The CVF Journal
Field notes on capital efficiency, the EBITCAC framework, and the economics of non-dilutive growth for Series A/B SaaS startups.
What Is Your SaaS Worth? Revenue Multiples and the Numbers That Move Them
What's your SaaS worth? It starts with a revenue multiple. How the multiple works, what drives it, 2026 benchmark bands, a worked example, and how to lift yours.
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SaaS Gross Margin: What Good Looks Like (and What Counts as COGS)
Gross margin is the ceiling on every other SaaS metric. Here is what counts as COGS, the benchmark bands, why AI features push it down, and how to improve a weak one.
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SaaS Magic Number: How Efficient Is Your Sales Spend (and What Good Looks Like)
The SaaS Magic Number shows how much new ARR each dollar of sales and marketing spend returns. The formula, a worked example, benchmark bands, and how to improve a low one.
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Burn Multiple: What It Reveals About Capital Efficiency and How to Improve It
Burn Multiple is net burn divided by net new ARR. What it means, how to calculate it, what counts as a good number by stage, and the levers that improve it.
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Mezzanine Financing for SaaS: How It Works and When to Use It
Mezzanine financing for SaaS, subordinated debt with warrants and PIK between senior debt and equity. How it works, typical terms, why retention decides it, and when to use it.
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Marketing as the New CapEx: Pranav Singhvi on Financing CAC
Pranav Singhvi (General Catalyst) argues CAC behaves like CapEx and should be financed like it. The thesis, the EBITCAC metric, the Fivetran case, and why it matters.
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The Rule of 40 for SaaS: What It Is and How to Use It
The Rule of 40 says SaaS growth rate plus profit margin should total at least 40%. The formula, what counts as profit, benchmarks, and why it shapes valuation and financing.
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Venture Debt vs Equity for SaaS Founders: A Decision Framework
Venture debt or equity? The cost-versus-dilution trade-off, typical terms, a worked comparison, and a simple framework for SaaS founders choosing how to fund growth.
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Net Revenue Retention: How to Calculate It and What Good Looks Like
Net revenue retention measures whether your existing customers grow or shrink over a year. The formula, a worked example, benchmark bands, and why investors weight it most.
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CAC Optimization Strategies for Fund-Backed Companies
The strategies that actually lower customer acquisition cost, with benchmarks, plus how to measure whether it is working and why efficient CAC unlocks non-dilutive financing.
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How CAC Impacts the Valuation of Customer-Based Assets
Customer acquisition cost drives the valuation of customer-based assets through the LTV:CAC ratio, margins, and efficiency. A worked example and the levers that lift value.
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Should You Use a Customer Value Fund? Pros and Cons
A customer value fund finances customer acquisition against future revenue, non-dilutively. The real pros and cons, who it suits, and how to decide whether a CVF fits your stack.
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