Thanks Monica! In previous years, the napkin was based on what we’ve observed in the market and anecdotal feedback from a few other investors. This year, we did a survey among more than 60 SaaS investors, and the 2018 version reflects the answers/data we collected in this survey.

We didn’t get enough data points from pre-seed or Series C investors. That’s why we included only Seed, Series A, and Series B this time. So … the napkin contains somewhat less information this year, but the information that it contains should be more reliable.

Hope this helps!

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Internet entrepreneur turned angel investor turned micro VC. Managing Partner at

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