2022-03-09-Bessemer_Venture_Partners-云计算企业如何扩大到1亿美元_（英）_25页_2mb

Key Benchmarks

• ARR is the primary valuation metric, with growth rates decreasing as ARR increases (e.g., 200% avg for $1M-$10M ARR vs. 60% for >$100M ARR). Growth Endurance is typically 70% YoY.
• Gross margins average 65-70%, improving with scale. Companies optimize operating expenses, with S&M, R&D, and G&A averages decreasing significantly at scale (S&M: 35-50%, R&D: ~35%, G&A: 20%).
• Valuation multiples decrease with maturity, from ~30x ARR at $1M ARR to ~15x ARR beyond $10MM. Round sizes increase with scale, dilution decreases. Valuations surged in 2020-2021 (e.g., Cloud 100 multiples up to 34x).
• Operational efficiency improves with ARR. Free Cash Flow (FCF) margins become less negative, Efficiency Scores (FCF margin + YoY Growth) target 70% at $25M-$50M ARR and 50%+ at $100M+. Cash Conversion Score (CCS) increases with maturity.
• Going Public requires specific metrics: >$100M LTM revenue, 65%+ growth rate, 120%+ net retention, 70% gross margin, negative FCF (-20%), and FCF positivity within 1-2 years. Public benchmarks align with top quartile private performance.

Lesson 1: ARR is the North Star

• Annual Recurring Revenue (ARR) is the core metric for valuation and tracking (CARR is an advanced version).
• ARR Growth Rate is crucial, decreasing from nearly 200% for $1M-$10M ARR to 60% for companies >$50M ARR. Growth Endurance is typically 70% YoY.
• High retention is vital. Gross Retention averages 85-90%, Net Retention averages 140%+ (decreasing slightly to 120%+ at $100M+ ARR). Top performers require strong Net Retention (>100%).
• ARR directly influences valuation. Larger ARR typically enables higher valuations despite potentially lower growth rates later.

Lesson 2: Win by Wide Margins

• Gross Margin measures efficiency in delivering software, averaging 65-70%. Twilio's lower gross margin stemmed from telecom costs.
• Operating Expenses (COGS, S&M, R&D, G&A) constitute the bulk of costs. Average percentages decrease significantly with ARR scale:
  • Sales & Marketing (S&M): High percentage (avg. 35-50% at $100M+), CAC Payback targets vary by segment (SMB: <12m, Enterprise: <24m).
  • Research & Development (R&D): Decreases from nearly 60% (early) to ~35% ($100M+).
  • General & Administrative (G&A): Decreases from 70% ($1-10M) to ~20% ($50M+).
• Efficiency Metrics (CoEpendency/FCF): FCF becomes less negative with scale. Efficiency Score (FCF margin * ARR + YoY Growth Rate) targets are around 70% ($25M-$50M) and 50%+ ($100M+). CCS (ARR / Capital Invested) indicates product-market fit, aiming for >1x ideally.
• Cash Conversion Cycle: Revenue generation lags spending initially, but top performers leverage their model to unlock growth with improved CCS.

Lesson 3: Know Your Worth

• Valuation is heavily growth-dependent. Higher growth rates command higher multiples, which decrease slightly with maturity (e.g., 30x-40x ARR at start-up to ~15x+ at scale). Valuations spiked in 2020-2021.
• Round Size increases substantially with ARR scale ($20M avg. $0-$10M ARR to >$75M $50+$ ARR). Founders dilute less with each raise.
• Industry Matters: Fintech generally sees higher valuations than other sectors within cloud.
• Pricing Differences: Valuation multiples reflect investors' bets on future growth potential and market leadership.

Lesson 4: The TL;DR – Plot Your Way to the Next Milestone

• Benchmark Targets by ARR Scale:
  • $1M - $10M: Growth ~230%+, Retention~145%+, Gross Margin ~85%+, FCF <<-65%
  • $10M - $25M: Growth ~135%+, Retention~135%+, Gross Margin ~80%, FCF <<-35%
  • $25M - $50M: Growth ~110%+, Retention~130%+, Gross Margin ~75%+, FCF <<-35%
  • $50M - $100M: Growth ~80%+, Retention~135%+, Gross Margin ~80%+, FCF <<-25%
  • Beyond $100M: Growth ~80%+, Retention~125%+, Gross Margin ~80%+, FCF << -20%
• Navigate to Public Markets: Target $100M+ LTM revenue, FCF positivity within 1-2 years, specific growth and retention metrics benchmarked against public companies. Downloaded templates help compare against Bessemer's data.