Blog - Practical Venture Capital

Announcing PVC-3: The “Halftime Fund”

Dave McClure

03.18.25

Secondary
Venture Capital

PayPal Mafia 🤓 nerds raise third VC secondary fund

PVC SaaS Index™ | Q2/25 – SaaS Multiples Rebounding

Aman Verjee

06.17.25

IPO
Public Markets
PVC SaaS Index
Secondary

SaaS multiples, once peaking at 18–19X in 2021, have rebounded to 7.0X in Q2/25 after a volatile period, signaling a return to their historical 7–9X range amid improving market sentiment.

PVC SaaS Index™ | Q1/25 – Market Uncertainty

Aman Verjee

04.10.25

IPO
Public Markets
PVC SaaS Index
Secondary

IPOs have stalled, M&A activity has dropped, and secondaries are becoming a more common exit route.

PVC SaaS Index™ | Q4 2024 – SaaS Multiples Rebounding

Aman Verjee

12.17.24

IPO
Public Markets
PVC SaaS Index
SaaS

A Practical Summary: Every quarter, we update our PVC SaaS Index™, a basket of publicly traded US-listed SaaS companies. This index provides a useful benchmark for how private companies should be valued when they find exits. Software as a Service (“SaaS”) has been around longer than the cool new cloud. While the SaaS category shares some aspects of

Finally! What Fed Rate Cuts Mean for Tech Valuations

Aman Verjee

10.05.24

Federal Reserve
Macro
Public Markets

Practical Summary: The Federal Reserve Board finally cut interest rates last month. This represents the first rate cut since the start of the COVID-19 pandemic in March 2020 and might be the most anticipated rate cut of all time. The US bond markets had been pricing in multiple rate cuts as early as September 2023,

PVC SaaS Index™ Q3/24 Update: SaaS Multiples Stabilized This Summer

Aman Verjee

09.01.24

IPO
Public Markets
PVC SaaS Index
SaaS

A Practical Summary: Every quarter, we update our PVC SaaS Index™, a basket of publicly traded US-listed SaaS companies. This index provides a useful benchmark for how private companies should be valued when they find exits. The median sales multiple in the PVC SaaS Index™️ has fallen to 6.0X EV / LTM revenue due to