2 clips
TThe Full Ratchet
A VC shares the beginning of a deal story about missing out on Veeva Systems, the vertical SaaS platform for pharmaceuticals. The partner describes how they had a thesis around vertical SaaS early on, pursued the company, issued a term sheet, and were told they won the deal on Friday - setting up what appears to be a cautionary tale about deals that slip away.
The Twenty Minute VC (20VC)
Lucas Swisher explains why mega-funds like Coatue have moved away from vertical SaaS investments, despite their historical success generating multibillion-dollar exits. He argues that constrained TAMs and the need for massive fund-returning outcomes make platform companies a better focus for large funds seeking disproportionate returns.
