated growth FTEs 47% 27% discussed – has only been
Freemium offering 38% 18% adopted by 18% of companies.
Source: 2019 OpenView SaaS Metrics Survey, N=639. PLG Companies defined as those leveraging more than
three of the PLG strategies surveyed.
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PRODUCT LED GROWTH BY TARGET
CUSTOMER SEGMENT
% o f re sp o nde nts PLG Non-PLG Product led growth is especially
prevalent among companies
targeting VSB/SMB customers.

52%
58%
64% That said, 1 in 4 companies
75%
targeting large enterprises also
employ PLG tactics – PLG is for
the enterprise, too.
48%
42%
36%
25%

VSB SMB Midmarket Enterprise


Ta rge t S e gme nt
Source: 2019 OpenView SaaS Metrics Survey, N=639. PLG Companies defined as those leveraging more than
three of the 9 PLG strategies surveyed.

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PRODUCT LED BUSINESSES GROW FASTER
AT SCALE
Me dia n Gro wth Ra te PLG companies grow slowly in the
PLG Non-PLG very early days, as it takes time to
120% build a community of free users and
convert those users to paying
100%
customers.
80%
After $10M in ARR, the magic of
60%
PLG kicks in and these companies
can scale faster. They aren’t as
40%
limited by their ability to hire,
20% onboard and feed leads to
enterprise sales reps and they’ve
0%
built up significant goodwill from
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M
their users.
Source: 2019 OpenView SaaS Metrics Survey, N=639. PLG Companies defined as those leveraging more than
three of the 9 PLG strategies surveyed.
ARR S ca le

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WHAT KEEPS FOUNDERS UP
AT NIGHT?

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DISTRIBUTION OF FOUNDER AGE

P erce nta ge o f Re sp o nde nts Three-quarters of founders were


47% between 30-49 years old when
they founded their company.

It takes more reps and time at


28%
the helm to gain the experience
19% required to lead a software
company and confidence to

6%
make the right investments in
order to create shareholder
value.
Younger than 30 30-39 40-49 50 or older

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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TOP FOUNDER CONCERNS

56% We learned that only two things


50%
really matter at the end of the
day: product execution and
37%
GTM execution.
26%
22% 23%
21%
19% These were founders’ top two
16%
concerns regardless of
company size with just one
exception (hiring was the #1
priority for those with $1-2.5M in
ARR).

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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FOUNDER CONCERNS BY COST OF REGION

High Cost Low Cost Product and GTM execution


35%
33%
concerns persist regardless of
region, but founders in low cost
30%
28%
regions are able to commit
24%
25% more time towards these issues.
19%
20%
These founders are less worried
15%
about keeping the lights on –
10% they’re 32% less concerned
about fundraising and 27% less
5%
worried about cash burn.
0%
Fundraising Burning too much cash
Source: 2019 OpenView SaaS Metrics Survey, N=639.
Note: High cost regions include Bay Area, Seattle, Denver / Boulder, Austin, New York, Boston, and D.C. Metro area.
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GROWTH RATES BY FOUNDER AGE

Yo Y Gro wth Ra te Founders over 30 years of age


137%
140% operate companies that perform
better. They may not capture
120%
headlines, but these founders
100%
83%
see 65% higher growth and
80% 45% less monthly cash burn than

60% their younger peers.

40%

20%

0%
Younger than 30 30 or older

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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GO-TO-MARKET INSIGHTS

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GROWTH RATE BY COMPANY ARR

Gro wth Ra te (Annua l) SaaS companies grow rapidly in


Median Top Quartile 2018 Median the early stages – a typical
175% company doubles YoY and a top

150% quartile company nearly triples.

125%
Revenue growth tends to decrease
100%
as companies approach $10M in
75% ARR.

50%
Growth rates are relatively
25%
unchanged compared to 2018
0%
despite increased fundraising and
Less than $1M $1-2.5M $2.5-10M $10-20M $20-50M More than
$50M burn levels (more on that later).
ARR S ca le
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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SALES AND MARKETING SPEND BY ARR

S a le s a nd Ma rke ting S p e nd (% o f ARR) Sales and marketing spend are


a SaaS company’s largest areas
Bottom Quartile Median Top Quartile

70% of spend after they hit $2.5M of

60% ARR, before that it is R&D.

50%

40% Sales and marketing spend

30% peaks when companies are

20% scaling through Series C / D –

10% watch out for inefficiency in

0% spend and rising CAC Payback


<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M
without corresponding
ARR S ca le improvements in growth.

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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SALES AND MARKETING SPEND BY
DOMINANT SALES CHANNEL
S a le s a nd Ma rke ting S p e nd (% o f ARR) Median sales and marketing
spend is highest for companies
Bottom Quartile Median Top Quartile
primarily generating revenue
70%
through inside sales.
60%

50%
Best-in-class companies selling
40%
primarily through self service
30%
and freemium can bring sales
20%
and marketing spend below
10%
20% of ARR.
0%
Self service Freemium Inside sales Field sales Indirect

D o mina nt S a le s C h a nne l 1
Source: 2019 OpenView SaaS Metrics Survey, N=639.
1. Dominant sales channel accounts for >50% of ARR.
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DOMINANT SALES CHANNEL1 BY
CUSTOMER TYPE
S a le s C h a nne l Mix (% o f ARR) Inside sales is the most popular
sales channel in SaaS and is
16% 16% 16%
21% used to reach customers of all
sizes, even very small
15% businesses.
22% 32% 47%
16%
12%
Make sure sales channels are
supported by your average deal
38% 40% 42%
32% size (do you make enough to
pay competitive sales
VSB SMB Midmarket Enterprise commissions?) and how your
Inside sales Field sales Self service Freemium Indirect Mixed
customers prefer to buy.
Ta rge t C usto mer Typ e
Source: 2019 OpenView SaaS Metrics Survey, N=639.
1. Dominant sales channel accounts for >50% of ARR.
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MONTHS TO RECOVER CAC (CAC PAYBACK)

C AC P a yba ck in Mo nth s 1
CAC payback lengthens when
Top Quartile Median Bottom Quartile companies achieve greater ARR
25 scale – watch out for worsening
your go-to-market efficiency as
20
you grow.

15
In our opinion, companies are
10 still under-reporting their true
CAC Payback period. Be sure
5 your payback is fully loaded
(including overhead like rent)
0
$1-2.5M $2.5-10M $10-20M $20-50M >$50M
and that it is gross margin
affected.
Source: 2019 OpenView SaaS Metrics Survey, N=639.
ARR S ca le
1. Excluded companies <$1M ARR because they don’t have enough data for predictable CAC payback..

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DISTRIBUTION OF AE QUOTAS

P erce nt o f Re sp o nde nts Median rep quota was between


$500k-750k, but there’s
26%
significant variance across
22% companies. See next page for

18%
summary of quota by target

15%
customer segment.
13%

5%

<$250k $250k-500k $500k-750k $750k-1M $1M-1.5M >$1.5M


AE Quo ta s
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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32
DISTRIBUTION OF AE QUOTAS BY TARGET
CUSTOMER SEGMENT
Ta rge t C usto mer S e gme nt Reps’ quotas generally increase
with the size of a company’s
VSB 54% 26% 11% 7%
target customers.

1 in 3 enterprise AEs has a


SMB 36% 35% 15% 7% 7%
quota in excess of $1M,
compared to less than 1 in 10
Midmarket 19% 23% 21% 21% 17%
for VSB/SMB reps. Make sure
that reps are “paying for
Enterprise 13% 11% 22% 22% 32% themselves” – a quota of 5x OTE
is a safe rule of thumb per other
<$250k $250k-500k $500k-750k $750k-1M >$1M studies.
AE Quo ta
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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33
PRICING INSIGHTS

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PRIMARY PRICING METRIC

D istributio n o f Re sp o nde nts Charging based on users is still


the primary approach for
10% software companies.
16%
Company size
4%
Relative to last year, we’re
Usage-based
seeing an increase in the
Seats or user-based number of companies that

29% charge based on company size.


Performance-based
41%
Other

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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35
PRIMARY PRICING METRIC

S o f twa re C a te go ry As with 2018, horizontal

Infrastructure / applications keep to the course


developer software 9% 34% 34% 13% 9%
of user-based pricing paved by
SaaS bellwethers like Salesforce.
Horizontal
application 16% 28% 44% 9%

Similarly, we’ve continued to


Vertical observe more openness to
application 19% 28% 36% 15%
newer pricing models (usage-
based) amongst infrastructure
Other 10% 30% 35% 10% 15%
software vendors, led by the
success of AWS.
Company size Usage-based Seats or user-based Performance or success-based Other

Re sp o nse s
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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36
PRICING CHANGES

3 in 5 of companies surveyed
changed their pricing last year
Yes, multiple times with 1 in 5 changing pricing
20%
Yes, once multiple times.

No 40% Pricing changes are generally


extremely impactful to growth,
gross margin and profitability –
see next slide for more detail.

40%

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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37
IMPACT OF PRICING CHANGES ON ARR
GROWTH
D istributio n o f Re sp o nde nts Among the companies that
1%
changed pricing, just 1%
Decrease
9%
0-9% increase expected ARR to decrease as a
17%
10-24% increase result.
25-49% increase 14%

50-99% increase
By contrast, the median impact
100%+ increase
of a pricing change was more
than 25% increase in ARR
23% growth.
36%

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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38
ACV BY TARGET CUSTOMER TYPE

There’s a strong correlation


VSB 31% 45% 12% 9% between target customer size,
sales channel and ACV.

SMB 11% 50% 25% 7% 7%


Take a close look at your ACV
and target market to understand
Midmarket 20% 47% 26% 5% whether you’re on track to build
an enduring business (pro tip:
stop selling Enterprise deals for
Enterprise 8% 41% 40% 11%
<$25k).

<$1k $1k-10k $10k-50k $50k-250k Other

Re sp o nse s
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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39
ACV BY DOMINANT SALES CHANNEL

D o mina nt S a le s C h a nne l 1 No-touch channels like self


service and freemium generally
Self service 27% 35% 17% 6% 15%
start with smaller initial ACVs as

Freemium 64% 14% 7% 14%


individual users or teams get
familiar with the product – once
Inside sales 39% 43% 14% companies get a “foot in the
door” there can be significant
Field sales 11% 31% 40% 15%
potential for expansion.

Indirect 29% 12% 29% 6% 24%

<$1k $1-10k $10-50k $50-250k >$250k

Re sp o nse s
Source: 2019 OpenView SaaS Metrics Survey, N=639.
1. Dominant sales channel accounts for >50% of ARR.
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40
ACV BY SOFTWARE TYPE

S o f twa re C a te go ry As in prior years, infrastructure /

Infrastructure /
developer software companies
developer software 6% 13% 34% 47%
continue to achieve the highest
ACV levels – usage-based
Horizontal
application 8% 29% 34% 29% pricing models in particular can
drive further ACV expansion.
Vertical
application 7% 32% 32% 29%

Other 20% 10% 45% 25%

<$1k $1k-10k $10k-50k >$50k

Re sp o nse s
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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41
FINANCIAL & OPERATING
INSIGHTS

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PERCENT REVENUE FROM SUBSCRIPTION
BY TARGET CUSTOMER TYPE
Companies targeting smaller
Bottom Quartile Median Top Quartile
customers earn a greater share
100%
of their revenue from
95% subscriptions.

90%
Companies selling to enterprise
85% customers generally layer
services on top of subscriptions.
80%
Per research on public SaaS
75% company valuation, revenue is
treated equal so long as more
70%
than 80% comes from
VSB SMB Midmarket Enterprise
subscriptions.
Re sp o nse s
Source: 2019 OpenView SaaS Metrics Survey, N=639

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43
GROSS MARGIN ON SUBSCRIPTIONS

Gross margin is a key and often


overlooked lever in any business
11%
19% – more than half of companies
surveyed have gross margins in
excess of 70%. Best-in-class
6%
27%
companies across all ARR scales
see gross margins of at least
11%
80%.

As a reminder, gross margin


26%
should always include hosting,

<50% GM 50-59% GM 60-69% GM 70-79% GM 80-89% GM 90%+ GM


as well as any services and
customer onboarding costs.
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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44
LOGO RETENTION RATES

Lo go Re te ntio n Ra te s (Annua l) Top tier companies see logo


retention rates of at least 85%.
11%
Be careful of accelerating your
6% sales and marketing spend if
35%
you have a churn problem!

21% Median retention rates do differ


depending on deal size:
• <$1k: 71%
• $1-5k: 83%
27% • $5k-25k: 90%
• $25k-100k: 90%
<65% retention 65-74% retention 75-84% retention
85-94% retention >=95% retention • $100-250k: 93%
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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45
NET DOLLAR RETENTION RATES

N e t D o lla r Re te ntio n Ra te s (Annua l) About 1 in 3 companies


surveyed reported net dollar
10% 11%
retention over 105% and 1 in
9%
9% 10 reported NDR over 125%.

Net dollar retention tells the


15%
16% whole story about what is
happening within your customer
base and should be tracked at
the cohort level to visualize
31%
trends over time.

<75% 75-84% 85-94% 95-104% 105-114% 115-124% >=125%

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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46
NET RETENTION BY TARGET CUSTOMER
TYPE
N e t D o lla r Re te ntio n Ra te s (Annua l) Net retention is considerably
Bottom Quartile Median Top Quartile higher for companies targeting
115%
midmarket or enterprise
110%
companies than for those
105%
targeting VSB/SMB companies.
100%

95% Regardless of segment, a


90% competitive NDR rate lies
85% between 100% and 110%.
80%

75%
VSB SMB Midmarket Enterprise

Ta rge t C usto mer Typ e


Source: 2019 OpenView SaaS Metrics Survey, N=639.

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47
RETENTION RATES VS. GROWTH

Re te ntio n Ra te s (Annua l) The ability to expand new


Avg. Logo Retention Avg. NDR customers facilitates rapid
120
108%
growth. The fastest growing

94% 96% companies see >100% net


100
85%
82%
86% dollar retention.
80

60 For comparison, median net


dollar retention for public
40
companies was 107% (at the
20 time of S-1 filing).

0
<30% Growth 30-100% Growth >=100% Growth

Source: 2019 OpenView SaaS Metrics Survey, N=639. Annua l Gro wth Ra te
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48
RESPONSIBILITES OF CUSTOMER SUCCESS

P erce nt o f Re sp o nde nts Less than 1 in 10 of the


80% companies surveyed lacked a
73%
69%
70% customer success team – these
59%
60% teams are primarily tasked with
52%
50% managing retention.
40%

30% Upsell and expansion are less

20% common for CS to own and

10%
8% companies are split on whether

0%
CS, sales or a hybrid resource
N/A - we don't Upsell / expansion Engagement / Onboarding Retention / owns expansion.
have a customer product usage renewals
success team.
Re sp o nse s
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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49
METHODS OF TRACKING CUSTOMER HEALTH

P erce nt o f Re sp o nde nts Most companies surveyed are


60%
utilizing product engagement
52%
50% data to track customer health –
43% 43%
this is beginning to become
40% 38%
table stakes when it comes to
29%
30% understanding your users.

20%

11%
Nearly 9 in 10 companies
10%
reported efforts to measure

0% customer health.
We don’t track In-app NPS One-off NPS Customer Customer Product
or measure surveys surveys satisfaction health scores engagement
customer health scores
Re sp o nse s
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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50
EQUITY CAPITAL RAISED BY ARR

ARR S ca le Companies are raising more equity


capital at earlier stages – double
<$1M 79% 10% 6%
the number of companies between

$1-2.5M 55% 20% 18% 7%


$2.5-10M and $10-20M of ARR
have raised >$50M vs. 2018.
$2.5-10M 28% 25% 23% 17% 5%

This coincides with the rise of VC


$10-20M 10% 11% 13% 51% 15%
growth funds, mega-rounds and
$20-50M 6% 8% 32% 53% record-breaking VC fund sizes as
well as PE firms diversifying
>$50M 12% 12% 12% 65%
strategies in order to deploy
0% 20% 40% 60% 80% 100% capital. As companies raise more
< $5M $5-10M $10-20M $20-50M >$50M capital, it is no surprise burn has
increased (see next slide).
E q uity C a p ita l Ra ise d D ist.
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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51
MONTHLY CASH BURN
Mo nth ly C a sh Burn ($000’s)
Armed with record amounts of
2019 Median 2018 Median
cash, SaaS companies are
$400
burning far more than last year.
$350

$300 For companies with $10-20M in


$250 ARR, median burn is $375k per
$200 month (up from $183k) and the

$150
highest quartile is now burning
$625k per month.
$100

$50
Burn rates have increased the
$0
most among companies with
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M
$20-50M in ARR.
Source: 2019 OpenView SaaS Metrics Survey, N=639 ARR S ca le

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52
CASH BURN AND GROWTH BY COST OF
REGION
Companies headquartered
Average Growth Rate Monthly Operating Cash Burn
outside of tech meccas perform
105% $1,000
as well or better. In fact, the best
$900

Monthly Operating Cash Burn


$875k $800
companies are growing 20%
99%
Growth rate (annual)

$700 faster and realize 20-30%


95%
$600 greater sales efficiency at scale.
$500

$400 Startups in high-cost regions


85% $375k $300
84%
burn 133% more than their
$200
peers in low-cost areas.
$100

75% $0
Low Cost Region High Cost Region

Source: 2019 OpenView SaaS Metrics Survey, N=639.


Note: High cost regions include Bay Area, Seattle, Denver / Boulder, Austin, New York, Boston, and D.C. Metro area.
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53
TALENT INSIGHTS

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NUMBER OF EMPLOYEES BY ARR SCALE

N umber o f E mp lo ye e s In the early stages, companies


Bottom Quartile Median Top Quartile have one employee for every
800 $100,000 in ARR. As companies
700 scale to $20M, that figure jumps

600 to $150,000. Best-in-class is

500
$200,000+.

400
On average, 31% of employees
300
are in Engineering and another
200
20% are in Sales. The next
100
largest functions are Customer
0
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M Success (15%) and Product
(11%).
ARR S ca le
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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55
MIX OF EMPLOYEES BY FUNCTION, BY
ARR SCALE
ARR S ca le At the early stages, most startup
employees are in Product &
<$1M 40% 14% 10% 17% 9% 10%
Engineering roles.
$1-2.5M 36% 11% 10% 17% 15% 11%

As companies expand, they


$2.5-10M 29% 10% 8% 21% 17% 14%
need to rapidly grow Customer
$10-20M 26% 10% 9% 21% 17% 17% Success and specialized
functions, such as Recruiting and
$20-50M 24% 11% 9% 21% 18% 17%
Finance.
>$50M 29% 11% 8% 21% 14% 16%

Engineering Product Marketing Sales Customer Success Other

FT E Mix by Functio n
Source: 2019 OpenView SaaS Metrics Survey, N=420. Other includes Finance, Ops, HR, Talent.

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MIX OF EMPLOYEES BY FUNCTION,
BY DOMINANT SALES CHANNEL
ARR S ca le Companies leveraging self
service or freemium channels
Self service 34% 14% 14% 13% 15% 9%
commit a greater proportion of

Freemium 41% 21% 12% 10% 10% 6% their resources to engineering


and product – this is particularly
Inside sales 30% 10% 9% 22% 16% 12%
evident in PLG companies who
Field sales 33% 11% 7% 19% 14% 15% rely on organic strategies and
product awareness to drive
Indirect 34% 7% 6% 18% 17% 19%
inbound demand.
Mixed 32% 12% 10% 19% 14% 13%

Engineering Product Marketing Sales Customer Success Other

FT E Mix by Functio n
Source: 2019 OpenView SaaS Metrics Survey, N=420. Other includes Finance, Ops, HR, Talent.
1. Dominant sales channel accounts for >50% of ARR.
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57
FEMALE-LED TEAMS PERFORM BETTER, BUT
RAISE LESS CAPITAL
While female-led teams
Growth Rate Equity Capital Raised
outperform their peers (faster
125% $20M
growth), they are doing so with

E q uity C a p ita l Ra ise d


Gro wth Ra te (Annua l)

$19M
115% far less capital ($11M vs. $19M)
115% $15M
and they’re 50% more likely to
105% report fundraising as a concern.
$11M $10M

95% 99%

$5M
85%

75% $0M
50% or more female Less than 50% female

Source: 2019 OpenView SaaS Metrics Survey, N=639.

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58
PROGRESS ON GENDER EQUALITY

Larger companies continue to fare


slightly better when it comes to
gender diversity within
management teams but after
notable progress in 2018, we’re
seeing stagnation this year.

38% of respondents had one or


more female BoD member, which is
nearly unchanged from last year
(albeit up from 2017). Meanwhile,
still 8% had gender parity on the
BoD and 14% had parity among
their leadership team.
ARR
Source: 2019 OpenView SaaS Metrics Survey, N=639.

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59
ABOUT THE AUTHORS

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KYLE POYAR
VP, Market Strategy

Kyle helps OpenView’s portfolio companies


accelerate top-line growth through deep insights
into their market landscape and customers. He
leads segmentation, positioning, channel/partner
strategy, new market entry and packaging/pricing
initiatives, partnering closely with portfolio
leadership teams.

[email protected] @poyark /kyle-poyar

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SEAN FANNING
Director of Corporate Development

Sean supports corporate development at


OpenView, including helping the firm’s portfolio
establish strategic relationships with potential
alliance partners and acquirers, advising on and
executing M&A and capital raise transactions,
supporting portfolio exit planning activities, and
communicating trends across M&A, PE, and public
markets. He also supports various projects for
OpenView's Go-To-Market team.

[email protected] @seandougfan /seandfanning

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THE EXPANSION STAGE SOFTWARE VC

Our mission is to improve people’s


working lives.

We do this by:
• Investing in the best software
companies
• Helping our portfolio companies
accelerate growth and become
market leaders

Learn more at ov.vc


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THANK YOU!

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