--- title: "The State of the SaaS Capital Markets: 2024 in Review, 2025 in Focus" description: Explore Sapphire’s 2025 State of the SaaS Capital Markets Report for insights on private and public enterprise software markets, IPO trends, M&A activity, and key predictions shaping the future of SaaS. image: https://info.sapphireventures.com/hubfs/Copy%20of%20Email%20Header%20-%202025%20State%20of%20SaaS%20Capital%20Markets%20Report.png --- [![Sapphire Wordmark White](https://info.sapphireventures.com/hubfs/Sapphire%20Wordmark%20White.svg "Sapphire Wordmark White")](https://info.sapphireventures.com/?hsLang=en) ## Sapphire Ventures Partnering with expansion-stage, enterprise software companies that we believe can become category leaders. - [Home](https://sapphireventures.com/) - [Companies](https://sapphireventures.com/companies/) - [Team](https://sapphireventures.com/team/?investment-team&ventures-team) - [Portfolio Growth](https://sapphireventures.com/portfolio-growth/) - [Resource Center](https://sapphireventures.com/resources/) - - - ## Sapphire Partners Limited partner investing in exceptional early-stage venture fund managers. - [Home](https://sapphireventures.com/sapphire-partners/) - - ## Sapphire Sport Partnering with early-stage companies at the nexus of technology and culture. - [Home](https://sapphireventures.com/funds/sapphire-sport/) - [Companies](https://sapphireventures.com/companies/) - [Team](https://sapphireventures.com/team/?investment-team&sport-team) - [Resource Center](https://sapphireventures.com/resources/) - [![Mlogo](https://info.sapphireventures.com/hs-fs/hubfs/Header/Group%203898.png?width=343&height=40&name=Group%203898.png "Mlogo")](https://info.sapphireventures.com/?hsLang=en) - [Contact](https://sapphireventures.com/contact/) Report ## The State of the SaaS Capital Markets: 2024 in Review, 2025 in Focus ###### AI-Driven VC Funding Environment, Evolving Dynamics in Public and Private Markets and Our Predictions for 2025 [![Download](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/6606882/112dc62e-43d8-4827-969c-045ca0d29b91.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/6606882/112dc62e-43d8-4827-969c-045ca0d29b91) 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](mailto:steve@sapphireventures.com)) or Kevin Burke ([kburke@sapphireventures.com](mailto:kburke@sapphireventures.com)) with any thoughts or questions. [![Download](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/6606882/112dc62e-43d8-4827-969c-045ca0d29b91.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/6606882/112dc62e-43d8-4827-969c-045ca0d29b91) ![Sapphire Wordmark White](https://info.sapphireventures.com/hs-fs/hubfs/Sapphire%20Logos/2022%20Sapphire%20Logo/Sapphire%20Wordmark%20White.png?width=4001&name=Sapphire%20Wordmark%20White.png "Sapphire Wordmark White") © 2023 Sapphire Ventures. LLC. All Rights Reserved. - [Terms of Use](https://sapphireventures.com/legal-terms/) - [Privacy Policy](https://sapphireventures.com/privacy-policy/) - [Disclosures](https://sapphireventures.com/disclosures/) - [1](https://twitter.com/sapphirevc) - [1](https://www.linkedin.com/company/sapphirevc) - [1](https://www.youtube.com/channel/UCU15ELvJ1AcdL-c_-n_JCjQ)