FINANCIAL &

OPERATING
BENCHMARKS
Sean Fanning & Kyle Poyar
View the interactive report here.
 TAB LE O F CO NT ENT S

I II III IV
Introduction Participant Overview Executive Summary Financial &
Operating Insights

V VI VII VIII
Product-Led Go-to-Market Insights Cash Flow Insights Talent Insights
Growth Insights

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 2
I. Introduction

Objective data is critical to making the right strategic Our data revealed surprising insights about the cash
decisions that can propel your long-term growth. For flow dynamics in SaaS companies, what investors are
this reason, we’re releasing the results of our fifth rewarding in company performance, the prevalence
annual Financial & Operating Benchmarks survey of product-led growth, how to position for success in
(formerly known as the SaaS Benchmarks Survey). This a fundraise as well as fundraising trends.
report was designed specifically to enable operators
We’ve also covered many of our usual favorite topics
to compare themselves against their exact peers
ranging from the key SaaS value drivers, pricing
across the metrics that matter most in a SaaS business.
models, progress on executive diversity and much
This year’s survey was live from May to September.
more. This document details the “nitty gritty” results of
The 2021 report incorporates data from more than
our benchmarks survey to provide insight into ranges
2,400 respondents aggregated across prior surveys
of performance across various metrics.
as well as almost 600 this year alone.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 3
THANKS TO OUR
SPONSORS & PARTNERS

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 4
II.

PARTICIPANT
OVERVIEW
Distribution

25% 23% 18%

<$1M $2.5M-10M $1-2.5M
By ARR
14% 13% 7%
$10-20M $20-50M >$50M

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

54% 19% 8%
US Europe Canada
By
Geography
12% 7%
APAC Other

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 6
 Source: 2021 OpenView Financial & Operating Metrics
Survey, N=225.

Distribution
50% 30%
CEO / Founder / Co-Founder CFO / VP of Finance
By
7% 6%
COO / VP of Operations Other
respondent
role
4% 3%
CRO / VP of Sales CMO / VP of Marketing

36% 34% 21%

Enterprise Midmarket SMB
(>1,000 employees) (101-1,000 employees) (20-100 employees) By
target
7% customer
2% size
Very small business Consumer
(VSB, <20 employees)

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 7
III.

EXECUTIVE
SUMMARY

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 8
HOW TO USE THESE
BENCHMARKS
We often get asked:
“How do I use these benchmarks, isn’t faster and
cheaper always better?” Our answer: it depends.

The focus should be on the qualitative: stage of business, state of

the market, customer base, and what is right for the business'
stakeholders (employees, customers, etc.) and its shareholders.

Operationalizing benchmarks is part science, part art – not just

where is everyone else, but also: “what makes sense for me?”

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 9
Here are 4 tips we offer for using benchmarks:

Benchmarks are the map, Sound strategy involves tradeoffs:

3
not the territory: See above. Sometimes sacrificing

1 Use financial & operating benchmarks

only as a map for “acceptable ranges,”
at any point in time that will eventually
efficiency for growth is necessary to win
the short term or unlock the next round
of financing.
enable your business to generate
repeatable and predictable free cash
flow in the future. Let shareholders’ risk / return

2 Performance and valuation are

4 expectation act as a guide:
Different investors have different tastes
for risk and return; know what your
a multivariate equation:
“dream investor” looks like so you can
Growth is a function of investment in
optimize performance vs. benchmarks
sales and product which is a function of
that align with their “taste.”
growth… and so on…

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 10
Company performance benchmarks
SIZE AND GROWTH

Employees Number of full-time equivalent employees at the end of Q1 2021.

Funding Amount of equity capital raised to date.

Annual Recurring Revenue (ARR) Company annual recurring revenue (ARR) scale at the end of Q1 2021.

YoY Growth Rate Change in annual recurring revenue at the end of Q1 2021 vs. Q1 2020.

FINANCIAL

Sales & Marketing Spend Spending on Sales & Marketing, including headcount, as a % of ending ARR as of Q1 2021.

R&D Spend Spending on R&D, including headcount, as a % of ending ARR as of Q1 2021.

Gross Margins Subscription revenue less cost of goods sold divided by subscription revenue at the end of Q1 2021.

Monthly Burn Rate (in 000’s) Net monthly operating cash burn rate at the end of Q1 2021 (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.

Gross Dollar Retention Annual gross dollar retention (after churn, exclusive of upsells & expansion) seen in cohorts.

Net Dollar Retention Annual net dollar retention (after churn, inclusive of upsells & expansion) seen in cohorts.

DIVERSITY

Women in Leadership % of female representation among employees Director-level and above.

Underrepresented Minorities in Leadership % of underrepresented minority representation among employees Director-level and above.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 11
How to read these slides

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

SIZE AND GROWTH

Employees 18 (5-18) 38 (18-38) 76 (38-76) 151 (76-151) 151 (151-351) 351 (351-463)

YoY Growth Rate 100% (26-300%) 90% (45-300%) 50% (30-100%) 50% (20-75%) 33% (25-49%) 30% (10-56%)

FINANCIAL

Sales & Marketing Spend 25% (6-50%) 30% (13-40%) 32% (20-49%) 34% (15-44%) 35% (25-44%) 50% (19-61%)

R&D Spend 50% (30-80%) 40% (30-65%) 34% (25-55%) 39% (20-50%) 25% (20-45%) 30% (22-39%)

Gross Margins 67% (24-83%) Rows represent76%

75% (58-84%) common
(68-83%) KPIs
75%across
(62-85%) 80% (75-83%) 79% (70-87%)

Monthly Burn Rate ($ in 000s) $50 (50-175) $50 (0-375)

categories $375 (50-500)
including $375growth,
size and (144-875) $375 (0-1250) $25 (0-1625)

SAAS VALUE DRIVERS

financial, value drivers, and diversity
CAC Payback (months) 8 (2-11) 8 (5-15) 15 (8-15) 15 (11-15) 18 (12-21) 15 (10-17)

Gross Dollar Retention 98% (90-100%) 96% (90-100%) 95% (82-98%) 84% (73-92%) 90% (85-95%) 85% (64-90%)

Net Dollar Retention 100% (93-110%) 100% (94-110%) 106% (96-120%) 103% (86-113%) 105% (100-110%) 105% (95-120%)

DIVERSITY

Women in Leadership 15% (0-30%) 25% (5-40%) 25% (13-45%) 30% (23-40%) 30% (19-41%) 28% (11-44%)

Underrepresented Minorities in Leadership 0% (0-25%) 0% (0-44%) 0% (0-20%) 2% (0-20%) 5% (0-14%) 9% (5-26%)

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 12
How to read these slides

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

SIZE AND GROWTH

Employees 18 (5-18) 38 (18-38) 76 (38-76) 151 (76-151) 151 (151-351) 351 (351-463)

YoY Growth Rate 100% (26-300%) 90% (45-300%) 50% (30-100%) 50% (20-75%) 33% (25-49%) 30% (10-56%)

FINANCIAL

Sales & Marketing Spend 25% (6-50%) Columns

30% (13-40%) 32%represent
(20-49%) distribution
34% (15-44%) of35% (25-44%) 50% (19-61%)

R&D Spend 50% (30-80%) 40% (30-65%) 34% (25-55%) 39% (20-50%) 25% (20-45%) 30% (22-39%)
responses from companies at varying
Gross Margins 67% (24-83%) 75% (58-84%) 76% (68-83%) 75% (62-85%) 80% (75-83%) 79% (70-87%)

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

levels$375
$50 (0-375)
of (50-500)
ARR, from <$1M to >$50M
$375 (144-875) $375 (0-1250) $25 (0-1625)

SAAS VALUE DRIVERS

CAC Payback (months) 8 (2-11) 8 (5-15) 15 (8-15) 15 (11-15) 18 (12-21) 15 (10-17)

Gross Dollar Retention 98% (90-100%) 96% (90-100%) 95% (82-98%) 84% (73-92%) 90% (85-95%) 85% (64-90%)

Net Dollar Retention 100% (93-110%) 100% (94-110%) 106% (96-120%) 103% (86-113%) 105% (100-110%) 105% (95-120%)

DIVERSITY

Women in Leadership 15% (0-30%) 25% (5-40%) 25% (13-45%) 30% (23-40%) 30% (19-41%) 28% (11-44%)

Underrepresented Minorities in Leadership 0% (0-25%) 0% (0-44%) 0% (0-20%) 2% (0-20%) 5% (0-14%) 9% (5-26%)

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 13
How to read these slides

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

SIZE AND GROWTH

Employees 18 (5-18) 38 (18-38) 76 (38-76) 151 (76-151) 151 (151-351) 351 (351-463)

YoY Growth Rate 100% (26-300%) 90% (45-300%) 50% (30-100%) 50% (20-75%) 33% (25-49%) 30% (10-56%)

FINANCIAL

Sales & Marketing Spend 25% (6-50%) 30% (13-40%) 32% (20-49%) 34% (15-44%) 35% (25-44%) 50% (19-61%)

R&D Spend 50% (30-80%) 40% (30-65%) 34% (25-55%) 39% (20-50%) 25% (20-45%) 30% (22-39%)

Gross Margins 67% (24-83%) 75% (58-84%) 76% (68-83%) 75% (62-85%) 80% (75-83%) 79% (70-87%)
Each cell represents the median
Monthly Burn Rate ($ in 000s) $50 (50-175) $50 (0-375) $375 (50-500) $375 (144-875) $375 (0-1250) $25 (0-1625)
performance of a company, as well as
SAAS VALUE DRIVERS

CAC Payback (months) 8 (2-11) the range (bottom

8 (5-15) 15 (8-15) quartile
15 – top quartile)
(11-15) of
18 (12-21) 15 (10-17)

Gross Dollar Retention 98% (90-100%)

each metric95%
96% (90-100%)
at (82-98%)
each respective ARR scale
84% (73-92%) 90% (85-95%) 85% (64-90%)

Net Dollar Retention 100% (93-110%) 100% (94-110%) 106% (96-120%) 103% (86-113%) 105% (100-110%) 105% (95-120%)

DIVERSITY

Women in Leadership 15% (0-30%) 25% (5-40%) 25% (13-45%) 30% (23-40%) 30% (19-41%) 28% (11-44%)

Underrepresented Minorities in Leadership 0% (0-25%) 0% (0-44%) 0% (0-20%) 2% (0-20%) 5% (0-14%) 9% (5-26%)

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 14
Financial & operating metrics by ARR
<$1M $1-2.5M $2.5M-10M $10-20M $20-50M >$50M

SIZE AND GROWTH

Employees 18 (5-18) 38 (18-38) 76 (38-76) 151 (76-151) 151 (151-351) 351 (351-463)

YoY Growth Rate 100% (26-300%) 90% (45-300%) 50% (30-100%) 50% (20-75%) 35% (25-49%) 30% (10-56%)

FINANCIAL

Sales & Marketing Spend 25% (6-50%) 30% (13-40%) 32% (20-49%) 34% (15-44%) 35% (25-44%) 50% (19-61%)

R&D Spend 50% (30-80%) 40% (30-65%) 34% (25-55%) 39% (20-50%) 25% (20-45%) 30% (22-39%)

Gross Margins 67% (24-83%) 75% (58-84%) 76% (68-83%) 75% (62-85%) 80% (75-83%) 79% (70-87%)

Monthly Burn Rate ($ in 000s) $50 (50-175) $50 (0-375) $375 (50-500) $375 (144-875) $375 (0-1250) $25 (0-1625)

SAAS VALUE DRIVERS

CAC Payback (months) 8 (2-11) 8 (5-15) 15 (8-15) 15 (11-15) 18 (12-21) 15 (10-17)

Gross Dollar Retention 98% (90-100%) 96% (90-100%) 95% (82-98%) 84% (73-92%) 90% (85-95%) 85% (64-90%)

Net Dollar Retention 100% (93-110%) 100% (94-110%) 106% (96-120%) 103% (86-113%) 105% (100-110%) 105% (95-120%)

DIVERSITY

Women in Leadership 15% (0-30%) 25% (5-40%) 25% (13-45%) 30% (23-40%) 30% (19-41%) 28% (11-44%)

Underrepresented Minorities in Leadership 0% (0-25%) 0% (0-44%) 0% (0-20%) 2% (0-20%) 5% (0-14%) 9% (5-26%)

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 15
Financial & operating metrics by ARR ( 2 0 2 1 vs. 2020)

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

SIZE AND GROWTH

Employees 18 (↑ 8) 38 (↑ 13) 76 (↑ 24) 151 (↑ 58) 151 (↓ 69) 351 (↓ 144)

YoY Growth Rate 100% (0%) 90% (↑ 30%) 50% (↑ 9%) 50% (↑ 4%) 35% (↓ 15%) 30% (↑ 9%)

FINANCIAL

Sales & Marketing Spend 25% (↑ 5%) 30% (0%) 32% (↑ 2%) 34% (↓ 1%) 35% (↑ 4%) 50% (↑ 21%)

R&D Spend 50% (↓ 18%) 40% (0%) 34% (↑ 2%) 39% (↑ 11%) 25% (↓ 2%) 30% (↑ 8%)

Gross Margins 67% (0%) 75% (0%) 76% (↓ 2%) 75% (↓ 4%) 80% (↑ 1%) 79% (↑ 4%)

Monthly Burn Rate ($ in 000s) $50 ($0) $50 ($0) $375 (↑ $200) $375 (↑ $200) $375 ($0) $25 (↑ $25)

SAAS VALUE DRIVERS

CAC Payback (months) 8 (0) 8 (↓ 2) 15 (↑ 4) 15 (↑ 4) 18 (↑ 3) 15 (0)

Gross Dollar Retention 98% (↑ 8%) 96% (↑ 6%) 95% (↑ 5%) 84% (↓ 3%) 90% (↑ 3%) 85% (↓ 5%)

Net Dollar Retention 100% (↑ 1%) 100% (0%) 106% (↑ 3%) 103% (↑ 1%) 105% (0%) 105% (0%)

DIVERSITY

Women in Leadership 15% (↑ 5%) 25% (↑ 5%) 25% (0%) 30% (↑ 1%) 30% (↑ 10%) 28% (↑ 13%)

Underrepresented Minorities in Leadership 0% (0%) 0% (0%) 0% (0%) 2% (↑ 2%) 5% (0%) 9% (↓ 4%)

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 16
Financial & operating metrics by most recent funding
Angel / Seed Series A Series B Series C Series D+

SIZE AND GROWTH

Employees 18 (8-38) 76 (38-151) 151 (76-151) 151 (76-251) 351 (351-351)

Funding $3M ($0.5-3M) $15M ($8-15M) $43M ($28-63M) $63M ($43-63M) $88M ($43-100M)

Annual Recurring Revenue (ARR) $2M ($0.5-$2M) $6M ($2-6M) $15M ($6-15M) $15M ($6-35M) $50M ($35-50M)

YoY Growth Rate 100% (41-304%) 60% (35-193%) 65% (29-121%) 35% (23-47%) 43% (13-50%)

FINANCIAL

Sales & Marketing Spend 28% (10-40%) 33% (20-50%) 33% (20-44%) 39% (25-66%) 42% (25-60%)

R&D Spend 40% (25-70%) 40% (26-56%) 30% (18-50%) 38% (26-55%) 35% (20-46%)

Gross Margins 70% (49-82%) 78% (68-85%) 78% (70-85%) 80% (73-83%) 78% (68-88%)

Monthly Burn Rate ($ in 000s) $50 (50-175) $375 (50-625) $375 (175-1250) $375 (175-1,094) $275 (0-1250)

SAAS VALUE DRIVERS

CAC Payback (months) 8 (3-15) 15 (8-21) 15 (11-17) 15 (12-28) 15 (15-21)

Gross Dollar Retention 97% (91-100%) 93% (81-98%) 90% (80-97%) 88% (82-92%) 85% (77-92%)

Net Dollar Retention 100% (97-120%) 102% (88-110%) 106% (99-125%) 104% (100-108%) 95% (91-118%)

DIVERSITY

Women in Leadership 20% (0-40%) 25% (9-37%) 30% (20-50%) 28% (20-40%) 19% (10-40%)

Underrepresented Minorities in Leadership 0% (0-50%) 0% (0-20%) 3% (0-20%) 5% (0-14%) 9% (0-20%)

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 17
IV.

FINANCIAL & OPERATING

INSIGHTS

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 18
GROSS MARGIN ON
SUBSCRIPTION REVENUE
Gross margin is a key and often
overlooked lever in any business – 7/10
companies surveyed have gross margins
16% 15% in excess of 70%. Best-in-class companies
<50% 50 to 70%
across all ARR scales see gross margins of
Gross margin on at least 80%.
13% 13% subscription
70 to 75% 75 to 80% As a reminder, gross margin should
revenue always include hosting, as well as any
19% 14% distribution services and customer onboarding costs.
80 to 85% 85 to 90%

11%
>90%

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 19
GROSS DOLLAR
RETENTION RATES
Top tier gross retention rates are
consistently ~85-90%+ regardless of last
round or ARR scale.

8% 5% Similarly, these rates are consistent

<60% 60 to 70% regardless of bull or bear market
conditions. This year we saw a reduction
Gross dollar in the percentage of respondents in the
4% 20% retention rates lower GDR tiers (besides 60-70%, which
70 to 80% 80 to 90% (annual) remained flat) and a 10% increase in
companies reporting GDR >90%.

63% Outstanding gross dollar retention

>90% remains “table stakes” in enterprise SaaS.

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 20
NET DOLLAR
RETENTION RATES
Net dollar retention remains a “fan
favorite” vanity metric for companies and
13% 10% investors alike. As we saw with GDR, net
<85% 85 to 95% dollar retention rates have improved
since 2020. Nearly half of companies
surveyed reported NDR over 105% and 3
13% 18% Net dollar in 20 reported NDR over 125%.
95 to 100% 100 to 105% retention
Net dollar retention tells the whole story
rates about what is happening within your
21% 11% (annual) customer base. While there are many
105 to 115% 115 to 125% ways to calculate this, we believe all
retention figures should be tracked at the
cohort level to most appropriately
7% 7% visualize trends over time.
125 to 135% >135%

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 21
Gross & net retention by ARR
Gross retention rates start off high, as
companies initially refine product-market
RETENTION RATES (ANNUAL) fit, working directly with customers in one
target segment of the market to
GDR NDR understand what needs are.
110%
As companies reach the $10-20M
105% threshold they’ve achieved product-
106%
105% 105% market fit and address customer needs in
100% 103% the total market. It becomes more
100% 100% competitive; however, companies
95% 98% become much more effective at farming
96%
95%
their existing customer base for
90% expansion.
90%

85% As evidenced in how companies allocate

85%
84% their spending, focus begins to shift away
80%
from product and towards perfecting the
<$1M $1-2.5M $2.5M-10M $10-20M $20-50M >$50M
GTM motion, benefiting net retention
(through upsell) at the expense of
ARR SCALE satisfying every customer use case (gross
retention).
Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 22
Net retention by target customer type

NET DOLL AR RETENTION RATES (ANNUAL)

Bottom Quartile Median Top Quartile Regardless of segment, a competitive

NDR rate lies between 100% and 110%.
120%

115% Where we used to see meaningfully

higher variance among VSB and SMB
110% segments, 2021 respondents indicate
105% VSB is now the least variable segment,
with the rest relatively equal (looking at
100% interquartile ranges from 2020 to 2021).
95%
While we’re encouraged by the reduced
90% spread amongst smaller SMB’s, VSB
85% median NDR remains the same since
2020 – churn remains a complex
80% challenge for vendors selling to smaller
VSB SMB Midmarket Enterprise businesses.

TARGET CUSTOMER TYPE

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 23
Equity capital raised by ARR*

ARR SCALE

<$1M 70% 14% 5% 8% 3%

Frothy markets paired with venture
investors who are motivated to deploy
$1-2.5M 62% 12% 19% 4% 4%
record amounts of capital have provided
companies with more access to cash than
$2.5M-10M 26% 21% 31% 15% 8%
ever before.

$10-20M 4% 14% 54% 29%

Mid-size companies ($10–20M ARR) are
increasingly raising large amounts of
$20-50M 8% 4% 8% 54% 25%
equity capital (29% have raised >$50M,
>$50M
up from 10% last year).
40% 60%

0% 20% 40% 60% 80% 100% Early-stage companies (<$1M ARR) are
also raising more, with 14% bringing in
< $5M $5-10M $10-20M $20-50M >$50M between $10–50M of equity capital (up
EQUITY CAPITAL RAISED from 0% last year).

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

Note*: Excludes companies that haven’t raised capital

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 24
Monthly cash burn

M O N T H LY C A S H B U R N ( $ 0 0 0 ’ S )

21 Median 2020 Median Expansion stage businesses who were still

refining product-market fit and their go-to-
$400
market activities heading into the
$350 pandemic seem to have overcorrected
for burn given the uncertainty around
$300
customer demand. This year we saw a
$250 reversion to higher burn rates, no doubt
facilitated by large amounts of capital
$200
available amid resurgent demand.
$150
Outside of the expansion stage ($2.5–
$100 20M ARR), burn remained consistent with
last year’s report.
$50

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

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225. $0 burn implies breakeven
or profitable.
ARR SCALE

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 25
Monthly burn per FTE by ARR

M O N T H LY C A S H B U R N P E R F T E ( $ 0 0 0 ’ S ) Software companies’ largest expense is

typically headcount. After normalizing
Bottom Quartile Median Top Quartile burn for the turbulence relating to
2020 Median headcount last year, a clearer picture
$12 emerges.

$10 Early-stage companies (<$1M ARR) are

raising more and burning much more per
$8 head than they were in 2020 (YoY
increase of $3,500 per FTE). This may be
$6
a function of the increase in absolute
amounts of capital raised, which allows
$4
for more product experimentation before
$2 monetization (offsetting burn).

-- While the expansion stage ($2.5-20M)

<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M burned more this year than last on an
absolute basis, it appears this may have
ARR SCALE been a function of adding more heads
Source: 2021 OpenView Financial & Operating Metrics Survey, N=225. $0 burn implies breakeven given median per head values.
or profitable.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 26
V.

PRODUCT-LED GROWTH
INSIGHTS

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 27
W H AT I S
PRODUCT-LED GROWTH?

Product-led growth (PLG) is an end user-focused

growth model that relies on the product itself as
the primary driver of customer acquisition,
conversion and expansion.

PLG is employed by many of the fastest

growing software companies including
standout public companies.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 28
Not all enterprise SaaS is created equal; the case for PLG

% CHANGE IN INDEX

Product-led companies are always “open

300.0% PLG Index SaaS Index
for business”, and their lower ACV entry
250.0% prices are less susceptible to budget cuts.

200.0% In fact, our Product-Led Growth index has

outperformed the SaaS index we track by
150.0%
nearly 2x since January 2020 – while all
have performed strongly, PLG revenue is
100.0%
clearly worth more to investors.
50.0%

0.0%

-50.0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 21 21 21 21 21 21

Source: Pitchbook as of 9/30/2021. SaaS index multiples calculated as enterprise value / revenue and represent median
value as of each date for the ~70 public SaaS companies OpenView tracks.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 29
Adoption of product-led growth strategies

PLG All
Companies Companies
Despite our best efforts at evangelizing
Free trial offering 74% 47%
PLG, most companies are still
experimenting, but still very few
Bottoms-up sales 64% 41%
companies have gone all-in – just 23% of
Dedicated growth resources (FTEs) 64% 21% respondents report PLG being
fundamental to their business which is
In-product onboarding 63% 28% slightly down from last year.

Self-service buying experience 62% 29%

Although free trials remain the most
popular product-led growth strategy,
Product analytics for decision making 51% 28%
respondents have begun to de-prioritize
Referral Programs 50% 35% free trials (90% in 2020) in favor of
higher-impact alternatives like adding
Product Qualified Leads 47% 24% dedicated growth resources (up more
than 10% vs 2020).
Freemium offering 47% 18%

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225. PLG Companies defined as
those leveraging more than three of the PLG strategies surveyed.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 30
Product-led growth by target customer segment

% OF RESPONDENTS
PLG Non-PLG

Companies targeting VSB/SMB customers

are adopting product-led growth
strategies at an increasing rate (up 5%
and 8%+ since last year, respectfully).
52% 54%
65%
75% Every target segment saw a YoY uptick in
PLG adoption besides large enterprises.

48% 46%
35%
25%

VSMB SMB Midmarket Enterprise

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225. PLG Companies defined
TARGET SEGMENT
as those leveraging more than three of the PLG strategies surveyed.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 31
Product-led growth ACVs by ARR scale

% OF RESPONDENTS <$5k $5-10k >$10k

PLG companies land with a lower CAC at
more digestible ACVs to start, but can
drive significant expansion in accounts
over time as the product spreads
40%
45% 45% throughout large organizations.
54% 55%

20% 9% 9%

23% 18%

45% 45%
40%
23% 27%

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

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225. PLG Companies defined as those leveraging more than three of the PLG
strategies surveyed.
ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 32
Product-led businesses grow faster

MEDIAN GROWTH RATE

PLG Non-PLG

160% We used to observe PLG companies

growing more slowly than their peers at
140% earlier stages; they’re now outpacing
120%
their non-PLG peers at all ARR scales.

100% This may be because they are able to

raise the capital required to fuel early
80%
product development and usage growth
60% without monetizing, then sustain that
momentum as they gain product-market
40%
fit and deliver more value to customers as
20% the company matures.

--
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M
ARR SCALE

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225. PLG Companies defined
as those leveraging more than three of the PLG strategies surveyed.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 33
VI.

GO-TO-MARKET
INSIGHTS
Growth rate by company ARR
Growth rate is more closely correlated
with SaaS valuations than ever before.
GROWTH RATE (ANNUAL) Software companies grow rapidly in their
early stages – a typical company doubles
Median Top Quartile 2020 Median YoY and a top quartile company more
Top quartile growth for early-stage
companies has skyrocketed since 2020
than quadruples.
350%
+120% +200%
300% Besides the $20—50M ARR bucket,
median growth rates have risen vs. 2020.
250% While we can reasonably expect 2020
growth was stunted by the impacts of the
200% pandemic and any slowdown in
operating investments, we’re encouraged
150% to see companies stepping back on the
gas.
100%

Top quartile growth rates for early-stage

50%
companies are increasing two and three-
fold from 2020 (<$1M ARR and $1—2.5M
--
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M ARR, respectively). Companies are being
founded and funded… and customers are
ARR SCALE back to buying!
Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 35
Sales & marketing spend by ARR

SALES & MARKETING SPEND (% OF ARR)

Sales & marketing expenses typically
Bottom Quartile Median Top Quartile 2020 Median become a SaaS company’s largest
70% areas of spend with increased scale,
overtaking product and engineering,
60% which dominates spend at the earlier
50% stages.

40% After the product has been built and

30% product-market fit has been found, it’s
time to monetize! We continue to see
20% companies invest more heavily as a
10% percent of ARR when they enter the
expansion stage at $1M of ARR. This
-- reduces as companies scale and press
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M
for operational excellence in sales.
ARR SCALE

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 36
Product & engineering spend by ARR

PRODUCT & ENGINEERING SPEND (% OF ARR)

Product & engineering expenses are
Bottom Quartile Median Top Quartile 2020 Median usually the first place SaaS companies
100% prioritize spend as they work towards
product-market fit.

80%
Median spend was relatively flat across
ARR stages besides the earliest (<$1M
60%
ARR), which saw a massive dip versus
2020 (median down 18%). This could be
40%
due to hiring issues, where the smallest
companies simply can’t find/attract the
20%
right engineering talent, or ova
companies benefitting from increased
-- early-stage funding are choosing to invest
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M
in other functional areas sooner (e.g.
Sales).
ARR SCALE

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 37
General & administrative spend by ARR

GENERAL & ADMINISTRATIVE SPEND (% OF ARR)

General & administrative expenses are
Bottom Quartile Median Top Quartile 2020 Median reliably the smallest area of spend
among SaaS businesses.
35%

30% In fact, over the last four years of this

report, G&A has yet to crack >25% of
25%
total operating expense spend at any
20% ARR scale, with the lion’s share being
allocated between developing (product &
15%
engineering) and monetizing (sales &
10% marketing) the product.

5%

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

ARR SCALE

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 38
Sales & marketing vs product & engineering spend by ARR

MEDIAN SPEND (% OF ARR)

The waxing and waning relationship
Sales & Marketing Product & Engineering between sales and product spend has
been a consistent observation in each of
60%
the last four years of this report, with each
bucket of spend reaching it’s maximum
50%
50% 50%
(% of ARR) at the smallest (product) and
largest (sales) ARR scale.
40%
40%
39%
However, the ARR threshold where this
30% 34% 34% 35%
32% shift in spend occurs continues to creep
30% 30%
upwards ($2.5M in 2019, to $10M in
20% 25% 25%
2020, to $20M in 2021), suggesting
business focus remains on the product for
10%
longer as companies and their
shareholders are more focused on
--
customer value creation for longer.
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M

ARR SCALE
Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 39
Months to recover CAC (CAC payback)

C A C PAY B A C K I N M O N T H S (1)

Bottom Quartile Median Top Quartile 2020 Median CAC payback generally lengthens when
25 companies achieve greater ARR scale –
but watch out for worsening your go-to-
market efficiency as you grow. This year’s
20
slip in payback data versus 2020 may
simply be a follow-on effect of rehiring
15 after the pandemic adding transient bloat
to CAC, or a function of companies
staffing up not yet ramped sales
10
resources in response to increased
customer demand.
5
In our opinion, companies are still under-
-- reporting their true CAC Payback period.
$1-2.5M $2.5-10M $10-20M $20-50M >$50M Be sure your payback is fully loaded
(including overhead like rent) and that it is
ARR SCALE gross margin affected.
Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.
(1) Excluded companies <$1M ARR because they don’t have enough data for predictable CAC payback..

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 40
VII.

CASH FLOW
INSIGHTS

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 41
E V E R Y T H I N G I S VA L U E D
ON CASH FLOW…
…Eventually! The present value of future cash flows Would you rather charge your customers annually
(calculated in a Discounted Cash Flow Analysis) is up front and reinvest that cash immediately, or wait
what any business is intrinsically worth. Of course, to have them pay you monthly in arrears? Yes, there
when you’re running a private company in a large are considerations and tradeoffs specific to your
market that has raised venture capital the aim is for customers and their needs but conceptually
you to grow fast and burn money creating value collecting cash to reinvest sooner is better. Take
for customers so that one day you can capture customer’s capital and your investors capital and
value and generate cash (even if it is years away). reinvest even more to grow even faster!

But even before your business does $1B in revenue

In the pages that follow, we’ll detail specific insights
with 25% free cash flow margins, managing cash
generated by our survey sponsor Tesorio about
efficiently is critical.
balance sheet data based on a company’s
revenue scale.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 42
Days Sales Outstanding

# of Days
<$50M $50-100M >$100M GAAP revenue or billings growth is great
180 but fueling that momentum requires
157
160 cash (and a lot of it as evidenced in this
140
report). Days Sales Outstanding (”DSO”)
is a popular way of understanding how
120
97 efficiently invoices are being converted
100 to cash.
80
60
90 Because DSO is calculated using Credit
40 Sales as its denominator, it’s important
to note how changes in sales can affect
20
this statistic.
--
May'20

Jul'20

Nov'20

Jul'21
Dec'19
Jan'20

Dec'20
Jan'21

May'21
Feb'20

Aug'20
Sep'20
Oct'20

Feb'21

Aug'21
Sep'21
Mar'20
Apr'20

Mar'21
Apr'21
Jun'20

Jun'21
When using DSO as our measuring stick,
companies at the earliest stages
Month (<$50M revenue) appear to face
Days Sales Outstanding (“DSO”) = Credit Sales / # Days in the Period tougher collection cycles – a trend
Source: Tesorio. Includes only Software/SaaS customers.
highlighted by the pandemic.
Note: May’20 highlighted as the approximate peak effect of COVID-19 on cash flow metrics.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 43
Average Days Delinquent

# of Days
<$50M $50-100M >$100M Similar to DSO, Average Days
25 23 Delinquent (”ADD”) underscores the
same conclusion – smaller companies
20 are more susceptible to systemic risk.
16
15 While ADD for small and mid-size
companies had largely reverted to pre-
15 COVID levels by 2021, larger
10
companies (>$100M revenue)
managed to improve their ADD since
5
the pandemic, from 15 to 10.

--
COVID highlighted the importance of
Jul'20

Jul'21
Nov'20
Dec'19
Jan'20

May'20

Jan'21

May'21
Feb'20

Aug'20
Sep'20
Oct'20

Dec'20

Feb'21

Aug'21
Sep'21
Mar'20
Apr'20

Mar'21
Apr'21
Jun'20

Jun'21
quickly collecting cash from invoices,
larger companies were simply the only
Month ones with the firepower (talent, cash,
Average Days Delinquent (“ADD”) = Average # of Days from the Due Date to Payment Date etc.) to do something about it.
Source: Tesorio. Includes only Software/SaaS customers.
Note: May’20 highlighted as the approximate peak effect of COVID-19 on cash flow metrics.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 44
Average Days Collected

# of Days
<$50M $50-100M >$100M Average Days Collected (“ADC”)
60 provides an important counterbalance
to viewing cash collections through DSO
50 or ADD.

40
Measured as the number of days it takes
30 for invoices to be collected, businesses
tend to collect cash at similar rates,
20 regardless of scale.

10 This offers an important perspective,

suggesting that the increase in DSO for
--
smaller companies (<$50M revenue)
Jul'20

Jul'21
Dec'19
Jan'20

Nov'20
May'20

Dec'20
Jan'21

May'21
Feb'20

Aug'20
Sep'20
Oct'20

Feb'21

Aug'21
Sep'21
Mar'20
Apr'20

Mar'21
Apr'21
Jun'20

Jun'21
was likely due to a sharper decline in
Credit Sales than larger, more
Month established peers.

Average Days Collected (“ADC”) = Average # Days from the Invoice Date to Payment Date
Source: Tesorio. Includes only Software/SaaS customers.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 45
Average Terms

# of Days
<$50M $50-100M >$100M The Average Terms offered across
40 software companies unsurprisingly
35 increase with scale, as larger businesses
have greater ability to extend credit to
30
their customers.
25

20 Taken with ADC, we can clearly see that

the pandemic did not disrupt cash
15
collections for smaller companies as
10 much as DSO and ADD might imply.
5
While certainly more sensitive to
--
systemic fluctuations, differences in cash
Jul'20

Jul'21
Nov'20
Dec'19
Jan'20

May'20

Dec'20
Jan'21

May'21
Feb'20

Aug'20
Sep'20
Oct'20

Feb'21

Aug'21
Sep'21
Mar'20
Apr'20

Mar'21
Apr'21
Jun'20

Jun'21
collection seem to boil down to smaller
companies not being able to offer the
Month same favorable terms as their larger
counterparts.
Average Terms = Average # Days from the Invoice Date to Due Date
Source: Tesorio. Includes only Software/SaaS customers.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 46
VIII.

TALENT
INSIGHTS
What’s keeping founders up at night?

% OF RESPONDENTS (CHOOSE 3) 2020 2021

70%
Although it’s becoming harder to hire
talented headcount [1] (and hire that
60%
61% 59% talent quickly [2]), founder feedback
seems to suggest that cuts to headcount
50% during the pandemic were precise
51%
48% enough to effectively consolidate
40% expertise within their organizations [3].
38%
30% It appears that having access to more
29% 30% capital has led founders to be far less
28%
26%
20% concerned with how that money is spent
18% (burned) when compared to 2020 [4].
10% 15% 16% Perhaps investors are quick to grant a
13% 13% 13% 12% 12% 12%
(temporary) “COVID-pass” on cash burn
-- – in any case, a notable shift that we
Hiring the best Hiring fast Don’t have the Fundraising Burning too Competitive GTM execution Changing Product didn’t expect to see.
talent enough to right expertise much cash pressure / customer execution
meet plan / / skills on the threat needs
[1] [4]
budget team
[2] [3]

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 48
Number of employees by ARR scale

NUMBER OF EMPLOYEES

Bottom Quartile Median Top Quartile

In the early stages, companies have one
500 employee for every $95k in ARR. As
450 companies scale to $10-20M, that figure
jumps to $130k. Best-in-class is $200k+.
400
350
On average, 33% of employees are in
300 Engineering, 27% in S&M, 12% in
250 Customer Success and 11% in Product (all
200 within 2% of 2020’s distribution).
150
Each early and expansion stage (<$20M
100
ARR) median employee count is up at
50
least 45% from 2020, suggesting
-- companies are re-hiring and returning to
<$1M $1-2.5M $2.5-10M $10-20M $20-50M >$50M
normal course after a turbulent 2020.

ARR SCALE

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 49
Mix of employees by function, by ARR scale

ARR SCALE

At the early stages, most startup

<$1M 38% 15% 9% 17% 9% 13% employees are in Product & Engineering
roles. However, as companies expand,
$1-2.5M 36% 12% 9% 18% 13% 12% they need to rapidly grow Customer
Success and specialized functions to
$2.5-10M 36% 11% 9% 18% 13% 12%
sustain rapid revenue growth.

We notice that Product & Engineering

$10-20M 31% 11% 9% 19% 15% 15%
tends to be the main tradeoff as
companies scale – once the product is
$20-50M 30% 9% 11% 24% 13% 14%
built, commercial activities take priority.
While the output of these activities scales
>$50M 23% 12% 10% 24% 12% 19% more, emphasizing product-led
approaches can also contribute to go to
Engineering Product Marketing Sales Customer Success Other market success.

FTE MIX BY FUNCTION

Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 50
Progress on gender equality

Larger companies continue to fare

slightly better when it comes to
gender diversity within
management teams.

42% of respondents had one or 2017 2018 2019 2020 2021

more female BoD member,
consistent with last year. 1+ FEMALE BOD
MEMBER
29% 37% 38% 42% 42%
Meanwhile, 6% had gender parity
on the BoD and 16% had parity
among their leadership team. GENDER PARITY
IN LEADERSHIP
12% 13% 14% 14% 16%

Although diversity has been a

trend in this report for years, it has GENDER PARITY
ON BOD
4% 8% 8% 6% 6%
been stagnant despite research
showing that younger members of
the workforce prioritize
organizations that are diverse and
inclusive of all people.
Source: 2021 OpenView Financial & Operating Metrics Survey, N=225.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 51
ABOUT THE
AUTHORS
 SEAN
Fanning
VICE PRESIDENT

Sean Fanning is a Vice President on OpenView’s

Investment Team responsible for identifying,
evaluating and executing on investment
opportunities. He previously supported OpenView’s
Expansion Team on Corporate Development,
Portfolio Analysis, and Growth. Sean writes a semi-
regular newsletter on all thing's software and
sean@ov. vc @seando ugfa n /seandfannin g
capital markets, Capital Markets Roundup.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 53
 KYLE
Poyar
OPERATING PARTNER

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 writes a regular newsletter,
ky le@ov. vc @po y ark /ky le-poy ar
Growth Unhinged.

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 54
 TOM
KENYON
ASSOCIATE, PORTFOLIO
INVESTMENT & ANALYSIS

Tom is a Portfolio & Investment Analysis Associate on

OpenView’s Capital Markets team. He works closely
with OpenView’s portfolio companies advising on
and executing M&A and capital raise transactions,
as well as supporting exit planning activities.

tomk@o v. vc /tho mas -ken y on

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 55
 SAM
JOHNSON
ASSOCIATE, CORPORATE
DEVELOPMENT

Sam is a Corporate Development Associate on

OpenView’s Capital Markets team. He works with
OpenView’s portfolio companies on all inorganic
and balance sheet related initiatives, from debt and
equity fundraising, IPO preparation, and buy and
sell side M&A.
samj@o v. vc /samc arljo hn son

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 56
 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 become market leaders

Learn more at ov.vc

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 57
THANK
YOU

ov | 2021 FINANCIAL & OPERATING BENCHMARKS Proprietary ©2021 OpenView Advisors, LLC. All Rights Reserved 58