Hey, I'm Dan! I invest in early-stage startups at Madrona and write a weekly newsletter called the DL

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How to build a $100B SaaS company

Great article from Jason Lemkin on what it takes to build a $100B SaaS company. Here are the highlights:

  • 🥇 There is only one $100B+ SaaS company today -> Salesforce
  • 📈 73% of Salesforce’s growth comes from existing customers (this is why Net Revenue Retention is the most important metric in SaaS)
  • ⚖️ Growth is split 50/50 between new seats and new products
  • 🛍️ Salesforce’s customers that buy 2+ products spend 10x more
  • 💸 Salesforce has 2K customers spending $1M+ per year, and their largest customers (who spend $20M+) are growing the fastest
  • ✨ Salesforce, Zoom, Slack, and Pagerduty all have 130%+ net revenue retention


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