Sammy Abdullah · 6 November 2026 · Industry Analysis

SaaS S&M Does Not Get More Efficient With Scale

Sammy Abdullah, GP @ Blossom Street

Analysis of 158 SaaS IPOs shows sales efficiency (new revenue per dollar of S&M spend) does not improve with scale, with a median of $0.66 at IPO—comparable to pre-IPO levels—and recent cohorts showing no improvement over time.

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Topics: Enterprise Software · Venture Capital & Startups

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