GP at Never Lift | Ex @Exor @PermiraNews @Balderton.
New York, USA
Joined April 2024
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London, Paris and most major European cities sit within range of an Iranian ICBM, and our reserves of Patriot missiles aren't what they used to be….
Thank you @Cambridge_Aero for protecting us. And tip of the hat to our ally @DerJunaid !
Today at @Cambridge_Aero we're announcing a $300M Series C funding round to accelerate our mission to protect Allied skies.
Thank you to lead investor @dfjgrowth and for the continued support of our backers @Accel, @eladgil, GFC, Lakestar, @Lux_Capital, Never Lift, Ora Global, @sparkcapital
Listening to @mttgrmm with my friend @HarryStebbings, I'm left wondering: are the US refocusing defense spending to build ‘great power’, or still sidetracked by post-9/11 'killing terrorists' agenda? What has been the impact of the digression?
🚀 Starting a venture fund? The first and most critical decision: who’s on the journey with you?
Here’s what I’ve learned about picking the right partners. A thread 🧵👇
7/ And then there’s incentives.
❌ If things fail, you go your separate ways.
✅ If things are moderately successful, misalignment may not be a big issue.
🏆 But what if things go incredibly well? Are you truly aligned in the case of wild wins?
There is no EU company with a market capitalisation over EUR 100 billion that has been set up from scratch in the last fifty years, while all six US companies with a valuation above EUR 1 trillion have been created in this period
It only takes a 38% 5-year CAGR to 5x your revenue.
With a robust NDR this is more achievable than it seems. For example with a 120% NDR, half of your new ARR will come from expansion alone. You then simply need to add less than 1/5th of your existing base in new customers.
A lot of investors underestimate the impact of great defensive metrics on recurring revenue business. A 5% difference in Gross Retention can have a 15% impact on value . Let's unpack these economics in the thread below ⏬
4/4 If you factor in that company #2 would never trade at a similar multiple to #1 (in yr6 the relative growth rate of company 1 is x2 that of Company 2) the actual impact is much greater
nitter.cf/ItsMichaLav/status/178…
Most SaaS benchmarks are based on ARR, sometimes on headcount or capital raised. More rarely (almost never) are metrics benchmarking done by AGE.
@Kellblog and I decided to look deeper into it and came up with an easy-to-remember rule of thumb.👇
4. This sets a more reasonable target to the traditional T2D3 (triple twice and double three times from $2M ARR), especially with founders focusing on efficient growth - while remaining within top buckets companies.