Tomasz Tunguz - In Like a Lamb, Out Like a Lion
Tomasz TunguzVenture Capitalist If you were forwarded this newsletter, and you'd like to receive it in the future, subscribe here. In Like a Lamb, Out Like a Lion
Mongo announcing earnings yesterday concludes this quarter’s index of software buyers. As the chart above shows, the software market is plateauing & some companies are rebounding. Why is a flat growth rate something to cheer? First, 30% growth is now top quartile. Second, each of these businesses has scaled, doubling or more in the last three years. A 30% growth on twice as large a revenue base signifies many buyers are ready to spend. Third, many of these businesses like Mongo & DataDog are raising guidance suggesting their teams’ confidence in the software market in 2024.
New customers fill the top of the funnel for the cloud offering.
Customers continue to grow accounts.
Mongo is raising guidance by 3%-4%.
2023 started like a lamb & is going out like a lion. Expect 2024 to roar with growth for software companies. |
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