ARR multiples of 10x were considered leading when we raised our Series A at @leanix_net at 8x in 2015. >30x when we later raised at ~20x. Never worry about not being leading on multiples, but always worry to be leading on product, customer satisfaction & team. Re-focus happening:
An entire generation of entrepreneurs & tech investors built their entire perspectives on valuation during the second half of a 13-year amazing bull market run. The "unlearning" process could be painful, surprising, & unsettling to many. I anticipate denial. Some thoughts: