Victor Huberson

On Day3 the Prophetic Partech Partridge gave the three French hens🐔 a much-needed day off as our very own @VcHubr joined @elena_moneta, @melissa_donohoe from @NotionCapital, and @matthieumrch to chat about more visionary #PartechPredictions2024 - 1/9

@glennsolomon Very nice chart! Impressive how stable the multiples is, irrespective of the name, prior to 2020

Super interesting chart from our friends at BofA regarding historical software multiples at IPO - some very good companies priced in the 5-8x forward revenue range prior to '20 and seems that's where we're headed again

@timothyhliu5 Really cool read, thank you!

Ironically, being promised so much before sale, after closing the treatment the CEO received seemed quite different. - "Unlike the formal sale process," negotiating the employment agreement took months - same salary and bonus as pre-merger - 1.7% of post-transaction equity

Fascinating, essential reading for those of us who never did software PE - Delaware Mindbody decision goes deep into the inside baseball of a sale. Lots of internal emails and texts from Vista, MB CEO, and bankers. Lessons on: - how VCs may become misaligned w/ public holders

@d_mccar Very interesting take, thanks. The cohort flattening vs HF is quite telling on LT retention..

@nonmayorpete Not a surprise to see an ugly waterfall for a Unicorn in 2023, but I did not expect OpenAI would be the first!

Update on OpenAI/Microsoft deal terms: Once $92 billion in profit plus $13 billion in initial investment are repaid [to Microsoft and once the other venture investors earn $150 billion, all of the equity reverts back to OpenAI

@corry_wang Interesting thanks, I'd love to see same research for EU vs US if it exists ? very similar conclusions I suspect..

1/ This 2014 paper offers a very interesting answer to a question that I hadn’t actually thought to ask: Why were none of today’s great global software companies born in Japan? researchgate.net/publication/27…

SHEIN is the quiet Chinese quindecacorn #addicting America's Gen Z shoppers. You've probably never heard of them. - $10bn in 2020 rev - $15bn valuation, Sequoia & Tiger - #2 shopping app in the US - Creating real-time retail @mbrennanchina & I go DEEP. notboring.co/p/shein-the-ti…

Lots of talk on the 10 Year and how it relates to cloud multiples. I ran the numbers. Median cloud multiples (EV / NTM Revenue) peaked around Feb 8th. Since then, the median multiple and 10 Year are -93% correlated! That level of (inverse) correlation is crazy 🤯

As @SorareHQ raises a $50M Series A with @Benchmark 💥 to help football fans own their passion, we want to reflect back on a truly inspirational & insightful story! Congratulations to the champions @ni2las, @adrienmontfort & their team 🔥 @PartechPartners linkedin.com/pulse/from-cha…

“Creative intensity” is the rate at which products or services go stale and new ones must be created. It is the key factor in predicting the future of marketplaces. On the left, the marketplace model will ultimately go extinct. On the right, it will persist. A thread 🧵👇

>95% software services revenue retention rate sounds a lot like gross dollar retention right? Btwn this + back of the envelope CAC payback calcs using understated sales & mktg / inflated GAAP revs investors are being taken for a ride by some pub SaaS cos. seanfanning.substack.com/p/626-openview…

1/ Continue to think about this broader point, but in regards to instances where metrics that were traditionally viewed as negative could actually represent a positive signal worth paying attention to. Some recent-ish examples... twitter.com/LennyIce/statu…

@patrick_oshag I subsequently found a slightly different, but certainly better thought out, map from @sameer_singh17. Thinking through the differentiation of supply, and its accessibility, is a commonality between the two. medium.com/breadcrumb/def…

Product failure is expensive. And look around, it’s common. Why do products fail? Is it becos we can't build the product? No Is it becos we launched it N weeks late? Almost never So what is it? The 7 Biases of Product teams, a very visual thread:

🤝Hiring Announcement🤝 Thrilled to announce that Andrew Whiting & Klaudyna Augler have joined our Growth Equity team! Andrew joins as Growth Principal and Klaudyna as Senior Associate. Read more about our new arrivals and why our team is so excited ow.ly/VERA50Bsn1Q

We are proudly backing @energysquare_co. Attached you can find the post I wrote detailing some of our thinking around this very unique investment. Some of the highlights 👇 partechpartners.com/news/creating-…

Datadog and several other players in the observability space recently released quarterly earnings. I review Datadog’s results and provide comparative updates on the competitive market dynamic. $DDOG softwarestackinvesting.com/datadog-ddog-s…

In mid April, Paychex had lost low to mid 20s percent of their customer base employees, either through companies shutting down, temporarily going on hiatus, or layoffs. Has improved modestly. They think it will be late FY 21 before they recover.

I’m angry that I have to write about the airline industry bail-out. But the raccoons are looking to get their losses socialized and their gains locked in. Bailout the airlines and rank-and-file employees? You bet. Bailout Buffett and the CEOs? No way. epsilontheory.com/do-the-right-t…