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Dharmesh Thakker


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Dharmesh Thakker is a general collaborator at Battery Ventures and a former managing board at Intel Capital.

More berths by this benefactor

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More than half a decade ago, my Battery Ventures partner Neeraj Agrawal penned a widely read post offering advice for enterprise-software corporations hoping to reach $ 100 million in annual recurring revenue.

His playbook, dubbed “T2D 3” — for “triple, triple, double, doubled, double, ” referring to the stages at which a software company’s revenue should multiply — facilitated countless high-growth startups index their emergence. It also highlighted the broader explosion in industry value creation stemming from the transition of on-premise software to the cloud.

Fast forward to today, and many of T2D 3’s insights are still relevant. But now it’s time to update T2D 3 to account for some of the tectonic deepens determining a broader nature of B2B tech — and pushing companies to grow at rates we’ve never seen before.

One of the most difficult influences driving billion-dollar B2Bs is a simple but important shift in how societies buy endeavour technology today.

I call this new paradigm “billion-dollar B2B. ” It refers to the forces shaping a brand-new class of cloud-first, enterprise-tech behemoths with the potential to reach$ 1 billion in ARR — and achieve grocery capitals in excess of $50 billion or even $100 billion.

In the past several years, we’ve seen a pioneering group of B2B standouts — Twilio, Shopify, Atlassian, Okta, Coupa *, MongoDB and Zscaler, for example — approaching or excess the$ 1 billion receipt marker and insure their market capitalisations surge 10 meters or more from their IPOs to the present day( as of March 31 ), distributed according to CapIQ data.

More recently, iconic companionships like data giant Snowflake and video-conferencing mainstay Zoom came out of the IPO gate at even higher valuations. Zoom, with 2020 revenue of precisely under $883 million, is now worth close to $ 100 billion, per CapIQ data.

Graphic showing market cap at IPO and market cap today of various companies.

Image Credits: Battery Project via FactSet. Note that grocery data is current as of April 3, 2021.

In the backstages are other B2B super-unicorns like Databricks* and UiPath, which have each promoted private funding rounds at valuations of more than $ 20 billion, per public reports, which is unprecedented in the software industry.

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