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Scaling to $100 Million · Bessemer Venture Partners

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As growth investors at Bessemer, we hear the same benchmarking questions over and over from portfolio companies as they mature: What should my gross margin be? How much should I be spending on R&D as a percent of revenue? How does my growth rate compare to peers in the market?

Jump around Overview Takeaways from Scaling to $100 Million Lesson 1: ARR is the North Star ARR Growth Rate Growth Endurance Gross and Net Retention Lesson 2: Win by Wide Margins Gross Margin Operating Expenses CAC Payback Free Cash Flow Margin Efficiency Score Cash Conversion Score Lesson 3: Know Your Worth Valuation Multiples Round Size Lesson 4: The TL;DR – Plot Your Way to the Next Milestone Average Benchmarks by ARR Scale Bonus Lesson 5: Beyond $100MM – Run The Public Playbook Show Us Your Metrics Download Benchmarking Templates Download PDF Contributors Mary D'Onofrio Ethan D

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