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Valuation of B2b SAAS startups - what information and metrics are value relevant?
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The valuation of early-stage startups is critical in venture capital. This thesis examines whether metrics, investors apply to assess B2B SaaS startups, can explain the probability of receiving funding and pre-money valuation. Empirical results from 441 fundraising attempts of startups support the key hypothesis that investors consider specific metrics and value information pro- vided by startups. More specifically, this thesis shows that annual recurring revenues, number of patents granted, and technical co-founders significantly and positively affect the probability to receive funding or the valuation. In addition, information disclosed by startups about revenue and burn rateare valued by investors.
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Startup valuation Venture capital Software startups Value relevance