Major milestones and shifts shaped the past year, including the rebound of global VC funding, the continued appetite for GenAI investment at all layers of the stack, and the resurgence of growth-stage investments. To understand what we can expect for the enterprise SaaS landscape in 2025, we’ve taken an extensive look at SaaS trends across public and private markets to produce our second annual report on The State of the SaaS Capital Markets. 

In this year’s deep dive, we provide a detailed data-driven view of the SaaS landscape, reflecting on 2024’s key SaaS trends while uncovering the opportunities that lay ahead for the rest of 2025. 

What's Inside the Report: 

• An analysis covering both private and public enterprise SaaS markets in detail, including many proprietary views on sub-categories and investment trends.
• An exclusive focus on the state of the enterprise SaaS capital markets (vs. the broad technology landscape), including valuations, capital allocation, and exits. 
• Our top 10 predictions are data-driven, based on 2024 insights and what we’ve seen over the past decade, and specific enough to allow a straightforward assessment of whether we were right or wrong.

From valuation drivers and investment trends to GenAI’s growing impact, we share actionable takeaways designed to support software entrepreneurs, investors, and the broader SaaS ecosystem.

Just as we did last year, we'll check in mid-year to evaluate our progress and track how our predictions for 2025 are shaping up. Until then, we’d love to hear your thoughts—what did we get right, and where do you see things differently?

 Reach out to Steve Abbott (steve@sapphireventures.com) or Kevin Burke (kburke@sapphireventures.com) with any thoughts or questions.