Last week, Chart Mogul released growth benchmarks for private SaaS companies, while Clouded Judgement shared Q2 2024 software earnings. We analyzed growth benchmarks for liquid private SaaS companies* and compared them with both private and public growth metrics. Here are the key insights.

Median SaaS YoY Revenue Growth
Whilst a slower growth across the board than last year, companies in the High liquidity sector are there for a reason - the performance is consistently stronger when compared to both public and private peers.

What Defines High Growth in SaaS?

For private SaaS, according to Chart Mogul: The top 25% of companies saw 88% growth.
For Public SaaS, according to Clouded Judgement: High growth is considered >27% projected NTM growth.

EV/NTM Revenue Multiples

Top 10 Median Public Cloud Software: 13.4x
Top 10 Median High Liquidity Private SaaS: 18.5x

However, in the secondary market, impressive growth alone isn’t enough to command standout multiples. SaaS companies like Deel, Databricks, Figma, and Canva—boasting 80-90% gross margins—are trading at high multiples despite showing “just” double-digit growth rates.

*SaaS companies with high liquidity on the secondary market (Launchbay liquidity score not less than 5 out of 10):
Airtable
Workato
ServiceTitan
Harness
Gusto
FloQast
Vercel
Postman
Deel
Rippling
Databricks
Wiz
Figma
Apollo.io
Canva
6sense
Navan
Retool
Automation Anywhere
Icertis