This is a "must listen" for all cloud founders out there!
It's a master class + PhD thesis in entrepreneurship, from one of the great Founder/CEOs in all of software and one of the great vertical SaaS companies of this generation. Great actionable content, wrapped in a very
I think
@ServiceTitan
is one of the generational defining companies of our time.
For several years they didnโt want to raise venture capital.
Today they are a vertical SaaS monster.
This is the insane story and 8 key lessons ๐
Microsoft picked Satya, the head of their Azure cloud business, to take over as CEO. Amazon just picked Jassy, the head of their AWS cloud business, to take over as CEO.
Current worldwide market cap
#1
and
#3
making the ultimate statements on the importance of cloud ahead!
Our SF office was broken into, again... this is the 4th time and becoming very routine for offices and residences all over SF!
Safety and security is the real reason to consider leaving SF...
Weโre open-sourcing some of our original investment memos on today. One pattern that consistently emerges is that our best investment decisions centered on people!
Top professional athletes often sign contracts exceeding $100M and are backed by a strong support system, including coaches, trainers, and nutritionists, all aimed at optimizing their performance. In contrast, top founders/CEOs/tech executives, whose decisions can impact billions
It seemed easy and fun to be a CEO in the bubble of 2021 ...but itโs a dang hard job right now. Recently caught up with a rockstar founder/CEO in our portfolio and he shared that heโs been having a hard time sleeping and feels like itโs impacting his work performance. A couple
Forget FAANG; it's time to summit MT SAAS!
MT SAAS โ $MSFT, $TWLO, $CRM, $ADBE, $AMZN, $SHOP โ has grown 3000% in just ten years, and 100% YTD, surpassing FAANG and major indexes, and it is the basket that will best capture the cloud wave of the future!
My return to normal starting bumpier than I hoped. Attended my first in person work dinner in 15 months with a bunch of CEOs & investors. Awkwardly fumbled the "handshake, elbow, or fist bump?" intros, then promptly proceed to spill red wine down my blazer, white shirt, & shoes.
I don't know what's worse: the fact that our doggie day care company dropped off the wrong dog, or the fact that it took us two hours to realize the swap! In our collective defense...they are very similar.
Introducing The Rule of X! Finance execs love Rule of 40 for its simplicity, but for many efficient cloud companies, assigning equal weight to growth and profitability is fundamentally flawed! It has caused misguided business decisions. Our take? Even in tight markets, growth
After months of hard work,
@BessemerVP
's 2021
#StateoftheCloud
report is here!
In it, we report on public cloud industry milestones, new insights on the private cloud market, frameworks and strategies for founders, and our seven predictions for 2021.
In 2013 we launched the BVP Cloud Index. Back then it's market cap was under $100Bn, and now it's close to $700Bn! Today I'm excited to unveil the next generation of the cloud index: The BVP Nasdaq Emerging Cloud Index
๐จ Excited to announce a new Senior Associate role at
@BessemerVP
, where you'll have the chance to work alongside me and our incredible team. If you're a superstar and ready to take on a new challenge, we want to hear from you! Apply here: ๐๐ผ๐
In 2002 I bought a fun 8' inflatable Santa as an impulse item when checking out at a store. Each year we've taken a family photo and cross our fingers that he'll return for another year. After several moves & 21 holiday seasons he initially didn't inflate this year & then
"This is a long term bet on the future of how software is built and how all these APIs come together and what the future of customer engagement and digital world looks like--all of that is accelerating," says
@reinpk
on $TWLO
Great to be back w/
@CNBC
given that 7 years ago the FAANG acronym was coined w/
@jimcramer
on
@MadMoneyOnCNBC
! That basket has performed beautifully(up 14x!) but is now mature. Cloud is next: MT SAAS (up 30x since 2010!) is the new basket! Tnx
@CNBCJosh
Thrilled to announce the launch of BVP X, and extremely appreciative of the opportunity to continue to work with some of the very best entrepreneurs and partners in the tech industry! I sincerely love my "job", this industry, and the impact we get to have every day!
Our 2019 State of the Cloud is hot off the press! This marks the 5th year weโve taken an in-depth look at the cloud industry. With the cloud market cap quickly approaching $1T, weโve got a lot to dive into!
Here is your 2019 State of the Cloud Report:
53 unicorns & $140 billion in private shareholder value! Tonight weโre celebrating the top 100 private cloud companies in the world with our friends
@Forbes
@SalesforceVC
at The Cloud 100 Celebration in San Francisco.
#Cloud100
Really mixed emotions going through my email inbox w the
@GainsightHQ
acquisition. Iโm going to miss regular hang time w
@nrmehta
and team. However, I just got another email from an employee saying how life changing this event is for his family which just makes me so damn happy!
Thanks and cheers to the entire
@BessemerVP
team for being amazing colleagues and friends. We've been fortunate to enjoy a lot of success together and much more fun ahead! ... and keep leading the way
#37
@jeremyl
!
Once an early cloud founder,
@bdeeter
joined Bessemer in 2004 to pioneer our cloud practice. Since then he's championed cloud market leaders, such as DocuSign, Twilio, Box, and more. Congratulations on another year of being recognized by
#ForbesMidas
List!
Amazingly, it's now been over 10 years since we first released Bessemer's 10 Laws of Cloud Computing! We're now pleased to bring you a fully updated, 10th anniversary edition!
Learn from cloud pioneers, including
@tobi
,
@jeffiel
,
@jenntejada
, &
@levie
@
Dusted off our camping tent for some fresh air In the yard during zoom sessions. Trying the live the โฆ
@GainsightHQ
โฉ value of "childlike joy" in these covid times for my calls with โฆ
@nrmehta
โฉ โฆ
@HansaeCatlett
โฉ the โฆ
@BessemerVP
โฉ team.
To my white colleagues in tech & venture: please listen to this story, and share it with your friends and family. Repeatedly. Itโs so powerful because of the โeverydayโ nature of this experience... and how different each day is for people talking simple walks to get dinner
This is my
@BLCKVC
story:
(details)
๐จ๐ฆ Lived in dt Toronto for 4 years, never talked to police ONCE
๐บ๐ธ This happened to me the SECOND night I moved back to the US. In Palo Alto. Across from Stanford. My wife is a GSB alum...
Loveโค๏ธ Blessings๐๐ฝ & Strength๐ช๐ฝ to the Floyd Family
And fortunately my blazer covered the drink stain on my shirt from my spill right before going on the air! True story and not the first time I've done that...I think I need to switch to clear beverages an hour before all media appearances...or use a sippy cup.
On
@CNBCClosingBell
, Byron Deeter explains why a modest gain is better than a huge surge for IPOs, and what heโs most excited about in the consumer and enterprise sectors.
Iโve never been so happy to see the cloud market get hammered! (Go Pfizer!) The markets will decide over time, but I do think COVID just accelerated the cloud trends and the post COVID world is still very cloudy.
@BessemerVP
Wonderful day celebrating the founders / CEOs leading this cloud revolution! Amazing life experience to ring the
@Nasdaq
bell w our
@cloud100
CEOs!
@BessemerVP
I don't often wear a suit & tie, but when I do, it's cheering for our CEOs with a bell involved!!
My โsmartโ scale doesnโt recognize me after going large for Thanksgiving today! It keeps showing my weight as a โguestโ measurement because it doesnโt believe a human could have gained that much weight in a day. Iโm offended but kind of proudโฆwell worth it! ๐ฆ๐ฅ
Itโs like Christmas Eve for me in cloud land!! Weโre just hours away from sharing our
@BessemerVP
2019 State of the Cloud Report!! All you cloud gurus
@SaaStrAnnual
this afternoon, join me and
@kshenster
at 1:30pm.
@saastr
Every year I love talking about our predictions in State of the Cloud. For 2021, it's no different!
Here's what we believe are the largest opportunities for early-stage cloud founders.
Thread โ๏ธ
So excited for
@jenntejada
and the entire
@pagerduty
team who completely changed the game for DevOps and digital services everywhere! Congrats !
@ethankurz
$PD Fun pic from
@cloud100
to celebrate!
Iโm as excited as a kid on Christmas Eve, canโt wait to see the worldโs top 100 private cloud companies as well as the rising stars at Cloud 100! Over $650B of enterprise value is represented and 95% of the C100 companies are expected to be Centaurs (>$100M ARR!) by year-end.
Much gratitude to the amazing
@BessemerVP
female CEOs who are working hard to make every day, International Women's Day! Cheers to these inspiring BVP leaders from the '21
@cloud100
list along with all the other female BVP CEOs who still face too many industry headwinds daily.
So sorry to hear this news. I first became fascinated with flight in elementary school and literally cold called Chuck Yeager from the phone book in third grade as part of my school report. We talked for 45 minutes, he answered every question, and couldnโt have been nicer!
Fr
@VictoriaYeage11
It is w/ profound sorrow, I must tell you that my life love General Chuck Yeager passed just before 9pm ET. An incredible life well lived, Americaโs greatest Pilot, & a legacy of strength, adventure, & patriotism will be remembered forever.
Encouraged to see the industry coming together to support the companies and teams impacted by the liquidity squeeze.
@BessemerVP
is offering low interest rate loans to our companies and many of our co-investors are doing the same.
Today was the stock market's version of the Bills vs Chiefs playoff game! One of the biggest same day reversals for tech ever.
Anyone want to flip the coin to see how this ends?!
(sorry Bills fans, too soon?)
Really, I am flattered. Just as long as you don't also copy our Cloud 100 which we've been doing for years and the 2023 edition drops next month in the August issue of Forbes!
Oh wait....what's this??
Curious what's happening in cloud and software? Tune into
@CNBCTechCheck
tomorrow @ 8am PT to hear us talk about this: There are 76 companies in the
@BessemerVP
NASDAQ Emerging Cloud Index ($WCLD) & everyone is down, with the the average company down 53% from its 52 week high!
So honored to have been able to learn from
@jeffiel
in action for his amazing 15 year
@twilio
journey!
Heโs one of the best strategic minds in all of tech and also one of the best people youโll ever meet.
Congratulations for all that you accomplished (including
@TwilioDotOrg
Couldn't have happened to a nicer person.
@bdeeter
is one of the best people I know in terms of combining insane business success with admirable commitment to people and values. We're lucky to partner with him and
@BessemerVP
at Gainsight:
It seems like the killer
@Zoom
peripheral is a large, high def computer monitor with an embedded DSLR quality camera in the CENTER of the screen with large aperture/low f/stop. Can't be that hard to make!
@ericyuan
have you seen one? Should we find one to seed fund together?
A well deserved profile on LA's newest unicorn. Quiet and kick-ass
@ServiceTitan
! Ara and Vahe have a wonderfully compelling founding story that inspired us at
@BessemerVP
from the first conversation.
My kids won't add me back on BeReal, clearly their push notifications are broken...after all, who wouldn't want to look at riveting meeting content like this?
Since we couldn't convince
@spdholakia
to join another one of our companies as CEO again, we figured out a way to get him to work with ALL of them instead!
Humbled & thrilled to announce that this super star executive, wonderful human, & great friend is joining us
@BessemerVP
!
Still recovering & still smiling, from my favorite 1/2
@IRONMANtri
ever yesterday due to this amazing group of friends & family! My son Logan was the youngest participant in the race at 19 and we came across the finish line together with my brother-in-law which was pretty
Bessemer Ventures' emerging cloud index (a basket of smaller, high-growth software names) is up 34% in the last 6 months. We compared those stocks to software giants like $MSFT and $CRM with
@BessemerVP
Partner
@bdeeter
.
Buckle up for the massive wave of cloud M&A in 2H 2020! Legacy incumbent vendors need to buy their way into cloud, and w/ IPO markets closed & premium private valuations falling, they'll go shopping like they did in 2016. Here's their Cloud 100 wish list:
Public multiples down to 18x run rate for category leaders while private deals still happening 20-100x forward ARR! Looks like it's time for more VCs to raise their hedge funds...
Dang, for a minute there I though my partners surprised me with some really cool news. At least given how competitive the brothers are, this should make us a lock for Peyton to join the real BVP now!
@BessemerVP
The progress of
@canva
is just staggering (several new metrics disclosed if you click through!), but the news around Step 2 is even more jaw dropping. Read the entire post if you haven't yet, and be inspired by the leadership of
@MelanieCanva
@cliffobrecht
and "Pledge 30%"!
The opportunity that we have is only superseded by the responsibility we feel. We hope we can live up to it over the years to come. So lucky to turn a wild idea into reality with the best team, community and investors. Exciting progress on our 2-step plan:
Awesome pics capturing my favorite people in Lambeau on Sat - the great
@arikarmstead
on the left and my son
@DeeterSports
on the upper right (with his brother Logan behind him and me in the red pants on the left)! Amazing lifetime memory!
#GoNiners
Classy through the end
@NeedNudge
Big swings donโt always work, but this team is full of super stars and high integrity winners.
@paulteshima
@stevewoods
I canโt wait to work w you again & for anyone hiring in Toronto, reach out to this team NOW!!
Huge news!
@cloud100
will be unlike any celebration weโve had in our five-year history. On Sept 16th,
@BessemerVP
,
@SalesforceVC
, and
@Forbes
weโll be hosting an open, virtual summit featuring the top private and public cloud leaders.
Wtf?! I canโt believe this is real itโs so offensive in so many ways. I donโt know this founder, but Iโm embarrassed that he was considered part of the extended cloud community.
The fundamentals remain strong, this volatility is a reflection of interest rates uncertainty.
Bessemer's Byron Deeter on the resurgence of cloud computing stocks
We are super charging our growth investing efforts at
@BessemerVP
with the addition of the awesome
@TheValuesVC
!! I'm really looking forward to working closely together in the years ahead!!
We are thrilled to welcome Elliott Robinson to the Bessemer team to complement our growth-stage investing! Elliott brings deep expertise to our firm and our portfolio companies with his many years leading growth investments.
Mind BLOWN ๐คฏ by the new
@canva
Magic Studio which is powered by AI!
Last night at Cloud 100, we celebrated the worldโs leading private cloud companies โฆand AI was at the forefront of every conversation.
Virtually all the C100 companies are offering (or are planning to offer)
^EMCloud now worth ~50% from its Nov 2021 peak. Avg company growth rate is 45%, which suggests it'll take ~20 months to get back if growth rates hold AND multiples stay the same as they are today.
Over/under is then November 15, 2023. Do you predict faster or slower & why?
In the beginning of 2020, the total assets in the WisdomTree Cloud Computing Fund ETF (WCLD) was $18 million. Yesterday, it crossed $1 billion! โ๏ธ Blue line is YTD returns, black line is AUM.
@BessemerVP
@TheValuesVC
@mcadonofrio
@davidwehrs
An inside look at a key moment in the โฆ
@twilio
โฉ board meeting: โฆ
@jeffiel
โฉ dusting off the famous โฆ
@nbcsnl
โฉ โฆ
@WillFerreI
โฉ skit to emphasize the "More Cowbell" and "Mas Cowbell" company priorities for 2019!
Eric from
@zoom_us
is amazing & this discussion is very timely! Here's you chance to listen to the founder/CEO behind the communications application we're all using even more in the COVID era. Hear about their roller coaster ride from founding through IPO & EXTREME hyper-growth!
"The more you are thinking [about your competitors], the less time you spend on serving your customers. Double down, triple down, on your customers. Thatโs our secret sauce,โ Eric Yuan, CEO of
@zoom_us
told Byron Deeter. The latest episode is now out. ๐ง
Today,
@Forbes
is announcing its 2021 Cloud 100 list in partnership with
@BessemerVP
and
@salesforce
. The list ranking the top 100 private cloud companies in the world, with
@Stripe
coming in at
#1
. Bessemer's
@bdeeter
joined us to weigh in. โ๏ธ
It's very painful on iOS to not be able to "unread" text messages. Once I read a text message, I need to reply right away, or I risk forgetting about it.
So now I just don't read a text msg until I know I have bandwidth to reply. Goes against the entire point of text messages.
Is it just me, or are conversations within the conversation starting to happen more on Zoom calls? I've been on multiple group zooms this week where half the group smiled at once out of synch w the main convo as they were clearly slacking/texting in the background!Buzzword bingo?
Great business are built in all market environments; we first partnered with
@Shopify
@Pinterest
&
@twilio
in the pullback of 2008/โ09. Weโre extremely excited to partner with the next great wave of bold entrepreneurs with big dreams in the years ahead!
Excited to announce weโve raised $4.6 billion to back entrepreneurs and CEOs at scale, across all stage.
๐ต$๐ฏ.๐ด๐ฑ ๐ฏ๐ถ๐น๐น๐ถ๐ผ๐ปโ๐ญ๐ฎ๐๐ต ๐ณ๐น๐ฎ๐ด๐๐ต๐ถ๐ฝ ๐ณ๐๐ป๐ฑ, ๐๐ฉ๐ฃ ๐ซ๐๐
๐ด$๐ณ๐ด๐ฌ ๐บ๐ถ๐น๐น๐ถ๐ผ๐ปโ๐ถ๐ป๐ฎ๐๐ด๐๐ฟ๐ฎ๐น ๐๐ฉ๐ฃ ๐๐ผ๐ฟ๐ด๐ฒ ๐ณ๐๐ป๐ฑ
So honored to partner with
@Vista_Equity
to power the next phase of
#CustomerSuccess
. Huge validation of the impact of the CS community, as well as grit of the Gainsight team and alums. Working on the Unicorn ๐ฆ rap nowโฆ
The FAANG stocks have had a great run with the mobile and internet sectors powering their growth for the last decade, but the MT SAAS stocks are up >30X in the last decade, >9x in the last 4 years, and still riding the cloud wave of the future!
Early internet investors cut their teeth on FAANG, but today
@bdeeter
and
@mcadonofrio
introduce the world to MT SAAS, a new basket of stocks that captures the high performance of the technology industry in a cloud-first world.
Nominations for the 3rd annual Cloud 100 for 2018 are officially open! For 3 years now, we have teamed up with
@Forbes
to bring you the definitive list of the top private cloud companies in the world.
Immense respect and thanks to all of our co-investors
@GainsightHQ
, but especially to
@rogerleevc
at
@BatteryVentures
for seeing the potential of CSM and recruiting
@nrmehta
. This was a case of the team making the company and the market - not the other way around!