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Today's SaaS businesses remind me of McCaw Cellular which was sold to the predecessor to today's AT&T in 1994 for $11.5B. They are recurring revenue businesses with an up front customer acquisition cost. The operator can use telemetry to make the product better and manage LTV. 
At the same time Craig McCaw was building a cable tv business another team was building a software business with very different economics. Microsoft flowed cash from a time very shortly after it was created. Bill Gates never needed to raise growth capital prior to MSFT's IPO.
McCaw Cellular and Microsoft grew up together founded by people from families that knew each other well. Capital needs in the businesses and ways in which they were operated were different because the nature of the business was different. In 1994 $11.5B was a lot of money. ;-)
