Hey, I'm Dan! I invest in startups at Madrona and write the DL, a weekly newsletter about tech in the Pacific Northwest

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The 100x Club

The Information wrote a great article last week on “The 100x Club,” which is the group of SaaS startups raising money at 100x revenue multiples.

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What $500M Buys You in Seattle

Here are some financial metrics for three Seattle area companies. They look very different, but all are valued around $500M. Can you guess what each of them are?

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What's Next for Software Multiples?

Morgan Stanley published an interesting report last week on valuation multiples for software companies and why they are at decade highs. Their take was that software stocks are up 50%+ YTD, but for good reasons:

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“I’m not a bonus and salary guy”

Back in July, SoftBank set up a new fund to invest in public equities, and it’s doing very well. So far, they have purchased $4B of call options on tech stocks, and they are up ~100% on their investment. 😲

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Big Week for Tech Investors 🤩

Was last week the best week of the year for tech investors? Not only was it YC Demo Day, but a bunch of tech startups filed to go public as well! Here are some links and articles to get caught up on all of the excitement:

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