Theory Ventures

“Tomasz Tunguz finds that despite collapsing SaaS multiples, one company in nearly every category still commands a premium, with AI providing the common thread.”

“The 100x ARR Multiple Is Back: The article notes a 2021 piece on the '100x ARR multiple' as a historical premium; five years later, multiples are back at similar levels, but reported growth rates underneath are running roughly 3x faster... Legora, Sierra, and Ramp saw theirs accelerate starting January 2026, driven partly by sustained growth and a more favorable fundraising market.”