Thoughts on software, AI, and company building, with occasional sneak peeks at P9’s kitchen table.

Summary (80–120 words): This webinar features Christoph Janz of Point Nine explaining how to use SaaS metric benchmarking to evaluate company performance, fundraising readiness, and portfolio monitoring. He outlines how to select relevant metrics and compare against appropriate peer groups to identify strengths, gaps, and realistic targets. The session references his “5 ways to build a $100M business” framework that links customer count and average revenue per account to alternative paths to scale, and discusses what investors prioritize when financing SaaS, with guidance on applying benchmarks to track progress over time and inform strategy across growth, retention, and efficiency levers. Search Terms & Synonyms (10–20 total): SaaS metrics benchmarking, SaaS benchmarks, ARR benchmarks, MRR growth rate, net revenue retention (NRR), gross revenue retention (GRR), CAC payback period, LTV/CAC ratio, burn multiple, Rule of 40, average revenue per account (ARPA), average contract value (ACV), cohort analysis, product-led growth (PLG) vs sales-led, Series A metrics, venture benchmarking, SaaS napkin benchmarks, 5 ways to $100M ARR, portfolio company benchmarking, Point Nine Capital Christoph Janz

Summary (80–120 words): The post argues that engineering organizations lag sales in data-driven decision-making due to fragmented tooling across GitHub, Jira, and CI/CD and shortcomings in past analytics attempts. It identifies three failure modes: poor data quality and incomplete integrations, team mistrust from individual-level surveillance, and dashboards without actionable guidance. Athenian is presented as unifying workflow data to provide end-to-end visibility and answer questions on delivery speed and bottlenecks, quality and incident resolution, and effort allocation across bugs, technical debt, and features—supporting team-level alignment and continuous improvement. It notes founder Eiso Kant’s prior company source{d}, early team member Paul Bleicher (ex-Sqreen), and co-investors Nathan Benaich, Renaud Visage, Julien Lemoine, Harry Stebbings, and Jean de La Rochebrochard. Search Terms & Synonyms (10–20 total): engineering analytics, software engineering metrics, developer productivity, engineering productivity, devops metrics, DORA metrics, value stream analytics, value stream management, SDLC analytics, engineering management dashboard, github jira integration, CI/CD analytics, cycle time and lead time, pull request analytics, software delivery performance, engineering OKRs and alignment, technical debt tracking, bug and incident resolution metrics, developer velocity, engineering velocity

Summary (80–120 words): The post argues co-CEO setups can work early but impede scaling. Teams often start with two CEOs because founders are similar, want equal status, or avoid conflict. As headcount grows, a single CEO speeds decisions, clarifies accountability and reporting lines, and improves executive hiring. Citing Michael Wolfe, the author notes top VPs avoid organizations where titles reflect cofounder status. If neither co-CEO is strong solo, plan to hire an external CEO. Founders should examine motives, define decision rights, specify how hard calls (underperformance, disagreements) are resolved, and set explicit triggers for ending the co-CEO arrangement. Search Terms & Synonyms (10–20 total): co-CEO, dual CEO, two CEOs, co-chief executive, shared leadership, joint CEO model, founder roles, startup governance, decision-making speed, accountability and reporting lines, organizational clarity, executive hiring, VP of Engineering hiring, founder dynamics, conflict avoidance, CEO succession, outside CEO, deadlock resolution

Summary (80–120 words): The post outlines a pragmatic playbook for scaling engineering after a major funding round. Key steps: build a peer network to learn and source talent; define a target org structure early (feature vs platform, frontend vs backend) using Conway’s Law and Team Topologies; hire against clear missions; bring in talent acquisition and an ATS; the CTO should spend disproportionate time on recruiting, optimizing channels and time-to-hire while maintaining a high bar; use fixed cohort start dates; run structured onboarding with buddies and cross-functional 1:1s; add an early management layer with hands-on startup EMs; and standardize equipment with MDM and asset tracking. Accept short-term velocity dips to establish durable processes. Search Terms & Synonyms (10–20 total): scaling engineering team, post-Series A hiring, seed to Series A scaling, engineering org design, Team Topologies, Conway’s Law, technical recruiting, applicant tracking system (ATS), talent acquisition for startups, time to hire optimization, employer branding for engineers, cohort onboarding, buddy program onboarding, engineering manager (EM) hiring, manager-to-IC ratio, device standardization and MDM, IT asset management, distributed engineering teams

Summary (80–120 words): Christoph Janz outlines five distinct paths to $100M ARR in SaaS, framed as “hunting” different customer types: 1,000 enterprises at $100k+ each (elephants), 10,000 mid-market at $10k+ (deer), 100,000 SMBs at ~$1k (rabbits), 1,000,000 prosumers at ~$100 (mice), or 10,000,000 ad-monetized consumers at ~$10/year (flies). He links each path to fitting go-to-market motions: enterprise field sales (elephants), inside sales (deer), inbound/no-touch with rigorous funnel optimization (rabbits), and virality or UGC-driven scale for consumer plays (mice/flies). A worked SMB example shows CLTV ≈ $2,700 and CAC target ≈ $675, implying ~$67.50 per signup at 10% trial-to-paid conversion. Search Terms & Synonyms (10–20 total): $100M ARR SaaS, five ways to $100M ARR, elephants deer rabbits mice flies framework, ARPA ACV, average revenue per account, enterprise sales motion, inside sales mid-market, SMB SaaS inbound, product-led growth PLG, self-serve no-touch funnel, virality network effects, user-generated content UGC SEO, CAC to LTV ratio, lifetime value LTV, customer acquisition cost CAC, go-to-market strategy GTM, mid-market SaaS, Value SaaS Upekkha, Christoph Janz framework, scaling to $100 million ARR

Summary (80–120 words): The post outlines a practical framework for early-stage startup compensation aimed at attracting and retaining top talent. Core principles: operate within the labor market (candidates compare alternatives); design total compensation beyond cash (learning/growth, scope and mission, camaraderie, equity upside); recruit people who value those elements and actively sell the opportunity. Prioritize “10x” contributors over larger but average teams. Use market data and a career ladder to define levels and salary/equity ranges; typically target the market midpoint while remaining flexible. Keep negotiation limited to avoid internal inequity and mis-hires; anchor to data. Optimize for long-term outcomes: retention, performance management, and budgeting for promotions, raises, and market adjustments. Search Terms & Synonyms (10–20 total): startup compensation, founder compensation, total compensation, salary bands, pay bands, career ladder, leveling framework, market rate pay, compensation benchmarking, Radford survey, Pave compensation, equity grants, employee stock options, ESOP, 10x engineer, internal equity, pay equity, negotiation strategy, retention and raises, promotion budget

Summary (80–120 words): Point Nine explains its investment in Petsapp, a vertical SaaS platform for veterinary clinics. The post frames a pandemic-accelerated pet market (US ~$100B in 2020, ~25% growth; ownership at 70% of households) and capacity-constrained clinics as the demand driver. Petsapp integrates atop legacy PMS to centralize client communication (chat, video, triage, booking), workflows, and payments, functioning as a “system of action” akin to HubSpot/Intercom for vets. The thesis emphasizes bundling over point solutions, founder–market fit (clinical and product backgrounds), and embedded fintech to expand ACV and TAM (processing clinic revenues with potential for insurance/BNPL). Consumer upside arises as clinics onboard their pet-owner bases. Search Terms & Synonyms (10–20 total): veterinary practice management software, vet clinic software, vertical SaaS for healthcare, veterinary client communication platform, pet telemedicine, veterinary teletriage, practice management system integration, embedded payments for clinics, fintech in healthcare, BNPL for veterinary care, appointment scheduling software, workflow automation for vets, system of action, pet care app, veterinary SaaS, ACV expansion, TAM expansion, pandemic pet boom, Intercom for vets, HubSpot for vets

Summary (80–120 words): The post explains anti-dilution in venture financing and distinguishes it from pre-emption/pro rata rights. It compares three structures—broad-based weighted average (standard), narrow-based, and full ratchet—and shows how each determines free shares for prior investors in a down round. It presents two equivalent calculation frameworks: the European weighted share price method and the US conversion price/ratio approach, emphasizing their identical economics. A key implementation issue—the “circular problem” when pricing on a fully diluted basis—is resolved by a one-iteration method: price first without anti-dilution, compute anti-dilution shares, then adjust price once. It covers pay-to-play qualifiers, common carve-outs (ESOP/options), and includes a numerical example (200 common; 100 preferred; 100 down-round shares). Search Terms & Synonyms (10–20 total): anti-dilution clause, weighted average anti-dilution, broad-based weighted average, narrow-based anti-dilution, full ratchet anti-dilution, down round financing, pre-emption rights, pro rata rights, conversion price, conversion ratio, as-converted basis, fully diluted basis, price-based anti-dilution, pay-to-play provision, ESOP expansion, option grant carve-out, cap table modeling, circular reference dilution, venture financing terms, liquidation preferences, washout round

Summary (80–120 words): The post outlines Point Nine’s investment thesis in Attio, a no-code, customizable CRM that combines spreadsheet-like flexibility with core CRM capabilities. It argues incumbent CRMs enforce rigid, funnel-based workflows, pushing teams to spreadsheets or general no-code tools and sacrificing data enrichment and automation. Attio auto-ingests relationship data from email and calendar (and later product/analytics), supports template-based or bespoke workflows, real-time collaboration, and rule-based automations, enabling self-serve, product-led adoption. The thesis centers on business-built workflows, data-driven automation at scale, and a product-centric team (Nicolas and Alexander). The seed round is led by Point Nine with Balderton, Headline, and operator angels. Search Terms & Synonyms (10–20 total): no-code CRM, customizable CRM, composable CRM, spreadsheet CRM, Airtable CRM, Notion CRM, Salesforce alternative, HubSpot alternative, product-led growth CRM, self-serve CRM, relationship management platform, CRM automation, email and calendar sync, data enrichment CRM, workflow builder for CRM, real-time collaboration CRM, SaaS seed funding, Point Nine Capital investment, Attio

Summary (80–120 words): Point Nine explains its investment thesis for Amenitiz, a vertical SaaS that bundles PMS, website/booking engine, channel manager, and payments for independent European hotels. The post frames the opportunity: ~170k independent hotels and >350k B&Bs in Europe, rising OTA dependence (OTA share up ~50% 2013–2019; >70% for some), and low cloud PMS penetration (<30%). Bundling reduces total cost, removes integrations, and supports efficient unit economics via low ARPA, low churn, and outbound GTM. Amenitiz’s roadmap adds revenue management, marketing, and financial services to expand ARPA/TAM; at scale it could influence distribution and challenge GDS like Amadeus. Context includes a €6.5M seed, notable angels, and founder-market fit. Search Terms & Synonyms (10–20 total): vertical SaaS for hotels, all‑in‑one hotel software, hotel property management system, PMS software, channel manager, hotel booking engine, direct hotel bookings, OTA commissions, Booking.com and Expedia, hotel tech stack, cloud PMS, Amenitiz, Point Nine Capital investment, bundling vs unbundling, hotel revenue management, hotel marketing suite, embedded payments for hospitality, fintech for hotels, ARPA and unit economics, hotel distribution and GDS disruption, Amadeus, independent hotels in Europe, bed and breakfast software, European hospitality software market, outbound GTM for SaaS

Summary (80–120 words): Point Nine outlines its investment thesis in Graneet, a vertical SaaS for small construction firms to manage quotes, invoices, expenses, receivables, cash, and project margins. The post frames construction as large and fragmented (≈9% of EU GDP, 18M jobs, ~3M companies) with low average margins (~5%) and payment delays, where most SMEs rely on Excel/Word or clunky accounting plug-ins. The thesis: (1) acute financial ops pain; (2) large underserved SMB base in France/Europe; (3) networked workflows enabling viral, inbound GTM; (4) embedded fintech potential, notably factoring, to enhance monetization; (5) a founding team combining startup and construction experience. Graneet is live in France with a roadmap toward a mini ERP. Search Terms & Synonyms (10–20 total): Graneet, vertical SaaS, construction software for SMBs, contractor financial management, quotes and invoicing software, accounts receivable automation, cash flow management for construction, project margin tracking, job costing, construction ERP, embedded fintech, factoring, working capital financing, network effects in SaaS, inbound go-to-market, France construction SMEs, Point Nine Capital, Foundamental

Summary (80–120 words): The post provides a practical framework for evaluating Account Executive candidates, emphasizing that early hires set the tone and that the first “founding” AE must be entrepreneurial, full-cycle, and capable of building playbooks. It defines 10 criteria—Trust (non-negotiable), Hustle, Intelligence (avoid easily bored “too smart” fits), Operational Excellence (sales math, conversion rates, pipeline rigor), Sales Skills (assessed via questioning and case studies), Industry Experience (tradeoff), Startup Experience (pressure tolerance), Coachability and Self-Awareness, Likeability, and Culture Fit. It advises involving experienced sales interviewers, using demo/case-study exercises, calibrating expectations for US vs EU candidates, and explicitly identifying and discussing candidate risk factors and expectations. Search Terms & Synonyms (10–20 total): founding account executive, first sales hire, AE hiring criteria, B2B SaaS sales hiring, full-cycle AE, founding AE, first GTM hire, sales playbook creation, sales case study interview, sales methodology evaluation, SaaS sales operational excellence, pipeline and conversion management, coachability and self-awareness, startup vs enterprise sales experience, US vs Europe AE differences, sales hiring framework, quota-carrying sales rep, SDR-to-AE transition

Summary (80–120 words): Christoph Janz distills five lessons from Factorial’s path after its $80M Series B led by Tiger Global. 1) Global SaaS can be built from Europe as capital deepens (€49B H1 2021 VC) and remote work broadens talent access. 2) In HR, country-specific regulation can justify a Europe-first GTM rather than immediate US entry. 3) Product quality and strong engineering enabled localization in eight countries in under six months. 4) Pricing discipline matters: ending freemium (after 20k free users) drove a 3x MRR jump and a scalable acquisition engine. 5) Define ICP via data (the “dentist” anecdote). Context: thousands of customers across 60+ countries; Tiger backs 40 Cloud 100 companies. Search Terms & Synonyms (10–20 total): Factorial HR, HRIS, HCM software, SMB HR software, HR platform for small businesses, Europe-first go-to-market, Internationalization and localization, Product-led growth (PLG), Freemium to paid conversion, SaaS pricing strategy, Ideal Customer Profile (ICP), Tiger Global Series B, Point Nine Capital, Barcelona SaaS startup, Zendesk of HR, Global SaaS expansion

Summary (80–120 words): David Ola introduces himself as a new team member at Point Nine, tracing a path from a Human Genetics degree and medtech founding to a Seedcamp internship and early-stage investing focus. He will work with Christoph Janz on B2B SaaS, with added attention to health-related software, and plans active founder engagement at European events (especially London and Berlin). He outlines a long-term goal to support African startups as fundraising ecosystems mature, aiming to help build globally competitive companies and increase representation of Black African VCs. He highlights NFTs’ potential in gaming (e.g., Sorare, FIFA Ultimate Team) and names Illumina as a company he wishes he’d backed. Search Terms & Synonyms (10–20 total): Point Nine Capital, P9, Point Nine Land, David Ola, Christoph Janz, early-stage venture capital, B2B SaaS investing, SaaS napkin, marketplaces, healthtech, medtech founder, human genetics, Seedcamp internship, European tech ecosystem, African tech ecosystem, Black VC, emerging markets, NFTs in gaming, Sorare, FIFA Ultimate Team, Berlin tech events, London tech events

Summary (80–120 words): Why Point Nine invested in Tenderly. Ethereum/smart contract development lacks mature tooling and cannot tolerate “move fast and break things”; Web 2.0 tools like Datadog/Heroku are missing. Tenderly offers an end-to-end platform for monitoring, testing, and components to improve smart contract observability. Market context: ~3.5k dApps; DeFi TVL grew from ~$700m (Jan 2020) to ~$90bn (Mar 2021), with expected expansion into gaming, data sharing, and identity. Traction: used by Aave, Chainlink, Nexus Mutual, Uniswap; thousands use its visual debugger; ~5M alerts/month; nearly 50% of active blockchain developers have interacted. Search Terms & Synonyms (10–20 total): Web3 developer tools, Web 3.0 developer platform, smart contract observability, smart contract monitoring, blockchain DevOps, Ethereum debugging, Solidity debugging, dApp monitoring, smart contract testing, transaction tracing, EVM tooling, DeFi infrastructure, on-chain analytics, blockchain production monitoring, smart contract alerts, Tenderly, decentralized application development, blockchain developer experience

Summary (80–120 words): The author describes moving from a basic webcam to a DSLR plus capture card, lighting, and a motorized tripod to improve call quality, but notes the complexity and costs (clean HDMI, dummy batteries, CPU load) deter most users. He introduces Detail, a company his VC firm invested in, which turns smartphones into high-quality webcams by leveraging their sensors and on-device compute, aiming to deliver broadcast-level results via software. The roadmap includes multi‑camera recording, automatic angle switching, and lighting enhancement—capabilities that previously required studio budgets and crews. The piece positions Detail for heavy video users such as sales professionals and creators across major live-streaming platforms. Search Terms & Synonyms (10–20 total): smartphone as webcam, phone webcam app, Detail app, video conferencing setup, improve video call quality, broadcast-quality video from phone, multi-camera switching, automatic lighting correction, clean HDMI, capture card alternative, dummy battery, DSLR webcam setup, creator economy video tools, live streaming studio software, virtual camera software, computational video enhancement, remote sales video meetings, Zoom camera upgrade, Whereby camera upgrade, Loom camera upgrade

Summary (80–120 words): The post outlines why the authors invested in Gourmey, a Paris startup producing cultured foie gras. It argues that conventional foie gras, based on gavage, faces ethical and regulatory headwinds (bans in 17 countries; sales bans in California and New York City). As a premium product, foie gras offers faster cost parity for cultivated alternatives and addresses a ~$2B market with latent ethical demand. Technically, Gourmey uses an avian embryonic stem cell platform in large-scale suspension culture, drawing on vaccine-industry methods, and couples scalable cell culture with food science for taste and texture. Early tastings include nuggets and fillets. The thesis is set within broader momentum (e.g., TUM program) and adjacent bets like Mission Barns’ $24M Series A. Search Terms & Synonyms (10–20 total): cultured foie gras, cell-based foie gras, cultivated meat, lab-grown meat, cultured meat, cellular agriculture, avian embryonic stem cells, ESC suspension culture, bioreactor suspension culture, vaccine bioprocess, bioprocess engineering, food science for texture and flavor, alternative protein, cruelty-free foie gras, foie gras ban, gavage, foie gras regulation California New York City, Point Nine Capital investment, Gourmey Paris, Mission Barns Series A

Summary (80–120 words): The article explains that SaaS metrics shouldn’t be judged in isolation; what matters is how they interact through unit economics anchored on LTV/CAC. Trade-offs across the funnel mean a low trial-to-paid rate can be acceptable with high visitor-to-trial volume, higher churn can be offset by product virality, longer CAC payback can be offset by negative churn, and high paid CAC can be acceptable if blended CAC stays low. Recommended approach: start from a target LTV/CAC (rule-of-thumb ≈4) and work backward across ARPA, churn, and CAC—the “Goldilocks zone.” Caveats: focus on PMF before efficiency, temporary market-share spending may depress LTV/CAC, and measurement uncertainty requires conservative buffers. Search Terms & Synonyms (10–20 total): LTV/CAC ratio, customer lifetime value, customer acquisition cost, CAC payback period, net revenue retention, negative churn, churn rate, trial-to-paid conversion, visitor-to-trial conversion, funnel conversion rate, ARPA, average contract value (ACV), ARPU, blended CAC, SaaS magic number, unit economics, product-market fit, viral loop

Summary (80–120 words): The post outlines Point Nine’s investment rationale for NexHealth, timed with NexHealth’s $31M Series B. NexHealth offers a patient experience platform digitizing scheduling, reminders, intake forms, and billing, and has built a universal EHR API that, akin to Plaid in fintech, enables developers and supports a three-sided marketplace linking doctors, patients, and developers. Evidence cited: team growth from 6 to 100+, patients served from 1M to 30M, revenue up 400%, and the API launch. The memo highlights diligence complexities in U.S. healthcare—DSOs and integrations with ~40 on‑premise, legacy EHRs (some MS‑DOS). The initial wedge was dental SaaS; the API was not part of the original seed thesis. Search Terms & Synonyms (10–20 total): NexHealth, patient experience management, patient engagement platform, online appointment scheduling, automated reminders, digital intake forms, healthcare billing automation, universal EHR API, EHR/EMR integration, healthcare interoperability, healthtech developer APIs, Plaid for healthcare, three-sided marketplace, dental SaaS, Dental Service Organizations (DSO), legacy EHR systems (MS-DOS), US healthcare IT, Point Nine Capital investment memo, Series B financing, healthcare product–market fit

Summary (80–120 words): The post argues that reliable, normalized, and historical market data is foundational for institutional adoption of crypto. Institutions need aggregated trade and order book data across hundreds of CEXs and DEXs to enable valuation, liquidity, risk, and compliance, and regulation often mandates independent third-party data providers, making in-house builds impractical. Using Kaiko as a case study, it highlights first-mover advantages (operating since 2014, six years of history at the time), 100+ exchange integrations, granular order book and trade feeds via APIs, and partnerships with S&P, Dow Jones, and Refinitiv. Context on 2021 includes rapid market growth (BTC peak ~$63k, market cap ~$1.36T; DeFi TVL ~$80B) and emerging tokenization by banks. Search Terms & Synonyms (10–20 total): institutional crypto adoption, crypto market data, digital asset pricing data, order book data (Level 2), trade tick data, market data aggregation, exchange data normalization, historical crypto data, CEX and DEX data, crypto price feeds, digital asset valuation, institutional crypto compliance, third‑party data provider, tokenized assets, DeFi market data, DeFi TVL, on‑chain data, crypto market data APIs, Bloomberg for crypto, Kaiko

Summary (80–120 words): Christoph Janz reflects on Point Nine’s shift from expecting mid-range exits to embracing venture’s power law after Loom’s $130M Series C at a $1.5B valuation added another unicorn alongside Mambu, Chainalysis, Clio, and Westwing. In 2008, European benchmarks were modest (StudiVZ ~€85M; Brands4Friends ~€150M; Skype an outlier), so a €40M fund strategy targeted €200–300M outcomes. Data from Horsley Bridge reinforced that >3x VC funds typically have at least one fund-returner, reframing risk as not taking enough risk. The post credits founders at Chainalysis, Clio, Delivery Hero, Loom, Mambu, Tier, Revolut, Westwing, and Zendesk, and notes that building unicorns demands extreme, sustained commitment. Search Terms & Synonyms (10–20 total): Point Nine Capital, P9, Christoph Janz, unicorn companies, billion-dollar startups, venture capital power law, fund-returner investment, early-stage VC, B2B SaaS investing, European venture capital, seed to Series A conversion, startup exit multiples, risk-taking in VC, Loom Series C, Mambu core banking SaaS, Chainalysis blockchain analytics, Revolut fintech unicorn, Zendesk SaaS success

Summary (80–120 words): Point Nine outlines why it invested in June, an instant product analytics tool built on Segment that simplifies event instrumentation and analysis via opinionated templates. June enables teams to connect Segment, track core metrics (users, active users, activation, retention), visualize trends, set goals, and share results in Slack within minutes. The thesis: (1) compete at the interface layer as CDPs commoditize data collection; (2) democratize analytics beyond PMs to all functions, evolving into a simple data collaboration platform; (3) pursue a bottom-up, disruptor-first path and coexist with incumbents like Amplitude and Mixpanel. Analogies include PlayPlay (templates expanding access), Figma (market broadening), and Linear vs Jira. Search Terms & Synonyms (10–20 total): June analytics, product analytics, Segment integration, customer data platform (CDP), event tracking, tracking plan, activation and retention metrics, cohort analysis, template-based dashboards, interface layer UX/UI, design-led analytics, bottom-up adoption, product-led growth (PLG), Amplitude alternative, Mixpanel alternative, Slack reporting, data collaboration platform, B2B SaaS metrics, Point Nine Capital investment, early-stage startup analytics

Summary (80–120 words): The post explains Point Nine’s investment thesis in Pento, a software-first payroll platform that replaces outsourced providers with in-house, end-to-end automation. It outlines the status quo in Europe—manual, opaque payroll managed via agencies and spreadsheets—and argues that bringing payroll in-house reduces complexity and gives HR/Finance real-time control. Pento integrates with HRIS, accounting/ERP, and open banking, enabling single-click execution and an API for partners and developers. Evidence cited includes traction in the UK across company sizes, prior learnings from Rollbox (acquired by Personio), and a $15.6M Series A led by General Catalyst. Strategic pillars: unbundling payroll, UI-driven ownership, infrastructure-as-a-platform, and internationalization analogous to Stripe. Search Terms & Synonyms (10–20 total): payroll automation, in-house payroll software, payroll outsourcing vs in-house, HRIS payroll integration, ERP payroll integration, open banking payments for payroll, payroll API platform, embedded payroll, end-to-end payroll processing, payroll data reconciliation, payslip generation automation, venture capital investment thesis SaaS, Pento payroll UK, Series A General Catalyst, ADP alternative, Stripe for payroll analogy, finance operations tooling, Danish SaaS startup

Summary (80–120 words): The post analyzes early hiring patterns of 15 Europe-based B2B software/marketplace startups that raised a €10M+ “Tier 1” Series A and later >$50M. Using LinkedIn data (409 hires in first 18 months), it finds an average path from 4 people at founding to 25 by month 18, hiring 4–5 per quarter. Functional split concentrates on Tech/Product (≈15) with Sales/Marketing/Ops ≈10 and only one finance hire by Series A. Sales/Marketing typically start ~6 months in and remain small (<5). Average individual experience is 7–9 years; Tech experience declines from ~12 to ~8.6 years as teams scale. Guidance cautions against title inflation and suggests 2–3 founders, 5–6 leaders, and ~18 ICs. Search Terms & Synonyms (10–20 total): Series A hiring plan, early-stage headcount planning, seed to Series A scaling, B2B SaaS hiring strategy, marketplace startup hiring, hiring cadence 4–5 per quarter, functional split tech vs product, go-to-market hiring timing, sales and marketing ramp, engineering team composition, individual contributors vs leadership ratio, title inflation startup, years of experience mix, finance hire timing pre-Series A, European startup hiring benchmarks, org structure first 18 months, VP and director hiring sequencing, Point Nine hiring benchmarks

Summary (80–120 words): The post contrasts two methods for incorporating an ESOP in early-stage financings. Option 1 adds the pool “on top,” diluting all shareholders pro rata and lowering the investor share price (example: 700k founder shares, 10% ESOP post, €2m at €8m pre → €10/share; founders 70%, investors 20%, ESOP 10%). Option 2 makes founders’ shares “bear the burden,” increasing the per-share price (€11.43), giving investors 175k shares, and leaving founders 80% legal but 70% economic; if part of the ESOP is unallocated at exit, founders capture extra proceeds (~1.3pp in the example). The author argues Option 2 creates misalignment, unfairness across successive pools, and administrative complexity, whereas Option 1 preserves pro-rata effects and simpler governance. Search Terms & Synonyms (10–20 total): ESOP, employee stock option pool, burden-bearing ESOP, selective burden bearing, option pool allocation, cap table dilution, pre-money vs post-money option pool, fully diluted capitalization, founder dilution, virtual shares (VSOP), phantom stock, vesting and unallocated options, option pool shuffle, pro rata dilution, exit proceeds waterfall, employee equity plan, share price calculation, startup equity governance, ESOP fair allocation, incentive pool expansion