A New Marketing Behemoth Klaviyo : How 7 Key Benchmarks Stack Up in the S-1 by @ttunguz

10. Revenue multiples are for SaaS companies. Consumer brands are valued on EBITDA multiples.

Typical enterprise software companies spend approximately 7-15% of their enterprise value on customer acquisition. L1 Web3 companies spend 29-95%.

- GTM efficiency: How efficiently can the marketplace grow? How much does the marketplace spend to acquire and onboard a new buyer or seller?

Customer.io’s 131% net dollar retention is comparable to Front (137%) and in the top quartile of IPO’ing companies

It seems investors are now returning to the fundamentals, where organic growth is valued over paid user acquisition and profitable customer acquisition is a focus versus the land-grab approach.

As the ROI of SG&A spend becomes more predictable, a non-VC financial layer will emerge within Silicon Valley, similarly helping to fuel its growth. This capital layer can help partially compensate for the slowing market-based growth tailwinds. This suite of services will benefit from a tech-specific approach: real-time debt offerings based on oper... See more