So are we in a “downturn” in SaaS — or not? It’s confusing. On the one hand, many in SaaS and Cloud are still growing at epic rates:
- Zscaler is growing 30% at $2.5 Billion in ARR
- Samsara is growing 36% at $1.26 Billion in ARR
- Klaviyo is growing 39% at $800m+ ARR
- Monday is growing 34% at $1 Billion in ARR
- Shopify is growing 21% at $8 Billion in ARR
- Crowdstrike is growing 33% at $3.65 Billion in ARR
I asked Andrew Bialacki, CEO of Klaviyo, my opening question at SaaStr Annual: “Are we in a downturn?” He instantly answered: “Not in our space.”
On the other hand, the public markets overall are tough. As you can see here, over the past 3 years Nasdaq overall is up +23.7% … but the BVP Cloud Index is down a stunning -45.5%. Yikes.
Yikes
Past 3 years:
+23.7% Nasdaq
+31.0% S&P 500
+22.8% DJIA-45.5% Top Cloud and SaaS stocks pic.twitter.com/ZDI5lVR7Al
— Jason ✨👾SaaStr 2025 is May 13-15✨ Lemkin (@jasonlk) October 15, 2024
So it’s … confusing. And all over the place.
So it was great to see Dialpad announce they’d grown from $200m ARR last year to $300m ARR already this year. That’s more than 50% growth in less than a year at that scale. Wow.
I’m not an investor and don’t have their exact numbers. I suspect a lot of it is fueled by AI spend. Enterprises are willing to add to their tab, increase ACV, when employees can be cut back. Dialpad and other leaders use AI to allow you to man your call and contact center with fewer agents. That frees up real budget.
But it’s a sign to keep pushing. Find your accelerant.
"If Grow Has Slowed, It's Not Just The 'Market'. You Have Also Fallen Out of Product-Market Fit"
New!! "The Era of HyperFunctional SaaS is Here" pic.twitter.com/NthD8t44m4
— Jason ✨👾SaaStr 2025 is May 13-15✨ Lemkin (@jasonlk) October 16, 2024
There’s no downtuwn at Dialpad. Just liike there is no downturn at Klaviyo, Zscaler, Shopify, and more.
The post Dialpad: “We’re Growing 50%+ at $300,000,000 in ARR” appeared first on SaaStr.
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Jason Lemkin, Khareem Sudlow
