Growth rate is highly correlated with SaaS valuations. Software companies grow rapidly in their early stages – a typical company doubles YoY and a top quartile company nearly triples.

Except for at the very earliest stages, growth rates have fallen vs. 2019 but as noted, growth (likely) didn’t slow as a result of stunted customer demand except in the hardest hit industries (i.e. hospitality and retail). Rather, companies lost their confidence investing in revenue generating activities.

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