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Re:State of Independent SaaS [pdf] by ghaff on Sunday January 26, 2020 @06:47AM (#22151624)
Note that almost 90% didn't raise funding at all. And of those who did raise, 70% raised less than $500K. About 70% also had 4 or fewer employees including themselves. In other words, these are mostly pretty small operations.

Look at the hours worked as well. 80% work less than 50 hours a week. And the businesses are very geographically dispersed. Net Net. These are not anything like typical SV startups.

Re:State of Independent SaaS [pdf] by einarvollset on Sunday January 26, 2020 @06:24PM (#22155587)
Only 58% of tech companies that IPO’ed between 1980 and 2016 received VC funding, so I’m not so sure I’d be quite so dead certain of that.