Maxio Institute Report

The Growth State of B2B SaaS Businesses in June 2024

According to the anonymous billing and pricing data from Maxio, the average growth rate across our customer base has improved to 19% in Q1 2024 from 15% in Q4 2023. In this report, we’ll delve into who is experiencing this positive trend, based on pricing model, size, and industry, and which are still struggling.

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Table of Contents

  • The State of the B2B SaaS Market
  • Consumption vs. Subscription Pricing Models at B2B SaaS Companies Below $1MM in Revenue
  • Consumption vs. Subscription Pricing Models at B2B SaaS Companies Above $1MM in Revenue
  • Growth Rates by Company Size
  • Industry Analysis
  • Industries Booming in Q1 2024
  • Industries Struggling in Q1 2024

The State of the B2B SaaS Market

Chart of the average growth rates of b2b SaaS according to Maxio institute June report

2024 has brought a complex and somewhat contradictory economic landscape. On one hand, the labor market has proven surprisingly resilient, with unemployment rates remaining remarkably low. The robust employment situation contributes to strong consumer spending and economic stability. However, the specter of persistent inflation looms large, eroding purchasing power and prompting central banks to maintain elevated interest rates. These high interest rates, while intended to curb inflation, are also placing a significant burden on borrowers, increasing the cost of capital for businesses and consumers alike.

In the B2B sector, this economic duality is reflected in a similar divergence of outcomes. Our data reveals that while the overall average growth rate for all B2B SaaS companies has experienced an uptick (from 15% in Q4 2023 to 19% in Q1 2024), a closer examination reveals a more nuanced picture. The overall growth is primarily attributable to the improved performance of smaller businesses, specifically those with annual revenues under $1 million.

Chart of average growth rates of B2B Subscription companies comparing consumption pricing and subscription pricing

The Current State of SaaS Growth

In this report, we present an update on the overall state of today’s B2B subscription marketplace based on the actual billing data of 2,400 B2B SaaS companies. We discuss:

  • We may be emerging from the B2B SaaS recession, with the average growth rate across our customer base improving to 19% in Q1 2024.
  • Much of the observed growth is driven by companies with under $1MM in annual revenue.
  • Larger companies with consumption billing models showed increasing growth rates, indicating a preference for variable, consumption-based investments during economic uncertainty.

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About the Maxio Institute

The Maxio Institute is a research arm of Maxio, the #1 billing and financial operations platform for B2B SaaS businesses. Through our work with over 2,000 subscription businesses, we’re uniquely positioned to provide data-backed insights and benchmarks. Our goal is to help B2B SaaS businesses of all sizes gain an accurate picture of the current market, so they can make informed decisions about their future.

Business planning at B2B SaaS companies often feels like more art than science. We use models that are built on assumptions on top of other assumptions. And we never really know if the assumptions are right. This is where having reliable data makes all the difference. Having the ability to triangulate your results against a peer group allows you to understand where you are leading or lagging the market, and it directly impacts your ability to do more effective AND efficient business planning. 

This year’s B2B SaaS Performance Metrics Benchmarks Report, compiled by Ray Rike and the Benchmarkit team, is an indispensable resource for any B2B SaaS Executive Team. Drawing insights from over 900 companies, it offers a comprehensive view of industry trends and metrics.

This report has been instrumental in guiding our strategic choices at Maxio and helping us gauge our performance each year. The 2024 edition continues this tradition, providing critical insights that reflect the industry’s challenges and opportunities. 

As my executive team and I processed the different implications, we thought there were some specific insights with regard to how to think about driving growth and allocating resources that we wanted to share with the broader SaaS community.  

Evolving Growth Strategies

Over the past year, the focus has shifted from “growth at all costs” to “efficient growth” and now to “lower growth with reduced efficiency.” This trend has been particularly challenging for companies backed by venture capital or private equity, leading to intense boardroom discussions about adapting to this new reality. Recent industry reports, such as Gartner’s 2023 Global Software Buying Trends and IDC’s Worldwide Website Software Forecast, highlight a slowdown in growth due to economic uncertainty and budget constraints, particularly in the cloud services sector. 

When we look at the Benchmarkit report, we see that the key growth efficiency metrics such as Blended CAC, New CAC, and CLTV/CAC are all going in the wrong direction.

Blended CAC Ratio Annual Revenue

As a metric, Blended CAC is valuable because it provides visibility to all “new” ARR (including new logo and expansion). In my experience, when most people talk about CAC, they use all of Sales and Marketing expenses against just the new logo ARR created during a specific time period. This is problematic because you are not allocating Sales and Marketing spend to your “customer marketing” efforts that help generate “expansion” ARR. This year’s Benchmarkit report shows that there are several “valleys of death” with regard to Blended CAC ratio. The segment of companies between $20-$100M tells the story of what I am hearing from many CEOs–they are trying to mine their customer base. This means focusing more sales and marketing dollars at the install base to drive growth. Two years ago, everyone thought this was the easier play: you have a contract in place, you have a relationship, and you have gotten through procurement. What this year’s report says is that it is getting more expensive to pursue this growth path. 

Dan Owens, our CFO, was struck by the latest trends in New Customer CAC, a subset of Blended CAC.  

The New Customer CAC Ratio is all about finding the efficient frontier sweet spot. The challenge is dialing in the Go-To-Market investment allocation. The latest trends show that companies are facing increasing headwinds as they focus on closing new business while their prospects are tightening their spending budgets. This ratio requires discipline and cross-functional cooperation to calculate correctly. Specifically, finance teams need to partner with their respective Sales and Marketing functions to understand and accurately capture what investments are dedicated to new versus existing customer base sales. It is also very important to understand the specific sales cycle to properly match S&M spend investment to the corresponding new business to calculate and properly interpret the ratio results. The current business environment requires proactive S&M spend allocation to allow for experimentation to achieve top-quartile results.

New Customer CAC Ratio FY

Obviously, growth comes not just from new logo sales, it also comes from install base activation. To that point, our VP of Sales, Will Ibsen noted: 

The new report from Benchmarkit revealed that while CLV/CAC ratios for most B2B SaaS companies have remained stagnant for the last two years, some companies are figuring it out with the top percentile boasting 6x ratios. 

For that cohort, this means that the revenue from your average customer is 6x higher than what it costs to acquire them. For the others, the cost to acquire customers isn’t getting any cheaper or easier.

So what is the 75th percentile up to? My guess is they are PLG.

CLTV to CAC Ratio FY

Amidst these challenges in customer acquisition, maintaining strong Gross Revenue Retention (GRR) has never been more critical. Eric Hansen, Head of Customer Success had this to say:

Gross Revenue Retention (GRR) is a key metric in understanding the health and satisfaction of your current customer base and how your existing solutions are working.  Depending on your product offerings, pricing, and changing market conditions, your ability to drive extra revenue on top of that or Net Revenue Retention (NRR) may vary. Still, the foundation of the health of your business will depend on your GRR.  GRR also becomes more important over time as the percentage of new revenue to existing revenue decreases in ratio for more mature businesses.  Often termed “the leaky bucket,” for large companies, the ability to keep a high GRR is an extremely important metric as it gets harder and harder to fill with new sales.  In this year’s benchmark, there are a couple of interesting trends, including the drop in the low end of GRR from 81% to 79% over the last year.  This indicates that companies with stronger product market fit may be able to retain their historical GRR rates. Still, companies at the bottom are having a harder time keeping customers or executing renewals at a discount in these times of tightening budgets.  Usage pricing models also show a lower GRR than subscription contracts, likely due to many subscription contracts being sold on annual or multi-year commitments, with Usage contracts often being month to month.  This might be a leading indicator for lower GRR rates in the coming months as longer-duration contracts come due. 

Gross Revenue Retention Rate FY

Strategic Resource Allocation

In response to the micro-recession in the B2B SaaS sector, many companies have reduced their Sales and Marketing expenditures. Despite declining growth rates, the increased cost of acquiring incremental growth underscores the need for strategic resource allocation.

While the report showed a decrease in sales and marketing expenses year-over-year, the median for G&A and R&D stayed relatively the same. Barrow Hamilton, Head of Product, commented:

30% is a typical level I see in the market for R&D Expense as a percentage of Revenue; you can see that in this benchmarking report. If the percentage is significantly higher, it should be allocated as such purposefully. For example, this percentage is typically higher for companies in the sub $5M revenue range as these companies ramp investment to capture market share once they’ve found product-market fit. The report validates this with a range of up to 105% for these companies and a median of R&D expenses approaching half of revenue.

R&D Expenses to Revenue - Annual Revenue

At the end of the day, benchmarks on S&M, G&A, and R&D aggregate a company’s spending across people, tech, partners, and programs. However, nearly 65-75% of spending for most B2B SaaS companies is associated with employee spend. In some ways this is our most strategic resource tradeoff. To that point, Chris Weber, COO, noted the trends associated with  ARR/employee:

This year’s report introduces ARR per Employee as a key metric, highlighting its rising importance as the industry focuses on efficient growth in a cautious capital environment. With many companies having reduced their teams over the last 18-24 months, it’ll be interesting to see if they can maintain these efficiencies and boost ARR growth or if they’ll start hiring again. The shift towards AI to enhance employee productivity makes this metric even more relevant. However, since this metric treats all employees the same, from entry-level to seasoned execs, I find ARR per Total Salaries and Benefits a more insightful internal measure for tracking efficiency.

ARR per Employee Ratio Annual Revenue

Despite the challenges around driving growth and making those tough resource investment tradeoffs, it is clear that most CEOs–especially those leading companies with more than $1M in ARR–are cautiously optimistic about higher growth in 2024. However, the reality of these plans is still uncertain, with many CEOs hoping for improved capital access that has yet to materialize.

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The Benchmarkit team has once again delivered a report rich with actionable metrics. This report is designed to equip you with the insights needed not just to survive but to excel and prosper in today’s challenging environment. By leveraging this data, we can build strategies for success in 2024 and beyond.

Download the full 2024 B2B SaaS Performance Metrics Benchmarks Report here.

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When I started fundraising for SaaS Capital in 2006, PE firms were dismissive of SaaS. 

They thought the model only worked for companies serving the SMB market and that SaaS was generally an unprofitable approach. All that changed around 2010, and now, PE firms dominate the SaaS landscape. If you are looking to sell your SaaS business, it’s highly likely a PE firm or a PE-backed firm will be the buyer. 

PE thinking shifted again in 2020 to what we see today. They are still active in SaaS but have shifted from valuing businesses based on revenue to valuing them based on future cash flow. I have recently chatted with dozens of PE firms, and while not monolithic, the following statement holds for all of them.

Future EBITDA is the basis of PE SaaS valuations.

Because PE firms think this way, VCs have to follow suit. If you buy into a business on a revenue multiple and then sell on a cash flow multiple, you will (generally) lose your shirt. So, the shift in PE thinking has directly impacted how VCs evaluate and price SaaS transactions. It’s also fair to argue that the PE firms are downstream from the public markets, and the public market shift started this whole process.

For many folks in the investment community, the shift to EBITDA valuations is long overdue. Revenue was never a particularly good input for valuation. Some revenue is very profitable; some is not; some is sticky, and some is less so. However, in the early days of SaaS, revenue was the only input that worked.

Given the shift to EBITDA, what are the implications for SaaS business in fundraising or sale mode? It depends on your stage and what you are trying to accomplish.

Early-Stage — Minority Fundraise: 

Early-stage companies are defined as those with less than $3 to $5 million of ARR. If you are raising an earlier-stage round, you need to demonstrate the building blocks of future cash flows rather than actual profits. Battery Ventures described the most straightforward way to do this, which divides your business into two parts: a cash engine and a growth engine.

The cash engine is your capacity to generate cash from acquired revenue over time. Its key levers are gross margin and net retention. Battery focuses on recurring revenue, COGS, R&D, and G&A. Basically, how much do you make on an existing customer on a fully loaded basis? A good benchmark here is 35%, and 50% is best in class. You then determine what to do with this cash, which leads to the growth engine.

The growth engine measures your capacity to turn sales and marketing dollars into new revenue. Its metrics are the CAC Ratio and Burn Ratio. The more efficiently your business can capture new revenue, the better. The CAC Ratio is the simplest of the CAC metrics and measures how many dollars of sales and marketing expenditures it takes to get one incremental dollar of ARR. If you can spend one dollar on sales and marketing to get one incremental dollar of ARR, you will be in the top quartile.

It’s acceptable for an early-stage business to lose money as long as it efficiently converts losses into new revenue and the revenue is sticky and profitable.

That said, even with excellent unit economics, as described above, VCs will also want their capital to drive the business to a point where meaningful profits are on the horizon because that is how the next round will be valued. So, an early-stage raise needs to move the business to where it’s on the cusp of generating profits. Model your forecasts and investments accordingly.

What are current early-stage valuations? 

This is not an answerable question in a way that is helpful for companies raising money. The mathematical answer from Carta is the median pre-money valuation for a series A was $48 million in Q4 2023. However, no one reports the multiple of ARR, and they certainly don’t report growth rates. It’s also important to understand that priced series A rounds occur later in a company’s life than a few years ago. Often, several SAFE rounds have been raised before the series A.

Early-Stage — Company Sale: 

SaaS companies with less than $3 million in ARR don’t generally have enough scale to meaningfully impact the buyer’s future EBITDA and are typically positioned as a “Capability Add-on.” 

In these cases, the product itself becomes very important. Can it be easily added to a buyer’s product portfolio and cross-sold? This is harder than it looks. Buyers are skeptical. A buyer CEO recently said, “I have heard about cross-selling, just never seen it.” Your product must be highly complementary to the buyer’s products, and your ideal customer needs to be very similar.

At the very early stage, buyers will weigh buying your company versus building a similar product themselves. This is not a particularly strong position for the seller, given that acquired products still need integration and may not fit the current tech stack of the buyer.

That said, buyers will pay higher multiples in this area if you find the right fit because the total dollars are less.

Later-Stage — Minority Fundraise: 

If you are raising a later-stage round (defined here as ARR above $5 million), positive cash flow should be clearly within reach based on the current capital raise and without relying upon hockey stick assumptions, cost cutting, or significant margin changes. Being capital-efficient is not enough.

In this environment, the Rule of 40 is instructive. The Rule of 40 is the company’s annualized growth rate plus its operating margin. If raising later-stage capital, your projections should show significant growth and at least some profit. Remember that the focus is on future profits, not current ones. Current profits show how the business makes money, and growth indicates how big the profits can be in the future. Both are required, but growth is valued more highly.

Later-Stage – Company Sale: 

Larger SaaS companies will be valued based on their capacity to generate cash and will generally be categorized as platform or tuck-in companies. Platforms are businesses the PE firm will support with future capital and resources to grow and make future acquisitions, and tuck-ins are companies that will be merged into a platform.

Companies seen as platforms by PE firms are valued like a later-stage minority round described above. To become a platform company, you need to have solid growth and profitability, operate in a sector the PE firm thinks is ripe for consolidation, and have an experienced team capable of absorbing acquisitions.

If your SaaS company is more likely a tuck-in, PEs will model the combined entity’s cash flow potential. They will look closely at retention and headcount. If the business retains revenue and reduces costs, it can substantially increase cash flow. Be prepared with detailed revenue by customer-by-month schedules, contracts, and employee census data. Also, buyers will look closely and critically at cross-selling opportunities as described above. 

Creating a Competitive Process: 

VC and PE firms will try to pay as little as possible, regardless of how they model their valuations. The modeling described above establishes the top of their valuation range, not the bottom.

Creating leverage is the only way to achieve maximum value for your business. You can do little to improve the terms if you have one offer and need to sell or raise capital. 

Having negotiated hundreds of debt and equity deals primarily as an investor but also as an intermediary, I estimate that valuations are 20% to 30% higher for a company in a competitive process vs. a stand-alone transaction. This valuation benefit of competition should be intuitive in our daily lives, such as when selling a house. Still, I’m always surprised how many founders and executives don’t work hard to create a competitive environment.

The 20% to 30% competitive valuation premium translates into millions or hundreds of millions of dollars.

You don’t necessarily need to hire an advisor to create a competitive process if you have the skills and resources internally. Still, you do need to be intentional about running a process.


Except for seed deals, valuation methodologies have shifted from revenue multiples to cash flow at every stage of the SaaS market. You may not have noticed the shift because you can always take a company’s valuation, divide it by ARR, and get a valuation multiple, but that’s not how investors are doing their math these days.

The mindset is forward-looking cash flow.

Understanding the PE mindset before engaging with them or VCs will help you best position your company to maximize value.

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Your Plug-and-Play SaaS Metrics Dashboard

In this template, you’ll find a comprehensive set of pre-built SaaS metrics (that you can trust) to wow investors and make key business decisions with confidence.

Chart your path to profitability with metrics like:

  • Subscription Momentum (ARR, customer count, average ARR)
  • Churn & Retention (churn rate, renewal rate, net revenue retention)
  • Customer Lifetime Value (CLV)

The pandemic tailwinds in 2020 and 2021 were considerable. In fact, based on the helpful work of David Spitz, we know that public SaaS businesses during that period only spent $1.60 in sales and marketing for each new dollar of ARR.

Chart_GTM Spend Ratio 2020-2023

David defines this as the Go-to-Market Spend Ratio, and for our purposes, it is the same as the Customer Acquisition Cost Ratio. Assuming a gross margin of 80% and a retention rate of 90%, that’s a compelling ROI. The math works out to an 80% internal rate of return (IRR) on sales and marketing spending. Here is a link to his original post.

But that was then. Today, the average public SaaS company spends $2.40 in sales and marketing to acquire one incremental dollar of ARR. The IRR on that math is 35%, and that’s why SaaS businesses are worth much less than in 2020.

That said, I would love to have a 35% IRR on all my investments. 

So, what’s the takeaway for executives and investors in private SaaS business?

Why Use CAC IRR vs. Other CAC Metrics

This is worthy of a whole separate article, which I will post soon, but in addition to the CAC Ratio, LTV to CAC, and CAC Payback Ratio each having some problematic mathematical distortions; they don’t convey intuitive results or results that can be compared to other potential investments. Is four a good LTV to CAC? Is ten a good CAC payback? People say they are, but the only way to know if the results are intrinsically good or bad is to convert them into an IRR, so let’s start there instead. 

Know Your Numbers

The first step is to get grounded in your company’s unit economics of acquisition cost, gross margin, and retention. Metrics can be tricky, so spend some time on this. You must estimate your sales cycle accurately and your long-term retention rate. This linked spreadsheet helps define the metrics and turns them into an IRR for your sales and marketing spending. 

For our purposes here, it’s worth pointing out that almost all metrics are averages, but what should guide investment decisions is actually marginal costs and marginal revenue, which are similar but more difficult to determine. For example, suppose you have twenty salespeople with a good flow of leads. In that case, a new salesperson is likely to perform about as well as the average, so the IRR on your current sales spending will likely hold for the incremental new hire. But suppose you only have five salespeople who are starved for leads. In that case, a new salesperson will likely perform worse than average (or depress the whole group’s performance) such that the IRR on the incremental investment is meaningfully lower than the average before the hire. The breakdown of company profiles below is based on averages, which is fine in most cases, but managers should be mindful of marginal performance when making investment decisions.

Which zone are you in?

With the above caveats in mind, maintain or increase your sales and marketing spending if your current sales and marketing investments generate an IRR above 35%. In the accompanying graphic, your business is in the Investment Zone. Increasing investment until the point the business crosses into cash-burn mode is straightforward; once cash is burned, the cost of capital must be considered.

Why 35%? A high hurdle rate is appropriate here because: 

1. Private SaaS businesses, in general, are risky investments compared to the total landscape of investable assets, and 35% is a long-term hurdle rate used by top VCs investing in the space, and 

2. Sales and marketing investments inside those businesses are even riskier, so 35% is actually on the low side.  

If your IRR is below 25% and you are profitable, you must look hard at your spending and retention numbers. You can improve your IRR by experimenting and becoming more efficient in sales and marketing, but also remember that retention and gross margins contribute significantly to this equation. If you can’t find a way to acquire customers more efficiently, make the ones you do acquire more valuable. This is consistent with the “cash engine” and “growth engine” approach to SaaS.

On the chart, this is the Operational Needs Zone. Businesses in this zone have time to work on their model, and they may or may not choose to cut back on sales and marketing spending, but they should only invest more once they have improved their CAC IRR.

How does burn impact your thinking?

Regardless of your CAC IRR, if your company is burning capital, you need to open the aperture of this analysis to capture your total burn, not just sales and marketing spending. Think of it this way: your company needs to stay in business to make its sales and marketing investments, so the burn becomes part of the incremental investment. 

If you are burning money, but your CAC IRR is strong, you are in the Cost of Capital Dependent Zone. Many companies find themselves here today, and it’s not uncommon for a business to create value as a whole, but because capital is so expensive, the current owners don’t capture any of that value. Fundamentally, the growth in the size of the pie is offset by the shrinking size of the slice. Dilution offsets value creation for the founders and current shareholders. Here is a link to a separate model that helps quantify the investment trade offs based on burn ratios, growth rates, and the cost of capital.

Finally, companies find themselves in the Broken Business Zone when weak CAC IRRs are paired with a significantly negative operating margin. These companies need to look at everything the Operational Needs companies are looking at, but they must do it quickly and pair it with a reduction in spending. These businesses cannot spend their way into profitability and are not good candidates to raise money.

Not listed on the chart, but a real possibility I have seen more than once is negative CAC IRRs. If this is where you are, stop spending on sales and marketing—really, stop. Negative CAC IRRs call for a complete reset of the GTM approach. 


So, while it’s true that the good old days of 80% IRRs on sales and marketing spending are over, it does not mean that current go-to-market investments are wasteful, but they must be carefully measured.

As always, it’s essential to recognize that running a model differs from running a SaaS business, and modeling may not be helpful in companies with little understanding of the relationship between sales and marketing spending and growth. It is always possible to calculate CAC metrics mathematically, but it does not mean there is a causal relationship. I have seen countless SaaS companies raise capital, spend aggressively, and watch growth rates stay exactly the same or decline. Early-stage companies, in particular, should be careful about ramping up sales and marketing investment based on immature CAC and retention numbers. 

All that said, resource allocation is a primary function of senior management and board members, and even with imperfect assumptions, working through this type of analysis should help frame decisions about additional investments in sales and marketing, which may very well create value. However, they may fall short of historical expectations.

Chart_Investment Profile by Profitability and CAC Efficiency

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The State of SaaS Growth 2024

In this report, we present an update on the overall state of today’s B2B subscription marketplace based on the actual billing data of 2,400 B2B SaaS companies. We discuss:

  • The general return to normalized growth levels in 2023
  • The differences in “normalized” growth rates for each industry, including which industries grew the most and which proved “recession-proof”
  • The impact of billing model on company growth from $0-$1MM, and then to $100MM

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2023 was supposed to bring long-awaited stability. Instead, it surfaced hidden risks.

According to our January 2024 Growth Index report, after an uptick in Q2/Q3, overall subscription growth leveled off in Q4 2023. Rates settled around the 14% mark for sub-$100MM companies—a notable 6% decline from Q4 2022 figures.

In other words, the market has undoubtedly normalized again—but “normal” looks very different depending on your business sector and situation. Businesses seeking to rebound or accelerate their growth need to update their go-to-market playbook.

As we’ll explore in this article, the future favors those flexible enough to adapt to these new market conditions rather than banking on the return of predictable growth trends.

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Benchmarking your business: Growth rate comparisons

Wondering how your business stacks up against wider subscription industry growth rates? With so much fluctuation happening in the market, you need the right context to set your business goals in 2024.

Based on our analysis of the billing data from our own customers (over 2,400 B2B SaaS companies), our report revealed that, while broader subscription growth settled around 14% for sub-$100MM businesses in Q4 2023, plenty still outperformed the pack.

For example, the Southeast maintained the highest regional growth at 21% over the last eight quarters—a prime opportunity for geographic expansion. Meanwhile, the cybersecurity sector exhibited impressive resilience with 37% average annual growth through 2022-2023.

But when you zoom out and observe average growth rates across the board, you’ll see that businesses large and small were typically experiencing fluctuating growth this past year:

Maxio Institute Chart_January 2024_Average Growth Rates for B2B Subscription Companies processing >< $1MM in annual billings

Of course, it’s critical to keep context in mind: not all industries recover at the same pace. For example, the eCommerce & Retail industries had just 11% average annualized growth over the last 2 years—lower than the overall 17% B2B average.

Maxio Institute Chart_January 2024_Average growth rate by software and service companies

Regardless of where your business’s growth rate currently stands, you should constantly be thinking about your next steps toward growth.

If your growth significantly outpaces industry benchmarks, leverage that momentum. It signals unrealized opportunities in your business or customer segments. But if your growth lags the broader market, we recommend you reevaluate your go-to-market strategy, prioritize stabilization, and prepare a contingency plan to ensure your business stays afloat.

The problem: Growth rate stabilization isn’t enough

At first, it seems like good news that subscription growth rates have stabilized at 14% for smaller companies. After all, steady feels better than the ups and downs of the past few years. But there are some risks with stabilization to be aware of. 

First, steady growth makes it harder to stand out to investors who want to see faster growth. Second, companies can’t rely on broader market trends to fuel their growth anymore; go-to-market strategies and tactics are evolving differently across industries. Finally, some sectors, like Cybersecurity, are still seeing much faster growth than others post-pandemic outliers like these would fly under the radar if you were studying market trends as a whole instead of analyzing specific industry cohorts.

In other words, stabilization may hide changing conditions underneath. The new normal is unpredictability, and subscription businesses have to optimize for constant changes in growth rates between industries. While stabilization may feel safer, it could put you in a losing position while your competitors continue to pursue steady growth.

Alright, enough fear-mongering. Despite these recent developments, there are plenty of actionable steps subscription companies can take to secure their foothold in the market and stay growing. Here’s what we recommend:

The solution part I: Hybrid billing for capturing product usage

Rather than relying solely on fixed subscription revenue, innovative companies are maximizing their growth through hybrid billing models (combining subscription contracts with consumption-based pricing).

What’s the upside of hybrid billing, exactly?

Consumption billing lets you immediately earn more revenue when customer usage or transactions increase above typical levels. This lets you capitalize on upswings across regions or industries when they happen and outperform your industry peers who are still capped by fixed subscription pricing.

The solution part II: Hybrid billing for downside protection

While growth is nice, many subscription companies are also focused on mitigating risks to ensure their business survives.

Hybrid models also help hedge risks by limiting downside exposure when compared to pure consumption pricing models. This is because fixed subscription revenue can cushion any revenue losses that may result from lowered usage. This is especially helpful during periods of market fluctuation as the steady baseline income provided by a fixed subscription model helps avoid any overdependence on a consumption or usage-based pricing model.

Finding your industry’s ideal billing mix

Every industry’s growth rates are recovering differently from the pandemic. So the right subscription vs consumption balance ultimately depends on what’s happening in your sector.

For example, Cybersecurity maintained extreme resilience even amid normalization, delivering 37% average annual growth through 2022-2023—over 2x higher than other software sectors. Because project workloads are rising so fast with security threats, Cybersecurity companies should focus more on consumption pricing that captures growth as it occurs.

Meanwhile, industries like Hospitality are finally accelerating, but still have uncertainty. A mix of 50-60% steady subscription revenue and 40-50% consumption billing would help them handle the unpredictable seasonality inherent to their business model.

When you drill down even more, you’ll find that each niche sub-sector has its unique growth patterns. Pay attention to what your specific community of customers needs right now. Then, mix subscription and consumption billing in a way that captures seasonal spikes without completely relying on consumption-based billing.

Maxio Institute Chart_January 2024_Average Growth Rates for B2B Consumption vs Subscription Invoicing for Businesses Processing >$1MM in Annual Billings

The future of billing: Outcome-based pricing models

While you’re probably already familiar with subscription and consumption pricing, a few new pricing models are presenting themselves. Specifically, we’re seeing outcome-based pricing models start to emerge.

Rather than relying on subscriptions or usage, these outcome-based frameworks tie pricing directly to the exact value a customer receives from your solution. Factors like savings achieved, revenue generated, or milestones hit determine dynamic custom charges. In other words, the more value is delivered to the customer, the more their SaaS vendor will earn in lockstep.

Some forward-thinking companies are starting to test out this kind of value-based pricing today on a small scale. For example, Syncari, an ERP integration, offers dynamic “ROI pricing.” As implementation projects automated by Syncari deliver expanding cost savings, their monthly fee scales up accordingly.

If this model continues to work well, it could replace the old subscription and usage-based models that don’t always match the real value customers get.

Growth rates in 2024 and beyond

Now that we’ve given you the tools to adapt your pricing models and discussed how growth fluctuated over the past year, it’s time to look ahead. Our Growth Index revealed how stabilization took hold in 2023 across B2B subscription companies. But while rates may seem steady, changes are still unfolding rapidly at the sector level. 

So what does 2024 have in store?

While we can’t guarantee any predictions, we expect growth normalization to occur industry-wide in the coming year. Most pockets of outlier growth or decline will revert back towards the mean. Cybersecurity may descend from its 37% peak but still expand faster than average. Meanwhile, the Hospitality sector may flag from its 34% spike but still sustain growth at a healthy rate.

This will create a squeeze for subscription-only SaaS companies who are relying on this broad uplift to maintain their outlier growth rates. Despite this stabilization, opportunities still exist for companies who decide to implement complex, hybrid billing models. By diligently tracking microtrends and buyer behavior shifts, companies utilizing consumption billing and outcome-based pricing can continue to outperform their peers.

The insights we provided here are only scratching the surface of how growth rates are trending. 

If you want an in-depth look at the most recent B2B subscription growth trends, check out the recent Maxio Institute Report to benchmark your performance against 2,400 B2B subscription companies.

Alec Beard is a writer in the B2B SaaS industry and founder of StoryWon. His work has been featured in SaaS Brief, and in similar industry blogs for Driven Insights and Churnkey. When he’s not writing about SaaS or Finance, you can find him tucked in a local coffee shop or cruising around on the Atlanta Beltline.

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The State of SaaS Growth 2024

In this report, we present an update on the overall state of today’s B2B subscription marketplace based on the actual billing data of 2,400 B2B SaaS companies. We discuss:

  • The general return to normalized growth levels in 2023
  • The differences in “normalized” growth rates for each industry, including which industries grew the most and which proved “recession-proof”
  • The impact of billing model on company growth from $0-$1MM, and then to $100MM

Get the full report

Maxio Institute Report

The Growth State of B2B SaaS Businesses in January 2024

Growth rates seem to have steadied throughout 2023—but what that means for each business is a little different. In this report, we dig into the “new normal” for businesses based on billing type, size, region, and—new to this report—industry.

Get the report

Table of contents

  • Part 1: The state of B2B subscription growth
  • Part 2: Consumption vs invoicing companies
  • Part 3: Growth by size
  • Part 4: Growth by industry
  • Part 5: Growth by US region
  • Key takeaways

Part I: The state of B2B subscription growth

B2B businesses’ growth rates seem to have steadied throughout 2023. While we observed modest improvement in growth rates throughout Q2 and Q3 of 2023, growth rates for subscription businesses processing up to $100MM leveled off and slightly declined to finish the year at 14% growth in Q4, a 6% decline from the same period in Q4 2022.

A chart showing the growth rates for B2B subscription companies processing ><$1MM in annual billings

During the Federal Reserve’s most recent meeting, it was noted “recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter.” Our analysis suggests the growth rates observed throughout 2023 are here to stay for the foreseeable future. We believe the market is returning back to normalized growth levels after experiencing a period of abnormal growth and fluctuation. This period of abnormal growth continues to weigh heavily throughout the private technology and subscription sectors.

As PitchBook observed in their Q3 2023 Venture Monitor, “More companies are taking bridge, continuation, or down rounds; inside rounds are at multi-year highs; and there are fewer rounds with a new lead investor obtaining a board seat than at any time in at least a decade. Investors and founders alike are optimizing for stability and cash flow to meet the challenges of the current market.” If businesses have not yet reoriented around cash-efficient growth, it may be too late. You might be forced to raise capital just to keep the lights on.

Declining growth rates are weighing on investors’ ability to effectively deploy capital raised in the last three years. Some VC/PE firms have paused investing in new funds, as OpenView observed in December, and we would not be surprised to see others potentially return capital to investors beginning in 2024, a trend last broadly observed in 2008/2009.

The quantity of deals is the lowest it has been since 2016, and we expect this trend to continue at depressed (or, rather, normalized) levels. The bar for receiving investment remains high, or at the very least, expensive, if you lack high growth and favorable unit economics.

OpenView's chart showing company deal value vs deal count from 2015 to 2023

The remainder of this report walks through key findings from our analysis of more than 2,400 B2B SaaS companies, representing $15B in annualized volume over the last 24 months. We’ll dive deeper into notable growth insights based on:

  • Billing type
  • Industry
  • Size
  • Region

The State of SaaS Growth 2024

In this report, we present an update on the overall state of today’s B2B subscription marketplace based on the actual billing data of 2,400 B2B SaaS companies. We discuss:

  • The general return to normalized growth levels in 2023
  • The differences in “normalized” growth rates for each industry, including which industries grew the most and which proved “recession-proof”
  • The impact of billing model on company growth from $0-$1MM, and then to $100MM

Get the full report

About the Maxio Institute

The Maxio Institute is a research arm of Maxio, the #1 billing and financial operations platform for B2B SaaS businesses. Through our work with over 2,000 subscription businesses, we’re uniquely positioned to provide data-backed insights and benchmarks. Our goal is to help B2B SaaS businesses of all sizes gain an accurate picture of the current market, so they can make informed decisions about their future.


Insights from Maxio Institute’s 2024 Growth Index Report

We analyzed billing data from 2,400 B2B SaaS companies to uncover current market trends. Join us for an exclusive first look at our newest Maxio Institute report, and learn what these findings mean for B2B SaaS in 2024.

Aired January 17, 2024

Featuring: Ray Rike, Jon Cochrane, Hillary Frost

Watch the webinar recording now

Join B2B SaaS experts as they explore the resilient growth of B2B subscription businesses amidst economic uncertainties. As we transition from the era of “growth at all costs” to “efficient growth,” discover how your company can not just weather the storm, but emerge stronger.

This webinar is now available for CPE credit on Earmark.


Ray Rike
Founder and CEO, Benchmarkit
Jon Cochrane
VP of Strategy and Director of Maxio Institute, Maxio
Hillary Frost
Senior Strategy Manager, Maxio

Earmark CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

2023 Maxio Institute Report

Consumption companies continue to see raising growth rates into 2024

In our 1H 2023 report, we observed an encouraging increase in the annualized growth rates for B2B subscription businesses in Q2 vs. Q1 2023. As a whole, we’ve observed a steadying of growth rates in Q3 with average annualized growth rates for subscription businesses processing between $0 to $100MM averaging 15%, a 2% increase from the same period in Q3 2022.

Maxio Institute Chart_Average growth rates by B2B Subscription Companies Segmented

As we predicted in our 1H report, invoicing oriented businesses have not returned to the growth rates experienced in 2022 and declined 2% from Q1 2023. By contrast, consumption businesses have experienced two consecutive quarters of growth rising a total of 5% from Q1 2023.


Maxio Institute_Average growth rates of B2B subscription companies segmented by GTM motion

An area we highlighted in our 1H report, there is a stark contrast between companies processing less than $1MM in billings vs. those above $1MM. We suggested for a subscription business to break past $1MM in billings most will need a pricing package with a firm contract and predictable invoicing schedule. This trend remains true based on our analysis of companies processing <$1MM in billings. Annualized growth rates for invoicing businesses under $1MM continue to outpace their consumption oriented counterparts by nearly 40%.

Maxio Institute_Average growth rates of B2B subscription companies segmented by GTM motion_2

Once you pass $1MM in annualized billings, you may need to pause and ask, what is the right pricing model to get to the next phase of growth? Do you lean towards predictable revenue by signing customers up for 12+ month subscriptions with predictable invoicing schedules or embrace a consumption-oriented model? The answer lies in aligning pricing and packaging to the value your customers receive from your product; however, whatever you decide will have implications on your ability to respond to shifting headwinds or tailwinds in the broader market.

This dilemma is playing out in our analysis of businesses processing between $1 and $100MM in billings. As we highlighted in our 1H report, invoicing companies were less impacted by the market headwinds in 2022 as many contracts extend for 12+ months. The headwinds have finally caught up with invoicing businesses and growth remains 8% lower from Q3 2022.

The cloudy skies hovering over consumption businesses may finally be parting. These businesses have experienced two consecutive quarters of growth and are up 3% from Q3 2022. YTD, consumption businesses have increased 5% YTD vs. invoicing businesses who have experienced a 2% decline from the start of the year.

Maxio Institute_Average growth rates of B2B subscription companies segmented by GTM motion_3

The positive movement in consumption growth rates may point to better days for invoicing businesses beginning as soon as Q4 2023.

Stay tuned for another update coming at the beginning of 2024. Until then, check out our 1H report below.

How we analyze our data

The Maxio Growth Index analyzes anonymized year-over-year (YoY) customer billing data from Maxio, a billing and financial operations platform for B2B SaaS, which currently processes over $14B in billing and invoicing data annually. Maxio has over 2,300 customers, most of which are VC- or PE-backed software-as-a-service (SaaS) companies with revenue between $0MM and $100M.

We continue to refine our methodology for how we analyze our data. Following the release of our inaugural and 1H 2023 reports, we’ve made the following refinements to our filtering criteria for analyses:

  1. Reduced our quarterly flux threshold to remove companies who have positive or negative growth rates in excess of 100% (previously 200%).
  2. Added refined filters to remove companies in process of migrating on or off of the Maxio platform.
  3. Increased the threshold for what constitutes an “active” customer from greater than $0 to greater than $50k in total billings a given quarter.

How we calculate YoY growth rates

We take growth in TTM billings, or revenue, at the end of a quarter (e.g. 6/30/23) vs the prior quarter (e.g. 3/31/23) and multiply by 4 to calculate our annualized growth rate.

((Q2 revenue – Q1 revenue) – 1) x 4 = Annualized Growth Rate

How we determine whether to use billings or revenue

Consumption based companies: TTM billings

Consumption-based companies typically have monthly-based measurement and billing. Adding the sum of all invoices sent over the last 12 months, most times, is the best way to estimate the annualized revenue of one of these companies.

Subscription invoicing companies: TTM revenue

Subscription invoicing companies often have pre-negotiated terms (often 1–3 years) and billing schedules. Using revenue instead of billings allows us to remove significant fluctuations in the underlying data which might be caused by an annual invoice or subscription paid up front.

How we filter out anomalies

We remove customers who:

  • Have quarterly growth rates greater than 100% or less than -100%, or
  • Were inactive at the beginning or end of a quarter (we consider a customer active if they have at least $50k in billings or revenue in a quarter), or
  • Were in the process of ramping volume onto, or off of, the Maxio platform


The State of SaaS Growth 2023

We’ve analyzed the billing data of over 2,100 B2B SaaS companies between 2022 and 2023 and have presented key insights, including:

  • Growth rates of businesses based on billing type
  • Where some of the fastest growing companies are located
  • The bar for raising your successive round of investment.

Download the report

The SaaS industry has seen some dramatic shifts over the past year as the market moved from unchecked growth to more disciplined operations. And now things are changing (again).

To shed light on the current state of SaaS growth, we met with Ray RIke, Founder and CEO of Benchmarkit, and Ben Murray, Founder of The SaaS CFO, to share some recent trends around growth, profitability, and valuation multiples that public and private SaaS companies should factor into their planning.

This information is based on Benchmarkit’s 2023 B2B SaaS Benchmarks Report and the recent Maxio Institute Report, which each feature data from over a thousand private SaaS companies.

Curious how your company compares to public and private SaaS businesses in 2023? Let’s take a look at the data to find out.

What’s happening with growth rates in 2023?

Growth rates were significantly lower in 2022 compared to 2021 across the SaaS industry. This aligns with the shift from the “growth at all costs” mindset of 2021 to more disciplined growth in 2022. However, a recent growth upswing in H2 2023 suggests that the market headwinds of the past year may start easing up.

Here’s what the data is telling us:

Breakdown of growth rates by company size

Smaller companies saw higher median growth rates from 2021 to 2022, with easier growth off a smaller baseline. Similarly, companies in the $50MM-$100MM ARR range saw an acceleration of growth, benefiting from scale and multiple products/markets.

Despite this general increase in growth rates, it’s been observed that the $20MM-$50MM ARR segment struggled the most with growth, with some SaaS leaders even referring to it as “the valley of death”. At this stage, it becomes much harder to grow without extending into new markets, whether that’s going from mid-market to enterprise or even expanding into new geographies.

According to Randy Wootton, CEO of Maxio, the key to marching through this “valley of death” is focusing on expansion growth—this means investing in multiple product lines, customer segments, and regions.

Maxio x Benchmarkit_Company Growth Rates

Growth rates between Q1 ‘22 and Q2 ‘23: a growth upswing

As shown in the recent Maxio Institute Report, there was a slow-but-steady deceleration in growth rates throughout 2022 due to limited access to capital and strong economic headwinds. However, in 2023, that tune seems to be changing. The small upswing in growth at the start of Q1 ‘23 may be the start of a rebound for SaaS company growth rates.

Maxio Institute_H1 2023_Average Growth Rates of B2B Subscription Companies

The impact of billing models (subscription vs. usage) on growth

In the Maxio Institute report, one trend that stood out was the difference between subscription vs. consumption-based billing. 

Unlike the traditional subscription billing model, consumption models saw much higher volatility in growth rates between 2021 and 2022. While the consumption/usage-based model benefited more in 2021, it saw an immediate pullback in 2022 as customers trimmed usage.

According to Randy Wootton, the future of SaaS billing means embracing the hybrid model, balancing both subscription and usage-based billing. 

“Usage was great during a growth market because customers were being billed across multiple usage tiers and then getting charged for overages,” says Randy. He then added, “But in a down market, what we see in this data is that you are susceptible to quick shifts in market trends. And if you don’t have that subscription invoicing base to hold onto customers and demonstrate value, relying strictly on usage-based billing can be very volatile.”

Maxio Institute H1 2023 Annualized Growth Rates

Customer acquisition efficiency metrics: What’s driving sustainable growth for SaaS companies?

With all this data at our fingertips, it’s worth asking: What’s actually driving growth for SaaS companies?

The short answer is “it depends.” The long answer is that growth will look different across companies based on their revenue range, industry, product lines, and geographies. Still, the Maxio and Benchmarkit analyses provide key insights to give us a better idea of what’s helping SaaS companies drive growth.

In this section, we’ll examine trends across customer acquisition costs, retention rates, and department expenses to discover what growth levers are working and where companies may need to refine their growth strategy.

Get the 2023 Maxio Institute Growth Index

Get key growth insights based on the billing data of over 2,000 B2B SaaS companies.

Customer acquisition cost (CAC) metrics

The first metric SaaS leaders and operators should examine is their blended CAC ratio. The blended CAC ratio measures the sales and marketing expenses required per one dollar of new ARR and expansion ARR. In 2022, the median was $1.32 per one dollar of growth ARR. 

As expected, there’s a strong correlation between CAC ratio and ACV where higher ACV solutions typically have a higher CAC ratio. For example, SaaS companies with a $50K-100K ACV had a median $1.89 CAC ratio, which is far higher than SaaS companies with lower ACVs.

Maxio x Benchmarkit_Blended CAC Ratio

There’s also a strong correlation between CAC ratio and growth rate that’s worth attention. Lower CAC ratios (more efficient) are correlated with slower growth rates. On the other hand, the highest growth companies (50-100%) had the highest CAC ratios. Based on this information, we can see that there is clearly a tradeoff between growth rate and CAC efficiency, and SaaS leaders need to understand this tradeoff as they plan for 2024 and beyond.

Maxio x Benchmarkit_Growth Rate and CAC Ratio

Finally, the last CAC metric that tells a unique story about a SaaS company’s growth efficiency is the CLTV:CAC ratio. 

According to Ben Murray, he finds that the CLTV:CAC ratio is very appropriate for smaller ACV self-service, high-volume SaaS companies. The only caveat here is that many early-stage companies haven’t been around long enough to make an accurate measurement of their average churn rate. In this case, Ben recommends plugging in a reasonable churn rate to make a rough estimate of the CLTV:CAC ratio.

Maxio x Benchmarkit_CLTV:CAC Ratio

Customer retention and expansion metrics: How well are SaaS companies retaining and monetizing existing users?

According to Ray Rike, the most important revenue retention metric is the one that tells you how well a customer is performing after they sign up—which is why we’re looking at the average net revenue retention rates (NRR) of SaaS companies in 2022.

What the Benchmarkit data shows us is that unlike unicorn SaaS companies like Snowflakes and Twilio who boasted having 130%-160% NRR a year and a half ago, the median NRR in the private company cohort is right at 105%.

And, much like the cost to acquire a customer, we see a strong correlation between higher ACV levels and higher net revenue retention. This is typically because enterprise SaaS companies with higher ACVs have stickier solutions with greater expansion potential across their product lines and customer cohorts.

Maxio x Benchmarkit_NRR

Operating efficiency metrics: How are department expenses impacting growth rates?

According to Ray Rike, one of the big efficiency metrics SaaS leaders have been focusing on over the last 12 to 18 months is OPEX and department expenses. Specifically, many SaaS leaders want to know what percentage of their revenue gap is being allocated to sales and marketing investments.

Based on the data provided by Benchmarkit, it was found that software companies tend to spend a higher percentage of revenue on S&M, R&D, and G&A when scaling from $20MM to $50MM ARR. From Randy Wootton’s point of view, this is largely because as SaaS companies launch new products and enter new markets, they need additional overhead to support it. 

For example, you may need to hire additional GTM leaders to handle specific regions or product lines. Similarly, you may need to bring on an engineering manager to oversee the development of a new product or feature. While these investments take time to pay off, SaaS companies will ultimately benefit from a more complex, diversified portfolio and GTM motion.

Maxio x Benchmarkit_S&M Expenses

You can see the full breakdown of S&M, R&D, and G&A expenses by watching a recording of the 2023 B2B SaaS Benchmarks webinar.

Ultimately, Randy, Ben, and Ray agree that you shouldn’t live and die on one metric alone. Using a handful of metrics is the best way to measure your company’s growth efficiency and tell your board and investors an accurate story.

One metric to rule them all: the Rule of 40

While it’s important that SaaS leaders track and measure multiple performance metrics, there is one metric that seems to stand out among the rest: the Rule of 40.

As a refresher, the Rule of 40 is a principle that states a software company’s combined revenue growth rate and profit margin should equal or exceed 40%. SaaS companies above 40% are generating profit at a sustainable rate, whereas companies below 40% may face cash flow or liquidity issues.

In 2022, the median Rule of 40 for private SaaS companies was only 25%, far below the “rule.” The data also found that smaller companies tend to have a higher Rule of 40 due to faster growth rates. Then, as SaaS companies invest more in operating expenses, the Rule of 40 declines until they reach scale above $50MM ARR.

Maxio x Benchmarkit_Rule of 40

While the Rule of 40 is great at measuring how well SaaS companies are able to balance growth vs. profitability, it isn’t without its flaws. Specifically, the Rule of 40 doesn’t always take into account the differences between companies that are growing at 100% with negative 60% EBITDA vs. companies that are growing at 40% with 0% EBITDA.

So how can SaaS leaders get the best use out of this popular metric?

Todd Gardner, Managing Director of SaaS Advisors, who wasn’t on this webinar but none-the-less offers a poignant insight into this conversation, suggests that business leaders use the dolphin strategy to achieve efficient growth when thinking about the Rule of 40.

According to Todd, the dolphin strategy states that SaaS companies can operate underwater (unprofitable) for long periods and still create substantial value. The vast majority of public SaaS businesses are unprofitable. However, there are substantial benefits to periodically coming up for air (operating profitably). Ultimately, SaaS companies need to prove that they can operate profitability every once in a while, and then they can figure out where their next growth investments are going to come from.

What’s happening with SaaS company valuations? Goodbye to growth at all costs, hello to disciplined growth

Most SaaS leaders are aware that the market has shifted focus from unchecked growth to balancing growth and profitability. This would explain the hype around the Rule of 40 as a critical valuation metric. But what performance metrics are really impacting company valuations in 2023?

According to data from Meritech Capital, the Rule of 40 far outweighed other valuation metrics in H2 ‘22 and H1 ’23. However, that’s no longer the case. Revenue growth and retention are once again taking the spotlight and telling us that growth still matters— especially when it comes to receiving a favorable valuation.

Maxio x Benchmarkit_R2 Factor

Benchmark your company’s performance against your peers

The data and insights shared by Maxio and Benchmarkit illustrate just how fast the market can swing from one direction to another. Ultimately, SaaS leaders need to understand how these trends in growth, profitability, and valuation should inform their strategy and planning in 2023 and beyond. 

Want to see how your company stacks up against your SaaS peers? Download the Maxio Institute’s The State of SaaS Growth 2023 report to benchmark your growth.

Learn more about your hosts

Randy Wootton →Ray Rike →Ben Murray →

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The State of SaaS Growth 2023

We’ve analyzed the billing data of over 2,100 B2B SaaS companies between 2022 and 2023 and have presented key insights, including:

  • Growth rates of businesses based on billing type
  • Where some of the fastest growing companies are located
  • The bar for raising your successive round of investment.

Download the report


B2B SaaS Benchmarks: Summer 2023

We’ve analyzed data from thousands of B2B SaaS companies to uncover current market trends. Join us as Maxio, Benchmarkit, and The SaaS CFO discuss the findings and what they mean for your business.

Originally aired: August 31

On this webinar, we discussed:

  • Company growth rate trends
  • Customer acquisition cost metrics
  • Customer retention and expansion metrics
  • Departmental expense benchmarks
  • Rule of 40 benchmarks
  • Impact on enterprise valuation multiples

Meet your hosts

Randy Wootton
CEO, Maxio
Ray Rike
Founder and CEO, Benchmarkit
Ben Murray
Founder, The SaaS CFO