2019
EXPANSION SAAS
BENCHMARKSSEAN FANNING & KYLE POYAR

View the interactive report at saasbenchmarks.com

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TABLE OF CONTENTS

1

Introduction

5

Go-to-Market
Insights

2

Participant
Overview

6

Pricing
Insights

OV | 2019 EXPANSION SAAS BENCHMARKS

3

Executive
Summary

4

Features:
PLG Insights& Founder
Priorities

7

Financial &Operating
Insights

8

TalentInsights

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INTRODUCTION
Objective data is critical to making the rightThe 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 mostof our third annual Expansion SaaS Benchmarks

successful businesses. While most companies are stillsurvey. This report was designed specifically toin the experimentation phase, those who’ve

enable operators to compare themselves against

mastered product led growth are exhibiting fastertheir 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 fromacquisition. We’ve also covered topics ranging fromMay - June 2019. There were 639 respondents

top concerns for founders, performance by(~70% of participants were CEOs, CFOs, or VPs ofcompany 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 OVERVIEWOV | 2019 EXPANSION SAAS BENCHMARKS

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5DISTRIBUTION BY ARR

DISTRIBUTION BY GEOGRAPHY

6%

9%
7%
26%

11%

11%
13%
56%
14%

20%

27%

<$1M

$1-2.5M$2.5-10M$10-20M$20-50M>$50M

US

EuropeCanada

APAC

Other

Source: 2019 OpenView SaaS Metrics Survey, N=639.
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DISTRIBUTION BY
S O F T WA R E C A T E G O R Y

DISTRIBUTION BY
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(VSB, <20 employees)

We sell to a consumer market
Vertical application

Horizontal application

Infrastructure / developer software

Other

16%

6%

Source: 2019 OpenView SaaS Metrics Survey, N=639.
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EXECUTIVE SUMMARYOV | 2019 EXPANSION SAAS BENCHMARKS

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COMPANY PERFORMANCE BENCHMARKSSIZE AND GROWTH
Employees

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

FundingAmount 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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9HOW TO READ THESE SLIDES<$1M$1-2.5M$2.5-10M$10-20M$20-50M>$50M

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%)

30% (20-46%)

35% (20-50%)

40% (24-58%)

42% (31-55%)

38% (15-48%)

48% (30-60%)

30% (20-41%)

30% (22-39%)

30% (20-40%)

20% (15-30%)

94% (80-98%)

90% (80-98%)$375 ($0-1,025)$50 ($<0-1,063)

SIZE AND GROWTH
Employees

FINANCIAL
Sales & Marketing Spend

30% (15-50%)

R&D Spend

50% (30-80%)

Subscription Revenue

90% (59-100%)

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

Monthly Burn Rate ($ in 000s)$50 ($50-175)

financial,value drivers,and diversity$50 ($50-175)$175 ($0-375)$375 ($50-625)

Rows represent common KPIs across

SAAS VALUE DRIVERS
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%)

10% (0-33%)

25% (0-40%)

20% (10-33%)

25% (19-39%)

25% (20-40%)

29% (16-43%)

CAC Payback (months)

DIVERSITY
Women in Leadership

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

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%)

SIZE AND GROWTH
Employees

Columns represent distribution of

FINANCIAL

35% (20-50%)from 40%(24-58%)(31-55%)
responses
companies
at 42%
varying

38% (15-48%)

30% (20-41%)

30% (22-39%)

30% (20-40%)

20% (15-30%)

90% (80-100%)90% (80-95%)

94% (80-98%)

90% (80-98%)$50 ($50-175)$175 ($0-375)$375 ($50-625)$375 ($0-1,025)$50 ($<0-1,063)

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%)

10% (0-33%)

25% (0-40%)

20% (10-33%)

25% (19-39%)

25% (20-40%)

29% (16-43%)

Sales & Marketing Spend

30% (15-50%)

30% (20-46%)

R&D Spend

50% (30-80%)

48% (30-60%)

Subscription Revenue

90% (59-100%)93% (85-100%)Monthly Burn Rate ($ in 000s)$50 ($50-175)levels of ARR, from <$1M to >$50M

SAAS VALUE DRIVERS
CAC Payback (months)

DIVERSITY
Women in Leadership

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

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%)

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%represents(20-41%)30%median(22-39%)Each cellthe

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)

SIZE AND GROWTH
Employees

FINANCIALSAAS VALUE DRIVERS
5 (2-11)

CAC Payback (months)

performance of a company, as well as

the range (bottom quartile – top quartile) ofat each respective
8 (5-11)each metric
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%)

10% (0-33%)

25% (0-40%)

20% (10-33%)

25% (19-39%)

25% (20-40%)

29% (16-43%)

DIVERSITY
Women in Leadership

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

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%)

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)

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%)

10% (0-33%)

25% (0-40%)

20% (10-33%)

25% (19-39%)

25% (20-40%)

29% (16-43%)

SIZE AND GROWTH
Employees

FINANCIALSAAS VALUE DRIVERS
CAC Payback (months)

DIVERSITY
Women in Leadership
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

15 (7-33)

49 (30-79)

93 (57-121)

147 (120-194)

268 (140-440)$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%)

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)

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%)

20% (0-33%)

20% (10-34%)

20% (15-40%)

25% (20-36%)

29% (14-35%)

SIZE AND GROWTH
Employees
Funding

FINANCIALSAAS VALUE DRIVERS
CAC Payback (months)

DIVERSITY
Women in Leadership
Source: 2019 OpenView SaaS Metrics Survey, N=639.
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PRODUCT LED GROWTH
INSIGHTSOV | 2019 EXPANSION SAAS BENCHMARKS

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WHAT IS PRODUCT LED GROWTH?

Product led growth (PLG) is a business strategy where productusage 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 YOURSECRET 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 GROWTHSTRATEGIES
Most companies are

PLG
Companies

All
Companies

Free trial offering

74%

45%

Product analytics for decision making

67%

31%

Self service buying experience

61%

28%

Bottoms-up sales

55%

31%

Product qualified leads

53%

29%

Referral programs

50%

31%

Dedicated growth FTEs

47%

27%

discussed – has only been

Freemium offering

38%

18%

adopted by 18% of companies.

experimenting with PLG but
relatively few have gone ‘all in’(just 33% of respondents report
PLG being fundamental to theirbusiness).
Free trials remain the mostpopular product led growthstrategy. Freemium – while much

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 TARGETCUSTOMER SEGMENT% o f re sp o nde nts

PLG

Non-PLG

Product led growth is especiallyprevalent among companies
targeting VSB/SMB customers.

52%

58%

64%
75%

That said, 1 in 4 companies
targeting large enterprises also
employ PLG tactics – PLG is forthe enterprise, too.

48%

42%

36%
25%

VSB

SMB

Midmarket

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
PLG companies grow slowly in the

Me dia n Gro wth Ra te
PLG

Non-PLG120%

very early days, as it takes time tobuild a community of free users andconvert those users to paying

100%

customers.

80%

After $10M in ARR, the magic of60%

PLG kicks in and these companies
can scale faster. They aren’t as

40%

limited by their ability to hire,
onboard and feed leads to20%

enterprise sales reps and they’ve

0%
<$1M

$1-2.5M$2.5-10M$10-20M$20-50M

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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built up significant goodwill fromtheir users.

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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
between 30-49 years old when47%

they founded their company.
It takes more reps and time at28%

the helm to gain the experience
required to lead a software

19%

company and confidence to6%make the right investments inorder to create shareholder

Younger than 30

30-39

40-49

50 or older

value.

Source: 2019 OpenView SaaS Metrics Survey, N=639.
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TOP FOUNDER CONCERNS
56%
50%

37%

16%

19%

21%

22%

23%

We learned that only two things
really matter at the end of theday: product execution and
GTM execution.

26%

These were founders’ top twoconcerns regardless ofcompany 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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23

FOUNDER CONCERNS BY COST OF REGIONHigh Cost
35%
30%

Product and GTM execution
concerns persist regardless of33%

region, but founders in low cost
28%
24%

25%
20%

Low Cost

regions are able to commit
more time towards these issues.

19%

These founders are less worried
15%

about keeping the lights on –they’re 32% less concerned

10%about fundraising and 27% less5%

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 teFounders over 30 years of age
137%

140%

operate companies that performbetter. They may not capture120%

headlines, but these founders
100%

see 65% higher growth and

83%
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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25

GO-TO-MARKET INSIGHTSOV | 2019 EXPANSION SAAS BENCHMARKS

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GROWTH RATE BY COMPANY ARR
Gro wth Ra te (Annua l)

SaaS companies grow rapidly inMedianTop Quartile

2018 Medianthe early stages – a typical

175%

company doubles YoY and a top

150%

quartile company nearly triples.

125%

Revenue growth tends to decrease100%

as companies approach $10M in

75%

ARR.

50%

Growth rates are relatively

25%

unchanged compared to 20180%Less than $1M$1-2.5M$2.5-10M$10-20M$20-50M

More than$50M

despite increased fundraising andburn levels (more on that later).

ARR S ca leSource: 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)
Bottom Quartile

Sales and marketing spend are
MedianTop Quartilea SaaS company’s largest areas70%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 are20%

scaling through Series C / D –10%watch out for inefficiency in0%spend and rising CAC Payback<$1M$1-2.5M$2.5-10M$10-20M$20-50M>$50M

ARR S ca lewithout corresponding
improvements in growth.

Source: 2019 OpenView SaaS Metrics Survey, N=639.
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SALES AND MARKETING SPEND BY
DOMINANT SALES CHANNELS a le s a nd Ma rke ting S p e nd (% o f ARR)Median sales and marketing

Bottom Quartile

MedianTop Quartile70%

spend is highest for companies
primarily generating revenue
through inside sales.

60%
50%

Best-in-class companies selling40%

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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29

DOMINANT SALES CHANNEL1 BY
CUSTOMER TYPE
S a le s C h a nne l Mix (% o f ARR)

Inside sales is the most popularsales channel in SaaS and is

16%

16%

16%

21%

used to reach customers of all
sizes, even very small

15%

22%

businesses.

32%

47%

16%

12%

Make sure sales channels are38%

supported by your average deal

42%

40%

32%

size (do you make enough to
pay competitive sales

VSB
Inside sales

SMB
Field sales

Midmarket
Self service

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

Freemium

IndirectEnterprisecommissions?) and how yourMixedcustomers prefer to buy.

Ta rge t C usto mer Typ e

1. Dominant sales channel accounts for >50% of ARR.
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MONTHS TO RECOVER CAC (CAC PAYBACK)CAC payback lengthens when

C AC P a yba ck in Mo nth s 1
Top Quartile

MedianBottom Quartile

companies achieve greater ARR
scale – watch out for worsening

25

your go-to-market efficiency as
20

you grow.

15

In our opinion, companies arestill under-reporting their true

10

CAC Payback period. Be sure5

your payback is fully loaded(including overhead like rent)

0$1-2.5M$2.5-10M$10-20M$20-50M

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

>$50M

ARR S ca leand that it is gross margin
affected.

1. Excluded companies <$1M ARR because they don’t have enough data for predictable CAC payback..
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31

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 acrosscompanies. See next page for22%summary of quota by target

18%

customer segment.

15%
13%

5%

<$250k$250k-500k$500k-750k

Source: 2019 OpenView SaaS Metrics Survey, N=639.
OV | 2019 EXPANSION SAAS BENCHMARKS$750k-1M$1M-1.5M>$1.5M

AE Quo ta s
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DISTRIBUTION OF AE QUOTAS BY TARGETCUSTOMER SEGMENT
Ta rge t C usto mer S e gme nt

Reps’ quotas generally increase
with the size of a company’s

VSB

54%

SMB

26%

36%

11%

35%

15%

7%

7%

7%

target customers.
1 in 3 enterprise AEs has aquota in excess of $1M,
compared to less than 1 in 10

Midmarket

19%

23%

21%

21%

17%

for VSB/SMB reps. Make surethat reps are “paying forEnterprise

13%

11%

22%

22%

32%

themselves” – a quota of 5x OTE
is a safe rule of thumb per other<$250k$250k-500k

Source: 2019 OpenView SaaS Metrics Survey, N=639.
OV | 2019 EXPANSION SAAS BENCHMARKS$500k-750k$750k-1M

studies.

>$1M

AE Quo ta
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PRICING INSIGHTSOV | 2019 EXPANSION SAAS BENCHMARKS

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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%Company size

software companies.

16%

4%

Relative to last year, we’reUsage-based

seeing an increase in thenumber of companies that

Seats or user-based29%

Performance-based

charge based on company size.

41%
Other

Source: 2019 OpenView SaaS Metrics Survey, N=639.
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3535

PRIMARY PRICING METRIC
S o f twa re C a te go ry
Infrastructure /developer software

As with 2018, horizontal
applications keep to the course

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
Verticalapplication

19%

28%

36%

observe more openness to

15%

newer pricing models (usagebased) amongst infrastructure

Other

Company size

10%

30%

Usage-based

Seats or user-based

35%

10%

15%

Performance or success-based

software vendors, led by the
Other

success of AWS.

Re sp o nse s
Source: 2019 OpenView SaaS Metrics Survey, N=639.
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3636

PRICING CHANGES
3 in 5 of companies surveyedchanged their pricing last year
Yes, multiple times

with 1 in 5 changing pricing
20%

Yes, onceNo

multiple times.
Pricing changes are generally

40%

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 ARRGROWTH
D istributio n o f Re sp o nde nts

Among the companies that1%
Decreasechanged pricing, just 1%9%

0-9% increase17%

10-24% increase
25-49% increase

expected ARR to decrease as aresult.

14%

50-99% increase

By contrast, the median impact

100%+ increaseof a pricing change was morethan 25% increase in ARR
23%

36%

growth.

Source: 2019 OpenView SaaS Metrics Survey, N=639.
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3838

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 understandMidmarket

20%

47%

26%

5%

whether you’re on track to build
an enduring business (pro tip:Enterprise

8%

41%

<$1k

$1k-10k

40%$10k-50k$50k-250k

11%

stop selling Enterprise deals for<$25k).

Other

Re sp o nse s
Source: 2019 OpenView SaaS Metrics Survey, N=639.
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3939

ACV BY DOMINANT SALES CHANNEL
D o mina nt S a le s C h a nne l 1
Self service

No-touch channels like self
service and freemium generally

27%

35%

Freemium

64%

17%

6%

15%

14%

7%

14%

start with smaller initial ACVs as
individual users or teams getfamiliar with the product – once

Inside sales

Field sales

Indirect

39%

11%

43%

31%

29%

<$1k

14%

40%

12%

$1-10k

$10-50k

15%

29%

6%

$50-250k>$250kcompanies get a “foot in thedoor” there can be significant
potential for expansion.

24%

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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4040

ACV BY SOFTWARE TYPE
S o f twa re C a te go ry
Infrastructure /developer software

As in prior years, infrastructure /developer software companies

6%

47%

34%

13%

continue to achieve the highest
ACV levels – usage-based

Horizontal
application

29%

34%

29%

8%

pricing models in particular candrive further ACV expansion.

Verticalapplication

Other

20%

29%

32%

32%

7%

<$1k

25%

45%

10%

$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
INSIGHTSOV | 2019 EXPANSION SAAS BENCHMARKS

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PERCENT REVENUE FROM SUBSCRIPTIONBY TARGET CUSTOMER TYPE
Companies targeting smaller
Bottom Quartile

MedianTop Quartile100%

customers earn a greater shareof their revenue fromsubscriptions.

95%
90%

Companies selling to enterprisecustomers generally layer

85%

services on top of subscriptions.
80%

Per research on public SaaS
company valuation, revenue is75%

treated equal so long as more
70%
VSB

SMB

Midmarket

Enterprise

Re sp o nse sthan 80% comes fromsubscriptions.

Source: 2019 OpenView SaaS Metrics Survey, N=639
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43

GROSS MARGIN ON SUBSCRIPTIONSGross margin is a key and often
overlooked lever in any business11%– more than half of companies

19%

surveyed have gross margins inexcess of 70%. Best-in-class6%companies across all ARR scales

27%

see gross margins of at least

11%

80%.
As a reminder, gross margin

26%<50% GM

50-59% GM

60-69% GM

Source: 2019 OpenView SaaS Metrics Survey, N=639.
OV | 2019 EXPANSION SAAS BENCHMARKS

70-79% GMshould always include hosting,
80-89% GM

90%+ GM

as well as any services andcustomer onboarding costs.
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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 your6%

sales and marketing spend if

35%

you have a churn problem!
Median retention rates do differ

21%

depending on deal size:• <$1k: 71%• $1-5k: 83%
27%<65% retention

65-74% retention

85-94% retention>=95% retention• $5k-25k: 90%
75-84% retention• $25k-100k: 90%• $100-250k: 93%

Source: 2019 OpenView SaaS Metrics Survey, N=639.
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NET DOLLAR RETENTION RATESN e t D o lla r Re te ntio n Ra te s (Annua l)
10%

About 1 in 3 companies
surveyed reported net dollar

11%

9%

retention over 105% and 1 in
10 reported NDR over 125%.

9%

Net dollar retention tells the15%whole story about what is16%

happening within your customer
base and should be tracked at
the cohort level to visualize
31%

<75%

75-84%

85-94%

95-104%

trends over time.
105-114%115-124%>=125%

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

MedianTop Quartile

higher for companies targeting115%

midmarket or enterprise

110%

companies than for those105%

targeting VSB/SMB companies.

100%
95%

Regardless of segment, a90%

competitive NDR rate lies

85%

between 100% and 110%.

80%
75%
VSB

SMB

Source: 2019 OpenView SaaS Metrics Survey, N=639.
OV | 2019 EXPANSION SAAS BENCHMARKS

Midmarket

EnterpriseTa rge t C usto mer Typ e
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RETENTION RATES VS. GROWTH
Re te ntio n Ra te s (Annua l)
Avg. Logo Retention

The ability to expand newcustomers facilitates rapid

Avg. NDR

120

108%

companies see >100% net

96%

94%

100
85%

82%

growth. The fastest growing

86%

dollar retention.

80

For comparison, median net

60

dollar retention for public
40

companies was 107% (at thetime of S-1 filing).

20
0<30% Growth30-100% Growth

Source: 2019 OpenView SaaS Metrics Survey, N=639.
OV | 2019 EXPANSION SAAS BENCHMARKS>=100% Growth

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%
69%

70%

73%

customer success team – these

59%

60%

companies surveyed lacked ateams are primarily tasked with52%

managing retention.

50%
40%
30%

Upsell and expansion are less20%

common for CS to own and

10%companies are split on whether

8%

CS, sales or a hybrid resource0%
N/A - we don't Upsell / expansion
have a customer
success team.

Engagement /product usage

Onboarding

Retention /renewals

owns expansion.

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%
52%
50%
43%

43%

table stakes when it comes to

29%

30%

data to track customer health –this is beginning to become

38%

40%

utilizing product engagement

understanding your users.

20%

Nearly 9 in 10 companies

11%
10%

reported efforts to measurecustomer health.

0%
We don’t trackor measurecustomer healthIn-app NPS
surveysOne-off NPS
surveys

Customersatisfaction
scoresCustomerhealth scores

Product
engagement

Re sp o nse s

Source: 2019 OpenView SaaS Metrics Survey, N=639.
OV | 2019 EXPANSION SAAS BENCHMARKS

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50

EQUITY CAPITAL RAISED BY ARR
Companies are raising more equity

ARR S ca lecapital at earlier stages – double
<$1M

79%

$1-2.5M

10%

55%

20%

18%

6%

the number of companies between
7%$2.5-10M and $10-20M of ARR
have raised >$50M vs. 2018.

$2.5-10M

28%$10-20M

10%$20-50M

6%

>$50M

12%
0%

25%

11%

13%

8%

23%
51%

< $5M

growth funds, mega-rounds andrecord-breaking VC fund sizes aswell as PE firms diversifying

65%
40%

$5-10M

This coincides with the rise of VC

53%

12%

20%

5%
15%

32%
12%

17%

$10-20M60%$20-50M

strategies in order to deploy
80%

100%

>$50M

E q uity C a p ita l Ra ise d D ist.

capital. As companies raise more
capital, it is no surprise burn has
increased (see next slide).

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)
2019 MedianArmed with record amounts of2018 Median$400

cash, SaaS companies areburning far more than last year.

$350
$300

For companies with $10-20M in$250

ARR, median burn is $375k per$200month (up from $183k) and the$150

highest quartile is now burning$625k per month.

$100
$50

Burn rates have increased the

$0
<$1M

$1-2.5M$2.5-10M

Source: 2019 OpenView SaaS Metrics Survey, N=639
OV | 2019 EXPANSION SAAS BENCHMARKS$10-20M$20-50M>$50M

most among companies with
$20-50M in ARR.

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52

CASH BURN AND GROWTH BY COST OFREGION
Average Growth Rate

Companies headquartered

Monthly Operating Cash Burn

Growth rate (annual)

$875k
99%

$800
$700

95%

$600
$500
$400
$375k

$300
84%

$200
$100

75%

as well or better. In fact, the best
Monthly Operating Cash Burn

$900

85%

outside of tech meccas perform$1,000105%

companies are growing 20%
faster and realize 20-30%
greater sales efficiency at scale.
Startups in high-cost regions
burn 133% more than theirpeers in low-cost areas.

$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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TALENT INSIGHTSOV | 2019 EXPANSION SAAS BENCHMARKS

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NUMBER OF EMPLOYEES BY ARR SCALE
In the early stages, companies

N umber o f E mp lo ye e s
Bottom Quartile

MedianTop 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 another200

20% are in Sales. The next

100

largest functions are Customer

0<$1M$1-2.5M$2.5-10M$10-20M$20-50M>$50M

ARR S ca leSuccess (15%) and Product(11%).

Source: 2019 OpenView SaaS Metrics Survey, N=639.
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55

MIX OF EMPLOYEES BY FUNCTION, BY
ARR SCALEARR S ca leAt the early stages, most startup
employees are in Product &

<$1M

40%

$1-2.5M

14%

36%

11%

10%
10%

17%
17%

9%
15%

10%
11%

As companies expand, they

$2.5-10M

29%$10-20M

26%

10%

9%

21%

17%

17%

$20-50M

24%

11%

9%

21%

18%

17%

>$50M

Engineering roles.

10%

29%
Engineering

11%
Product

8%8%Marketing

21%

21%
Sales

17%

14%
Customer Success14%

need to rapidly grow Customer
Success and specialized
functions, such as Recruiting and
Finance.

16%
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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56

MIX OF EMPLOYEES BY FUNCTION,
BY DOMINANT SALES CHANNELARR S ca leCompanies leveraging self
service or freemium channels

Self service

34%

Freemium

14%

14%

41%

13%

21%

15%

12%

10%

9%
10%

6%

commit a greater proportion of
their resources to engineeringand product – this is particularly

Inside sales

30%

10%

9%

22%

Field sales

33%

11%

Indirect

34%

7%

Mixed

32%

12%

10%

Marketing

Sales

Engineering

Product

7%
6%

16%

19%

14%

18%

17%
19%

12%
15%
19%

14%

Customer Successevident in PLG companies who
rely on organic strategies andproduct awareness to drive
inbound demand.

13%

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
Growth Rate
125%

outperform their peers (faster

$20M
$19M

115%

$15M

115%
105%

$10M

$11M
99%

95%

$5M

85%

E q uity C a p ita l Ra ise d

Gro wth Ra te (Annua l)

While female-led teams

Equity Capital Raised

growth), they are doing so with
far less capital ($11M vs. $19M)
and they’re 50% more likely toreport fundraising as a concern.

$0M

75%
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 fareslightly better when it comes togender diversity withinmanagement teams but after
notable progress in 2018, we’reseeing stagnation this year.
38% of respondents had one ormore female BoD member, which isnearly unchanged from last year
(albeit up from 2017). Meanwhile,
still 8% had gender parity on the
BoD and 14% had parity among
ARR

their leadership team.

Source: 2019 OpenView SaaS Metrics Survey, N=639.
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59

ABOUT THE AUTHORSOV | 2019 EXPANSION SAAS BENCHMARKS

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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.

kyle@ov.vc
OV | 2019 EXPANSION SAAS BENCHMARKS@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 andexecuting M&A and capital raise transactions,
supporting portfolio exit planning activities, andcommunicating trends across M&A, PE, and publicmarkets. He also supports various projects for
OpenView's Go-To-Market team.

sean@ov.vc@seandougfan

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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 becomemarket leaders

Learn more at ov.vc
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THANK YOU!

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