Sapphire Ventures

Sapphire Partners

Sapphire Sport


2023 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey

A shift towards efficient execution and profitability

For over a decade, KeyBanc has produced a unique survey that evaluates the performance of private SaaS companies year over year. The insights from this survey have served as an indispensable resource across the SaaS community, guiding hypergrowth companies. 

For the first time, Sapphire Ventures has partnered with KeyBanc to take this survey to new heights, introducing a fresh perspective to the data and its accompanying analysis. Together with KeyBanc, Sapphire Ventures helps present an operator’s viewpoint to this year’s survey to help draw actionable insights and understand the impact of last year’s trends on go-to-market strategies. 

Key trends you will find in this year’s report:

  • Continued budget cuts and conservative buying patterns are driving customer churn
  • While conversion rates are expected to drop across the marketing funnel, GTM teams are striving to drive revenue efficiency
  • Public market software valuations are returning to more normalized levels in 2023
  • Private market financing activity and multiples continue to show strength despite macroeconomic headwinds

Download the report today to discover trends and themes identified from the survey across GTM/sales and marketing teams.