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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 25 Nov 2019
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    Patrick McKenzie Retweeted 前田ヒロ| ALL  ⭐ SAAS FUND

    Veeva, a life sciences SaaS I was unaware of prior to this tweet, raised ~$7 million in a Series A. Their next round was "going public" at ~$3.5 billion, and they currently trade at +/- $24 billion. At time of IPO, it looks like the VCs owned ~31%.https://twitter.com/djtokyo/status/1199160867465629696 …

    Patrick McKenzie added,

    前田ヒロ| ALL  ⭐ SAAS FUND @djtokyo
    ライフサイエンスに特化した米SaaS企業「Veeva」はシリーズAで合計7億円調達し、その後調達せずに約3500億円の評価で上場。 今の時価総額2.5兆円。 めっちゃ投資効率が高い。 pic.twitter.com/IeMpOlqoxp
    7:09 PM - 25 Nov 2019
    • 15 Retweets
    • 190 Likes
    • Dheeraj Kumar Jes Keith Wasserman Sriram Sundararajan Eric Lawrence 🎻 Joshua Schoenaker Dan ⚡️ nicholas parasram 鮫島昌弘
    11 replies 15 retweets 190 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 25 Nov 2019
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        Software is so incredibly leveraged that, for materially less than the construction cost of a mid-sized apartment building, you can build and scale a global company in a heavily regulated industry.

        5 replies 13 retweets 112 likes
        Show this thread
      3. Patrick McKenzie‏ @patio11 25 Nov 2019
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        "What does an apartment building cost to build?" Depends on the market but if you're reading this round it to $200k per unit, so a building with 40 doors costs $8 million. It's, naturally, higher in some places and lower in others, owing to labor costs, regulatory issues, etc.

        2 replies 0 retweets 29 likes
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      4. Patrick McKenzie‏ @patio11 25 Nov 2019
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        (Hmm a quick Google suggests that I'm overshooting by 2X~3X for most of the US.)

        4 replies 0 retweets 23 likes
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      5. End of conversation
      1. New conversation
      2. Kevin Kwok‏ @kevinakwok 25 Nov 2019
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        Replying to @patio11

        And people were so against Veeva's concentration risk

        2 replies 0 retweets 7 likes
      3. Imran Ghory‏ @imranghory 26 Nov 2019
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        Replying to @kevinakwok @patio11

        Veeva’s concentration risk was that it relied entirely on Salesforces good will, which they essentially mitigated by the Veeva founder being friends with Benioff.

        1 reply 0 retweets 8 likes
      4. 1 more reply
      1. New conversation
      2. Rad Kapital‏ @radkapital 25 Nov 2019
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        Replying to @patio11

        @nachkari you gotta do a better job of promoting $VEEV around here

        1 reply 0 retweets 5 likes
      3. Mɐx Bulger‏ @maxbulger 25 Nov 2019
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        Replying to @radkapital @patio11 @nachkari

        Biggest vertical market SaaS company in the world

        1 reply 0 retweets 6 likes
      4. 4 more replies
      1. Ninan Thampy  🌈 💙 💜‏ @ninan99 25 Nov 2019
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        Replying to @patio11

        Ninan Thampy  🌈 💙 💜 Retweeted Simon Erickson

        Great success story of a product built on top of a platform. Check out this commentaryhttps://twitter.com/tmfinnovator/status/1199002776757514240?s=21 …

        Ninan Thampy  🌈 💙 💜 added,

        Simon Erickson @7Innovator
        The moral of the story is unit economics really matters for #SaaS. Not all growth is profitable & not all SaaS comps will be around in 10 yrs. But look for quality. Compelling products create switching costs, which lead to high retention rates & yrs of recurring subscriptions.
        Show this thread
        0 replies 0 retweets 8 likes
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      1. Vivek Ramaswami‏ @vivekramaswami 25 Nov 2019
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        Replying to @patio11

        Veeva is an incredible business. Zeroed in on one sector and executed like hell. Those $1M ACVs don’t hurt either...

        0 replies 0 retweets 3 likes
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      1. Jake Saper‏ @jakesaper 26 Nov 2019
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        Replying to @patio11

        Part of what made $VEEV such a phenomenally capital efficient company is its vertical focus. Strong referral sales effects allow you to limit marketing spend, boost conversion, and efficiently upsell. Some thoughts from shortly after the IPO:https://www.emcap.com/thoughts/the-five-hallmarks-of-an-industry-cloud-company …

        0 replies 0 retweets 4 likes
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