Dear SaaStr: At the Start of 2024, Are VCs More Optimistic about M&A and IPOs?
I think it’s pretty neutral / not much change from 2023. So far.
IPOs: VCs are predicting more IPOs in 2024 than 2023, for sure. 2023 was the lowest point on recent record. But … multiples are still at multi-year lows. So the prices won’t be great.
M&A: VCs are worried about anti-trust and Figma/Adobe. But, the bigger issue again is multiples. There is plenty of appetite for M&A today. The issue is prices in general remain low as public multiples remain stuck at 6x ARR average.
Much more here:
And a deep dive on how 2024 may be for IPOs here:
ServiceTitan: The First Great SaaS IPO of 2024 (Potentially) at $500,000,000+ ARR
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Jason Lemkin, Khareem Sudlow
