Byron Deeter
@bdeeter
Followers
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Following
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Partner @bessemervp w/@twilio @servicetitan @hashicorp @intercom @guildeducation @procoretech @ncino @silananotech @gainsighthq @canva @docusign
CA
Joined March 2008
๐Huge congrats to @ServiceTitan on your IPO! From Series A to today, itโs been a privilege to watch Ara & Vahe turn their passion for empowering home service pros into a vertical SaaS powerhouse!. Hereโs to the journey ahead! ๐. Dive into the story >>>
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Our SF office was broken into, again. this is the 4th time and becoming very routine for offices and residences all over SF! . Safety and security is the real reason to consider leaving SF. .
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Weโre open-sourcing some of our original investment memos on today. One pattern that consistently emerges is that our best investment decisions centered on people!.
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Top professional athletes often sign contracts exceeding $100M and are backed by a strong support system, including coaches, trainers, and nutritionists, all aimed at optimizing their performance. In contrast, top founders/CEOs/tech executives, whose decisions can impact billions.
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It seemed easy and fun to be a CEO in the bubble of 2021 . but itโs a dang hard job right now. Recently caught up with a rockstar founder/CEO in our portfolio and he shared that heโs been having a hard time sleeping and feels like itโs impacting his work performance. A couple.
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Business travel is back โฆand apparently so is my ritual of packing workout clothes and bringing them home totally untouched!.
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Forget FAANG; it's time to summit MT SAAS!. MT SAAS โ $MSFT, $TWLO, $CRM, $ADBE, $AMZN, $SHOP โ has grown 3000% in just ten years, and 100% YTD, surpassing FAANG and major indexes, and it is the basket that will best capture the cloud wave of the future!.
Move over FAANG. Bessemer's @bdeeter on why his new basket of cloud names, MT. SAAS, are stocks that tech investors should be watching. @CNBC @jonfortt @dee_bosa @CNBCJosh
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My return to normal starting bumpier than I hoped. Attended my first in person work dinner in 15 months with a bunch of CEOs & investors. Awkwardly fumbled the "handshake, elbow, or fist bump?" intros, then promptly proceed to spill red wine down my blazer, white shirt, & shoes.
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I don't know what's worse: the fact that our doggie day care company dropped off the wrong dog, or the fact that it took us two hours to realize the swap! In our collective defense. they are very similar.
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You know youโre in a college town when red solo cups and ping ping balls are marketed together in the store.
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Introducing The Rule of X! Finance execs love Rule of 40 for its simplicity, but for many efficient cloud companies, assigning equal weight to growth and profitability is fundamentally flawed! It has caused misguided business decisions. Our take? Even in tight markets, growth.
The Rule of X and how cloud leaders should think about growth versus profit
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After months of hard work, @BessemerVP's 2021 #StateoftheCloud report is here! . In it, we report on public cloud industry milestones, new insights on the private cloud market, frameworks and strategies for founders, and our seven predictions for 2021.
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"Hey, can I copy your homework?". "Sure, just change it up a little so it doesn't look the same. ". $EMCLOUD #flattery @BessemerVP
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In 2013 we launched the BVP Cloud Index. Back then it's market cap was under $100Bn, and now it's close to $700Bn! Today I'm excited to unveil the next generation of the cloud index: The BVP Nasdaq Emerging Cloud Index
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๐จ Excited to announce a new Senior Associate role at @BessemerVP, where you'll have the chance to work alongside me and our incredible team. If you're a superstar and ready to take on a new challenge, we want to hear from you! Apply here: ๏ฟฝ๐ผ๐.
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After tracking the BVP Cloud Index since 2011, thrilled to share that an ETF has been created in response to market demand!.
WisdomTree has teamed up with Nasdaq to launch the Cloud Computing ETF based on the BVP Nasdaq Emerging Cloud Index โ๏ธ.
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In 2002 I bought a fun 8' inflatable Santa as an impulse item when checking out at a store. Each year we've taken a family photo and cross our fingers that he'll return for another year. After several moves & 21 holiday seasons he initially didn't inflate this year & then
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"This is a long term bet on the future of how software is built and how all these APIs come together and what the future of customer engagement and digital world looks like--all of that is accelerating," says @reinpk on $TWLO
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Great to be back w/ @CNBC given that 7 years ago the FAANG acronym was coined w/ @jimcramer on @MadMoneyOnCNBC ! That basket has performed beautifully(up 14x!) but is now mature. Cloud is next: MT SAAS (up 30x since 2010!) is the new basket! Tnx @CNBCJosh
Move over FAANG. Bessemer's @bdeeter on why his new basket of cloud names, MT. SAAS, are stocks that tech investors should be watching. @CNBC @jonfortt @dee_bosa @CNBCJosh
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Thrilled to announce the launch of BVP X, and extremely appreciative of the opportunity to continue to work with some of the very best entrepreneurs and partners in the tech industry! I sincerely love my "job", this industry, and the impact we get to have every day!.
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Our 2019 State of the Cloud is hot off the press! This marks the 5th year weโve taken an in-depth look at the cloud industry. With the cloud market cap quickly approaching $1T, weโve got a lot to dive into! . Here is your 2019 State of the Cloud Report:
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53 unicorns & $140 billion in private shareholder value! Tonight weโre celebrating the top 100 private cloud companies in the world with our friends @Forbes @SalesforceVC at The Cloud 100 Celebration in San Francisco. #Cloud100.
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Really mixed emotions going through my email inbox w the @GainsightHQ acquisition. Iโm going to miss regular hang time w @nrmehta and team. However, I just got another email from an employee saying how life changing this event is for his family which just makes me so damn happy!
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Thanks and cheers to the entire @BessemerVP team for being amazing colleagues and friends. We've been fortunate to enjoy a lot of success together and much more fun ahead! . and keep leading the way #37 @jeremyl !.
Once an early cloud founder, @bdeeter joined Bessemer in 2004 to pioneer our cloud practice. Since then he's championed cloud market leaders, such as DocuSign, Twilio, Box, and more. Congratulations on another year of being recognized by #ForbesMidas List!
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Amazingly, it's now been over 10 years since we first released Bessemer's 10 Laws of Cloud Computing! We're now pleased to bring you a fully updated, 10th anniversary edition!. Learn from cloud pioneers, including @tobi, @jeffiel, @jenntejada, & @levie @
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Dusted off our camping tent for some fresh air In the yard during zoom sessions. Trying the live the โฆ@GainsightHQโฉ value of "childlike joy" in these covid times for my calls with โฆ@nrmehtaโฉ โฆ@HansaeCatlettโฉ the โฆ@BessemerVPโฉ team.
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To my white colleagues in tech & venture: please listen to this story, and share it with your friends and family. Repeatedly. Itโs so powerful because of the โeverydayโ nature of this experience. and how different each day is for people talking simple walks to get dinner.
This is my @BLCKVC story:.(details). ๐จ๐ฆ Lived in dt Toronto for 4 years, never talked to police ONCE. ๐บ๐ธ This happened to me the SECOND night I moved back to the US. In Palo Alto. Across from Stanford. My wife is a GSB alum. Loveโค๏ธ Blessings๐๐ฝ & Strength๐ช๐ฝ to the Floyd Family
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And fortunately my blazer covered the drink stain on my shirt from my spill right before going on the air! True story and not the first time I've done that. I think I need to switch to clear beverages an hour before all media appearances. or use a sippy cup.
On @CNBCClosingBell, Byron Deeter explains why a modest gain is better than a huge surge for IPOs, and what heโs most excited about in the consumer and enterprise sectors.
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Iโve never been so happy to see the cloud market get hammered! (Go Pfizer!) The markets will decide over time, but I do think COVID just accelerated the cloud trends and the post COVID world is still very cloudy. @BessemerVP
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Wonderful day celebrating the founders / CEOs leading this cloud revolution! Amazing life experience to ring the @Nasdaq bell w our @cloud100 CEOs! @BessemerVP I don't often wear a suit & tie, but when I do, it's cheering for our CEOs with a bell involved!!
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My โsmartโ scale doesnโt recognize me after going large for Thanksgiving today! It keeps showing my weight as a โguestโ measurement because it doesnโt believe a human could have gained that much weight in a day. Iโm offended but kind of proudโฆwell worth it! ๐ฆ๐ฅ.
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Itโs like Christmas Eve for me in cloud land!! Weโre just hours away from sharing our @BessemerVP 2019 State of the Cloud Report!! All you cloud gurus @SaaStrAnnual this afternoon, join me and @kshenster at 1:30pm. @saastr
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Every year I love talking about our predictions in State of the Cloud. For 2021, it's no different! . Here's what we believe are the largest opportunities for early-stage cloud founders. Thread โ๏ธ.
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So excited for @jenntejada and the entire @pagerduty team who completely changed the game for DevOps and digital services everywhere! Congrats ! @ethankurz $PD Fun pic from @cloud100 to celebrate!
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A big step forward and so excited to be working with my new partners in the years ahead!!.
In support of that mission, we have two exciting announcements to make today: $3.3 billion in new funds and five new partners, @mcadonofrio, @MikeDroesch, @tesshatch, @andrewhedin and @jeffblackburn.
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Iโm as excited as a kid on Christmas Eve, canโt wait to see the worldโs top 100 private cloud companies as well as the rising stars at Cloud 100! Over $650B of enterprise value is represented and 95% of the C100 companies are expected to be Centaurs (>$100M ARR!) by year-end.
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Same thing happened to me, but the guy asked "do you love hot dogs?".
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Much gratitude to the amazing @BessemerVP female CEOs who are working hard to make every day, International Women's Day! Cheers to these inspiring BVP leaders from the '21 @cloud100 list along with all the other female BVP CEOs who still face too many industry headwinds daily.
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Three months into my weight loss bet, and I've officially GAINED a pound. But damn, the guacamole tasted so good over spring break. .
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So sorry to hear this news. I first became fascinated with flight in elementary school and literally cold called Chuck Yeager from the phone book in third grade as part of my school report. We talked for 45 minutes, he answered every question, and couldnโt have been nicer!.
Fr @VictoriaYeage11 It is w/ profound sorrow, I must tell you that my life love General Chuck Yeager passed just before 9pm ET. An incredible life well lived, Americaโs greatest Pilot, & a legacy of strength, adventure, & patriotism will be remembered forever.
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We're proud to have been able to partner deeply and lead multiple rounds with two of the best founding CEOs we've ever seen in action and you'll ever see in tech! @jeffiel @tobi @BessemerVP @jeremyl @alexferrara.
So BessemerVP owed 30% of BOTH Shopfiy AND Twilio at IPO. NOT TOO SHABBY
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Encouraged to see the industry coming together to support the companies and teams impacted by the liquidity squeeze. @BessemerVP is offering low interest rate loans to our companies and many of our co-investors are doing the same.
Great to see VC firms step up to help portfolio companies make payroll w/ very low interest loans. In addition to us at @generalcatalyst,@khoslaventures, @GreylockVC,@MayfieldFund,@kleinerperkins,@upfrontvc,@RibbitCapital, @Redpoint,@lightspeedvp, @altcap all doing same. Others?.
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Today was the stock market's version of the Bills vs Chiefs playoff game! One of the biggest same day reversals for tech ever. Anyone want to flip the coin to see how this ends?! .(sorry Bills fans, too soon?).
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Curious what's happening in cloud and software? Tune into @CNBCTechCheck tomorrow @ 8am PT to hear us talk about this: There are 76 companies in the @BessemerVP NASDAQ Emerging Cloud Index ($WCLD) & everyone is down, with the the average company down 53% from its 52 week high!
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I gotta give @PiperJaffrayCo props for their "Hu Let the Dogs Out" research report title on @twilio with a shout out to COO George Hu! I think @jimcramer has new play-on music for @jeffiel next time he's on @MadMoneyOnCNBC.
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So honored to have been able to learn from @jeffiel in action for his amazing 15 year @twilio journey! . Heโs one of the best strategic minds in all of tech and also one of the best people youโll ever meet. Congratulations for all that you accomplished (including @TwilioDotOrg.
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Weโre hard at work for the big night ahead!! @cloud100 @BessemerVP @SalesforceVC @ForbesTech @Forbes
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Don't we all look a lot smarter after a 10 year bull run?!.
Couldn't have happened to a nicer person. @bdeeter is one of the best people I know in terms of combining insane business success with admirable commitment to people and values. We're lucky to partner with him and @BessemerVP at Gainsight:
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Worst single day drop since the beginning of the year and now down ~54% 2022 YTD
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A well deserved profile on LA's newest unicorn. Quiet and kick-ass @ServiceTitan ! Ara and Vahe have a wonderfully compelling founding story that inspired us at @BessemerVP from the first conversation.
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My kids won't add me back on BeReal, clearly their push notifications are broken. after all, who wouldn't want to look at riveting meeting content like this?
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Since we couldn't convince @spdholakia to join another one of our companies as CEO again, we figured out a way to get him to work with ALL of them instead!. Humbled & thrilled to announce that this super star executive, wonderful human, & great friend is joining us @BessemerVP!.
.@spdholakia says he took 75 CEO recruiting calls before #ForbesMidas investor @bdeeter suggested he turn VC instead. Dholakia's appointment is unusual for @BessemerVP, which typically promotes partners from within. tip @Techmeme.
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Seems obvious in hindsight . we could have all just loaded up on the BVP NASDAQ Emerging Cloud Index and gone to the beach for 4 years! ;-).
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I was waiting for this meme!.
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Still recovering & still smiling, from my favorite 1/2 @IRONMANtri ever yesterday due to this amazing group of friends & family! My son Logan was the youngest participant in the race at 19 and we came across the finish line together with my brother-in-law which was pretty
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The BVP Nasdaq Emerging Cloud Index (^EMCLOUD) & $WCLD continue to rock! Up another 60% again in last year.
Bessemer Ventures' emerging cloud index (a basket of smaller, high-growth software names) is up 34% in the last 6 months. We compared those stocks to software giants like $MSFT and $CRM with @BessemerVP Partner @bdeeter.
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Buckle up for the massive wave of cloud M&A in 2H 2020! Legacy incumbent vendors need to buy their way into cloud, and w/ IPO markets closed & premium private valuations falling, they'll go shopping like they did in 2016. Here's their Cloud 100 wish list:
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Public multiples down to 18x run rate for category leaders while private deals still happening 20-100x forward ARR! Looks like it's time for more VCs to raise their hedge funds.
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Dang, for a minute there I though my partners surprised me with some really cool news. At least given how competitive the brothers are, this should make us a lock for Peyton to join the real BVP now! @BessemerVP
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The progress of @canva is just staggering (several new metrics disclosed if you click through!), but the news around Step 2 is even more jaw dropping. Read the entire post if you haven't yet, and be inspired by the leadership of @MelanieCanva @cliffobrecht and "Pledge 30%"!.
The opportunity that we have is only superseded by the responsibility we feel. We hope we can live up to it over the years to come. So lucky to turn a wild idea into reality with the best team, community and investors. Exciting progress on our 2-step plan:.
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Awesome pics capturing my favorite people in Lambeau on Sat - the great @arikarmstead on the left and my son @DeeterSports on the upper right (with his brother Logan behind him and me in the red pants on the left)! Amazing lifetime memory! #GoNiners.
#49ers Team Photographer Meg Williams took some magical photos this week at Lambeau. I could relive this moment forever.
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Classy through the end @NeedNudge Big swings donโt always work, but this team is full of super stars and high integrity winners. @paulteshima @stevewoods I canโt wait to work w you again & for anyone hiring in Toronto, reach out to this team NOW!!
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Huge news! @cloud100 will be unlike any celebration weโve had in our five-year history. On Sept 16th, @BessemerVP, @SalesforceVC, and @Forbes weโll be hosting an open, virtual summit featuring the top private and public cloud leaders.
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Tragic and devastating. We stand with you.
We stand with the black community. Hate, racism, and violence have no place in the world. Itโs important to speak out against injustice.
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Wtf?! I canโt believe this is real itโs so offensive in so many ways. I donโt know this founder, but Iโm embarrassed that he was considered part of the extended cloud community.
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The fundamentals remain strong, this volatility is a reflection of interest rates uncertainty. Bessemer's Byron Deeter on the resurgence of cloud computing stocks
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We just need to hold things together for six more months. Iโve got faith in our citizenry.
US vaccine expert predicts life could be back to normal around May
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We are super charging our growth investing efforts at @BessemerVP with the addition of the awesome @TheValuesVC !! I'm really looking forward to working closely together in the years ahead!!.
We are thrilled to welcome Elliott Robinson to the Bessemer team to complement our growth-stage investing! Elliott brings deep expertise to our firm and our portfolio companies with his many years leading growth investments.
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Just another @rainforestqa board meeting, doing Goldschlager shots with @fredsters_s and @jasonlk Thanks - sort of - and great quarter!
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Mind BLOWN ๐คฏ by the new @canva Magic Studio which is powered by AI!. Last night at Cloud 100, we celebrated the worldโs leading private cloud companies โฆand AI was at the forefront of every conversation. Virtually all the C100 companies are offering (or are planning to offer)
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^EMCloud now worth ~50% from its Nov 2021 peak. Avg company growth rate is 45%, which suggests it'll take ~20 months to get back if growth rates hold AND multiples stay the same as they are today. Over/under is then November 15, 2023. Do you predict faster or slower & why?
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In the beginning of 2020, the total assets in the WisdomTree Cloud Computing Fund ETF (WCLD) was $18 million. Yesterday, it crossed $1 billion! โ๏ธ Blue line is YTD returns, black line is AUM. @BessemerVP @TheValuesVC @mcadonofrio @davidwehrs
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An inside look at a key moment in the โฆ@twilioโฉ board meeting: โฆ@jeffielโฉ dusting off the famous โฆ@nbcsnlโฉ โฆ@WillFerreIโฉ skit to emphasize the "More Cowbell" and "Mas Cowbell" company priorities for 2019!
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Eric from @zoom_us is amazing & this discussion is very timely! Here's you chance to listen to the founder/CEO behind the communications application we're all using even more in the COVID era. Hear about their roller coaster ride from founding through IPO & EXTREME hyper-growth!.
"The more you are thinking [about your competitors], the less time you spend on serving your customers. Double down, triple down, on your customers. Thatโs our secret sauce,โ Eric Yuan, CEO of @zoom_us told Byron Deeter. The latest episode is now out. ๐ง
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Here's the annual State of the Cloud Report for 2017! The definitive summary of 2016 + 2017 predictions @BessemerVP
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Always great to debate tech trends and the cloud with the @CNBCTechCheck team - especially on this milestone day for the cloud!.
Today, @Forbes is announcing its 2021 Cloud 100 list in partnership with @BessemerVP and @salesforce. The list ranking the top 100 private cloud companies in the world, with @Stripe coming in at #1. Bessemer's @bdeeter joined us to weigh in. โ๏ธ
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Iโm still waiting for a simple app to manage texts like emails. โmark unreadโ, flag for follow up, folder, etc. .
It's very painful on iOS to not be able to "unread" text messages. Once I read a text message, I need to reply right away, or I risk forgetting about it. So now I just don't read a text msg until I know I have bandwidth to reply. Goes against the entire point of text messages.
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Is it just me, or are conversations within the conversation starting to happen more on Zoom calls? I've been on multiple group zooms this week where half the group smiled at once out of synch w the main convo as they were clearly slacking/texting in the background!Buzzword bingo?.
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Fantastic outcome to the full @Intacct family @ $850m! Huge validation of product & team! #BVPFunded @BessemerVP @cloud100 @JeffEpstein
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Great business are built in all market environments; we first partnered with @Shopify @Pinterest & @twilio in the pullback of 2008/โ09. Weโre extremely excited to partner with the next great wave of bold entrepreneurs with big dreams in the years ahead!.
Excited to announce weโve raised $4.6 billion to back entrepreneurs and CEOs at scale, across all stage. ๐ต$๐ฏ.๐ด๐ฑ ๐ฏ๐ถ๐น๐น๐ถ๐ผ๐ปโ๐ญ๐ฎ๐๐ต ๐ณ๐น๐ฎ๐ด๐๐ต๐ถ๐ฝ ๐ณ๐๐ป๐ฑ, ๐๐ฉ๐ฃ ๐ซ๐๐.๐ด$๐ณ๐ด๐ฌ ๐บ๐ถ๐น๐น๐ถ๐ผ๐ปโ๐ถ๐ป๐ฎ๐๐ด๐๐ฟ๐ฎ๐น ๐๐ฉ๐ฃ ๐๐ผ๐ฟ๐ด๐ฒ ๐ณ๐๐ป๐ฑ.
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Congrats to @nrmehta and the entire @GainsightHQ team! Another @cloud100 great unicorn graduate via a huge M&A event as another key milestone is reached in CSM industry. @BessemerVP #BVPFunded.
So honored to partner with @Vista_Equity to power the next phase of #CustomerSuccess. Huge validation of the impact of the CS community, as well as grit of the Gainsight team and alums. Working on the Unicorn ๐ฆ rap nowโฆ
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Fun fact: Israel has more companies listed on the NASDAQ than all of Europe combined.
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The FAANG stocks have had a great run with the mobile and internet sectors powering their growth for the last decade, but the MT SAAS stocks are up >30X in the last decade, >9x in the last 4 years, and still riding the cloud wave of the future!.
Early internet investors cut their teeth on FAANG, but today @bdeeter and @mcadonofrio introduce the world to MT SAAS, a new basket of stocks that captures the high performance of the technology industry in a cloud-first world.
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Immense respect and thanks to all of our co-investors @GainsightHQ , but especially to @rogerleevc at @BatteryVentures for seeing the potential of CSM and recruiting @nrmehta . This was a case of the team making the company and the market - not the other way around!.
Customer success startup Gainsight was acquired by Vista at a $1.1 billion price tag by @alexrkonrad
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Here's why the conventional narrative of "run from tech in an inflationary environment" could be dead wrong!.
Hold on to your tech stocks, says @BessemerVP partner @bdeeter, arguing that software costs are "somewhat immune" from inflationary pressure.
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