Check out what some of the best VC's were saying about...

- Wix
- Shopify
- Twitch
- Twilio
- PagerDuty
- Fiverr
- Pinterest
- LinkedIn

...when they were still small companies.


Thanks for sharing @BessemerVP
1/ Wix pt. 1

Wix was a customizable MySpace. Funny to think how things change so quickly.
2/ Wix pt. 2

Look at this user interface! Wix has come so far.

Goes to show you that pace of innovation matters more than where a company is in the present.
3/ Shopify pt. 1

So interesting that replacing Tobi was even in the realm of possibility seeing how well he has performed.
4/ Shopify pt. 2

The company has been focused on organic, word-of-mouth growth since day 1.
5/ Shopify pt. 3

$400 million exit rate in the best-case scenario. Off just a little bit 😂

I know these projections are so difficult but fascinating to see how people thought about the opportunity without hindsight.
6/ Twitch pt. 1

Never thought about it like this.

Raw materials were the streams and Twitch was acting as a marketplace to get those streams monetized.
7/ Twitch pt. 2

Great insights into the value props of Twitch.

They are able to take a high rake because streamers view the money as a cherry on top, they aren't entitled to it.

Also, Twitch is aligned with publishers because it is essentially free marketing for games.
8/ Twilio pt. 1

"While growth has not been explosive..."

- it's still growing faster than 40% after all these years

And check out that valuation.

- $800k for its seed
9/ Twilio pt. 2

The company hadn't even rolled out SMS yet. It was only a voice application.
10/ Twilio pt. 3

Twilio was on the verge of landing Google. Apparently, Google picked it over its internal Voice team.
11/ PagerDuty pt. 1

Those numbers are a thing of beauty.

137% MRR growth
12/ PagerDuty pt. 2

Teams were previously just using Google Docs to record incident reports.
13/ Fiverr pt. 1

I finally understand why it's called "Five"rr 😂
14/ Fiverr pt. 2

Great origin story. Always cool to see a company born out of a founder's frustration
15/ Pinterest pt. 1

Pinterest first started out as a product catalog for iPhone apps.

Pinterest was a pivot.

[Forgot to mention this but so was Twitch. Gaming was not the original focus.]
16/ Pinterest pt. 2

"Very expensive..."

Last time I check, Pinterest's market cap was $22 billion
17/ Pinterest pt. 3

The company didn't have an established business model yet. Interesting how the affiliate model seemed more obvious than the ad-driven model.
18/ LinkedIn pt. 1

The company was pretty efficient from the beginning.
19/ LinkedIn pt. 2

Very cool to see how user growth was scaling. Took 477 days to get to 1 million but then only 77 days to get from 7 to 8 million.
20/ LinkedIn pt. 3

LinkedIn still has a lot of business model optionality. From advertising to subscriptions to vertical offerings, it's cool to see what growth was like in the early days.

So cool to see how Bessemer's investors thought about analyzing these companies when they were still very small.

Thanks again for releasing these @BessemerVP!

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More from @investing_city

24 Aug

Some notes on Unity's S-1

• 142% expansion rate last quarter
• 53% of top 1,000 mobile games were built on Unity
• 1.5 million monthly active creators

Two main revenue segments:
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2. Operate: content monetization


Last 5 quarters of YoY revenue growth:

Last 5 quarters of EBIT margins:

Last 5 quarters of gross margins:

Last 5 quarters of customers who spent > $100k:

Added 48 new enterprise customers last quarter (Q2). The year before that, it only added 9. Customer growth has been accelerating.

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21 Aug
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I'll try my best to explain these concepts:

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1/ Bookings

This is usually synonymous with total contract value (TCV).

Let's say a customer commits to an annual contract of $24,000 at the beginning of the year. Boom, that's $24k in bookings.
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The difference between billings & bookings is payment terms.

Using the same example, if the customer couldn't pay everything upfront, your sales rep allows them to pay half upfront, then the other half 6 months later.

January billings: $12k
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20 Aug
Some notes on the book: Quality Investing


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Took on two interns this summer.

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There's some good stuff in here! 😁

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My notes from the Shopify call:

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Enjoy this meta-[THREAD]
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