Chris Zeoli
@chriszeoli
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Partner @wing_vc and former founder 🇺🇸🇮🇹⚽️☀️🌆
Palo Alto, CA
Joined May 2010
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Indian Americans are crazy impressive — 1.3% of US population but have founded 23% of US unicorns 🦄
Total US population: 33 crores
Total Indians in US: 0.42 crores
Total unicorns in US: 290
Unicorns by NRI Indians: 67
Indians are 1.3% of US population, but have founded 23% of US unicorns!
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Just had an estranged man pull a knife on me in a side street in San Francisco🔪
Luckily was able to dodge him and run away.
Called the police who quickly arrived and left without more than 3 minutes of investigating. No attempt to detain the aggressor.
This is San Francisco…
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The Indian SaaS scene is very underrated 🇮🇳
Freshworks and Zoho are the first businesses worth $5-10B each, on the back of ~$500M ARR each and still growing 50%+. Next generation looking very promising.
Hats off to Indian entrepreneurs who are building a startup ecosystem🧢 👏
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Funny pick me up:
All the K-12 students that now have online classes are giving Zoom 1-star reviews on the App Store
Poor Zoom going to have WebEx level NPS after this is over
Can only imagine Zoom’s customer support team reaching out to kids to resolve their issues 😂
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Anecdotally see that some Bay Area high schools have more founders than top universities:
- Menlo School
- Lynbrook
- Monta Vista
- Harker
- Gunn
Wild. Where else does this exist?
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Stat that blew my mind: 🤯
Zoom did more in operating cash flow ($411M in Q3, $1.65B annualized) than Salesforce ($350M in Q3, $1.4B annualized) did in the most recent quarter 💰
Amazing considering $ZM's scale is ~15% of $CRM's -- $3.2B ARR versus $21.8B
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NFTs are cool, but bought some 50 year old art from a local Indian artist in Singapore.
Her eyes will follow you any part of the room you are in. The painting is made with real gold polish.
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After Q2 earnings, Shopify is valued at $125B+ growing >100% YoY, $120B+ of annualized GMV, and over 1.5M merchants.
@Base10Partners
is on the pulse of this trend and excited to see what's next for commerce tools. More here:
@RexhiDollaku
@tjnahigian
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2021 review:
1. Got married 💍
2. Treated health issues (Lyme and sleep apnea) 👩⚕️
3. >$100M of investments in early and growth💰
—
2022 goals:
1. Move out of SF to suburbs🏡
2. Focus on health
3. Explore newer investment categories like crypto and emerging geos like India 🇮🇳
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12 months ago:
- Teladoc valued at $5.2B
- Livongo valued at $3.2B
Start of 2020:
- Teladoc+Livongo worth combined $8.5B
Today:
- Livongo acquired at $18.5B valuation
- Combined entity valued at $37B
- The largest digital healthcare deal ever
COVID changed this space forever
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@sfchronicle
Incumbent trust fund baby is laughable. You think his parents gave him Tesla, SpaceX, Starlink, etc.?
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Microsoft acquired LinkedIn and Github for <4% of today’s current enterprise value
In hindsight, probably best M&A of 2010s?
Definitely lots of great contenders too, but can see how both of those will continue to be incredibly big, enduring businesses inside Microsoft
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It is mind boggling 🤯 to see +563%, +358% and 196% 5 year returns in the largest companies on earth in Amazon, Microsoft and Apple 📶📈
So much for efficient markets and law of large numbers
Big companies have been and continue to crush it at unfathomable scale of ~1.6T each
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Apple Pay is silently crushing it:
- In Q3, Apple Pay revenue and transactions "more than doubled" Y/Y, said Cook
- 3B transactions in Q3, surpassing PayPal
- Transactions increasing 4X faster than PayPal
- 37.7% Y/Y growth in users with 8.3m new users
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Incredible stats from
@ycombinator
:
- 52% of YC's ~90 billion dollar company founders were under 28 years old
- 42% applied with only an idea
- 4% of YC companies have become $B companies
- $15B average valuation at exit
YC is emblematic of the San Francisco dream
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Has there ever been a software company at Zoom’s scale (>$2.5B ARR) growing as quickly (>350% YoY) w/ that margin profile (>50> margin)?
Even outside of SaaS, hard to think of Internet businesses that ever looked like this at a moment in time. Perhaps FB or Google?
@chetanp
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@ZacharyDeWitt
Is automatically popping up when you start a Windows computer = DAU? Never hear anyone talk about it.
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Atlassian still crushing it:
- $1.7B ARR (+37% YoY)
- $1B in lifetime Atlassian Marketplace sales
- $872M operating cash flow run-rate (+66% YoY)
- 50%+ growth in subscription revenue
- 98%+ renewal rates
Truly a compounding, execution machine
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Turns out kids are tough SaaS customers! No budget and difficult to please! 😂
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.
@SnowflakeDB
ownership pre-IPO
Current CEO, Frank Slootman: 5.9%
Altimeter: 14.8%
ICONIQ: 13.8%
Redpoint: 9%
Sequoia: 8.4%
Sutter Hill Ventures: 20.3%
Sutter Hill going to make $5B on Snowflake -- historic and underhyped Silicon Valley VC that actually builds companies
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Accenture’s GenAI bookings run rate grew to $2.4B
GenAI bookings grew 33% QoQ, or 313% YoY when annualized
GenAI bookings represent ~3% of total bookings for Accenture
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SmileDirectClub -- perhaps the best consumer business I've seen in my career in venture. Not only is it a ~$1B run-rate (+114% YoY) market-leader, it has software-like gross margins of 74%, and is near profitability. Not bad for a 5 year old co!!!
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GameStop $GME has gotten a lot of critique as a failing business. I would have thought so too.
But its E-Commerce business did $1.35B of revenue in 2020, up 309% YoY at 27.5% gross margin.
Its retail business has declined but saw comparable sales growth of 4.8% in Q4.
Not bad!
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Shopify has doubled its share of Black Friday sales in the past two years, from 9% to 18%
Notably, Shopify accelerated its market share gains this year
Source: Adobe
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@greg16676935420
Sorry I had popcorn on my fingers and voted no. Can you change my vote to yes?
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Datadog with a monster quarter: 📇🐶
- 87% revenue growth, with ARR surpassing $500M+
- 19% operating cash flow margin
- 960 $100K+ customers, up from 508
- <12 month sales paybacks
- continued 130%+ net retention
$DDOG
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Shopify earnings beat is absurd!📈
- $127B market cap
- $2.9B of annualized revenue, up 97% YoY (accelerated from 47% a quarter ago)
-$120B+ of annualized GMV
- Rule of >100 -- 97% growth + 8% FCF margin
- $7.5B capital raise
Expectations were high and Shopify beat yet again
Shopify with a BLOWOUT quarter. Do people still think their "multiple" is too high? 😀 $SHOP
- $714M rev (+97% YoY) vs $518M consensus
- $196M subscription rev (+28%)
- $518M merchant solutions rev (+148%)
- $30.1B GMV (+119%)
- New stores created (+71%)
- 53% GM
- 8% FCF Margin
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Unreal. The British colonization of India:
- reduced lifespan from 1700 to 1947 from 41 to 32 years
- stole an estimated $50T of wealth
- reduced % of global GDP from 24% to ~1%
The impact was profoundly horrendous and anything short of acknowledging this is pure ignorance.
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Excited to be joining
@RexhiDollaku
,
@tjnahigian
and Ade
@Base10Partners
in backing founders applying automation to the real economy -- from seed to Series A and beyond!
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Congrats to the team
@insightpartners
on the $20B flagship fund and coming up on $100B(!!!) AUM
Forever grateful for
@richardmwells
and
@djparekh
for giving me a start in VC 6-7Y ago 🙏
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Turned 27 today 😃 Fortunate to have so many wonderful people in my life 🎂
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Twilio continues to crush it and show the breadth of its product strengths as a true developer suite $TWLO
- Video up 599% YoY
- Messaging software up 208% YoY
- 132% net $ retention
- 10M+ developers, up 5X in last 3 years
- 200K+ customers, up 4X in last 3 years
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Next generation of companies I have heard fantastic things about:
@bharatpeindia
@Khatabook
@browserstack
@whatfix
@FyleHQ
@gocashfree
@getpostman
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@chesaboudin
Just yesterday, CVS at 400 Sutter was robbed at gunpoint. That criminal wasn't caught but if he was, you'd release them.
How are you doing anything to stop gun violence (and the violence against the working class employees who have to suffer due to your policies)?
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Thoma Bravo is so good...
April 2019:
- Acquires Ellie Mae, for $3.7B (47% premium to its stock price)
Today:
- $ICE acquires Ellie Mae for $11B
Insane MoM (~3X in 16 mo) on $B check -- higher bc Thoma used debt to fund a large % of the buyout
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Twilio with another blowout quarter: 🔥📲
- $1.5B ARR growing 57%
- 142% net dollar retention (highest of any company at its scale)
- Operating cash flow (+) in quarter
- Twilio powering EPIC's telehealth offering
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The sheer hustle and determination from Indian founders is inspiring 🇮🇳
Me to founder based in India:
“thanks for making the time to talk on Friday at ~10pm”
Founders:
“of course, we will be up another 5 hours”
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@the_transit_guy
I’m pro rail and public transit in general, but if we don’t have safe walkable streets and safe public transit — cars are the superior option.
Hear this a lot, especially from women, who hate taking the train and walking by sketchy areas. No catcalling, getting approached by
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Why I love working with Indian founders, from an 11/10 founder I work with:
"We earn in dollars and build in rupees" 🇮🇳
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Robinhood is on fire 🔥📊📱:
- customer monthly net cash💰deposits up 17X in Mar/Apr 🆚 Q4’19
- 56% of new US brokerage signups — more than all other brokerages combined (TD, Schwab, Vanguard, Fidelity, etc.)
- >70% of new US mobile brokerage signups
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It shocks me sometimes how few VCs have 3 basic qualities — 1) kind; 2) optimistic; 3) humble / listener-first
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Alteryx, now almost a $10B company just 3 months later, just reported another monster quarter:
- 75% YoY growth (amazing acceleration)
- 13% operating cash flow margins
- 130% net dollar retention
- 30% new logo growth
Data science tailwinds so strong that $AYX has accelerated..
Alteryx, a $7B enterprise data science software company, has an impressive history of sustained execution:
Founded in '97
Grew revenue 20 - 25% per year profitably '97 - '11
Switched to SaaS in '13
Consumed $30M '11 - '16
2019:
~$400M revenue
Growing 50%+ per year & profitable
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@DeanPreston
@sfchronicle
Dean, bottom line is the results are horrible. Homelessness and public safety are atrocious in this city.
All constituents want is politicians who acknowledge the problem and start remedying it. It’s still going in the wrong direction.
You can’t expect citizens to be happy.
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@gilbert
I would argue it’s because Nike owns real estate with its storefronts as well as products, whereas Hyatt just owns real estate and doesn’t make products.
That said, perhaps its shoes would be like its robes and other freebies when you stay.
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We're thrilled to share the news of Wing Four, a $600M fund by
@Wing_VC
to focus on the AI transformation of business. This milestone allows us to maintain our commitment to partnering with visionary founders building enduring companies in the B2B technology space.
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Teladoc $TDOC with a strong quarter as a leader in telemedicine 💉🩺😷🥼
- $18B market cap
- $1B+ annualized revenue (+85% YoY)
- total visits increased to 2.8M 203% -- 10M+ annualized visits
- 51.5M U.S. Paid members up 92% YoY
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@andrew__reed
$1B ARR growing 172% with 36% EBIT. Sheesh. They don’t make ‘em like they used to 😂
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MSFT -- still crushing it
- Revenue was $33.1 billion and increased 14%
- Operating income was $12.7 billion and increased even faster at 27%
- Azure growing ~60%
Mind-boggling that MSFT is >$50B of operating income run-rate, growing 27%
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@bdeeter
Insane how it has to be this bad.
Unfortunately feel the lack of safety every day here — have to walk through unsafe areas (and worry about my partner), frequently approached by strangers (often on drugs and suffering from mental illness).
We attract and enable this crowd in SF
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@thomashawk
@GavinNewsom
@RonDeSantis
Anything over $150k is absurd for an administrator.
Meanwhile our teachers, firefighters and police force are paid 20% of what administrators are. And people wonder why the results are so bad?
cc
@rabois
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COVID lockdowns left us with a 93% YoY increase in anxiety screenings, driving up demand for mental health treatment and boosting investment volume into mental health tools + services. We dive into this and more in Base10's latest research article:
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Zoom somehow living up to monstrous expectations:
- $328M of Q1'20 revenue (up 169%)
- ~$1.4B ending ARR
- 265,400 customers with >10 employees (up 354%)
- $259M of quarterly operating cash flow, over $1B annualized
- Expects ~$500M Q2 Rev, up >60% from Q1
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@WillManidis
for sure across a # of them. It seems like 2 big buckets: rich as hell parents, or hustler immigrant parents. Varies by school. Though I am no local 😀
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@nypost
Absolutely insane. He nearly murdered the guy. There was 0 self defense if you watch the clip. In fact, he was on the victim’s private property. Sad…
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@chesaboudin
You should probably stop tweeting about random gun violence in Tennessee and start critically looking at the same events that happen in SF.
More than 3 murders just last week with gun violence here.
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10 Reasons the 2020 Bitcoin rally is very different than 2017’s:
1) Driving real revenue for
@CashApp
@PayPal
@RobinhoodApp
@Fidelity
@CMEGroup
@Grayscale
— global companies 📶
2) 10s of $Bs in corporate treasuries and hedge funds
@MicroStrategy
@square
, Druck, Paul Tudor Jones👥
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.
@brextonpham
and
@seriesfinancial
are going to change b2b banking and digital assets forever
Product roadmap is beyond insane... Crypto startups and VC/crypto managers looking for a truly digital banking experience, hit him up
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Throwback to ~5 years ago when we first started as analysts at
@insightpartners
@NicoleAShimer
@molly_alter
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@tjcrowley
Tech people pay far more than their fair share -- subsidizing all the nonsense in this town. They have a right to opinion. They're the only hope of the clown show.
$140K/homeless individual and billions in non profits that exceed every other city globally, with worse results.
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The ☁️ cloud is a major enabler of Indian startups to sell true software remotely to US / Europe / RoW.
In an on-premise world, impossible to sell let alone implement. So biggest Indian tech companies were IT Services (ie Infosys).
Now with cloud, software buying is global 🌎
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3// also of note, the Company spends $6 on S&M per $1 spent on R&D. Clearly the product team is super efficient. Effective and massive S&M budget of $300m+ run rate —> 120% growth with 140% annual net expansion. Ridiculous execution 📈
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Earlier in my childhood, I struggled to afford the college education I had dreamed of. I was fortunate enough to be gifted a laptop for Christmas from my mom in middle school. That early investment was everything for me and created opportunities for me.
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Shopify’s growth has been remarkable:
- $100B+ market cap, Canada’s largest company 🇨🇦
- $70B GMV growing 46% 💰
- 6X revenue growth over past 5 years 📶
- 1M merchants growing 35% 🏬
- Stock returns: +2,350% 5Y, +500% 2Y, +173% 1Y 📈
- 6% US eComm share,
#2
to Amazon at 38%
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YC Continuity, while young, is undoubtedly going to change the game in the growth landscape
@anuhariharan
is a star and visionary for the platform ⭐️
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Shopify continues to be a beast of a business:
- Approaching $4B annualized run-rate revenue (+94% YoY)
- $2B of annualized gross profit run-rate (+91% YoY)
- $164B run-rate GMV (+99% YoY)
- $5.1B of Black Friday sales
- 24% FCF margin
Report:
$SHOP
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Thrilled to be a part of this team!
I'm excited to announce Base10’s Fund II of $250M, bringing our AUM to more than $400M and making Base10 the largest black-led VC fund.
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It’s not talked about enough how Airbnb ($84B mkt cap) is the best marketplace business in the post-mobile cohort — thinking Uber, Doordash, Lyft, WeWork, Instacart, etc.
Generated $3.8B of operating cash flow last 12 months and still growing 20% YoY
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Did anyone else notice Draftkings went public today and the stock went up ~11% to a ~$4B valuation?
Interesting given sports are basically on pause right now -- markets must be optimistic for the long-term.
Good to see that kind of optimism in markets.
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@awinston
@WillJarrettData
@guardian
@MLNow
Conspiracy theorist "journalist" with a clear agenda, checks out
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Payroll as it stands now could be better for both employers + employees. Embedding payroll into vertical market SaaS businesses might be the answer. Ade from
@Base10Partners
talks automating payroll experiences for the HR function in his article on
@Forbes
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@michelletandler
This building was student housing for one of 2 dental schools in SF. My wife has many dental school classmates who had year long leases and were told in the middle of lease that they were being kicked out.
The city made students homeless to “solve” the homeless problem.
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Best streets in SF:
1) Chestnut St -- restaurants, shops, wine bars, near water
2) Polk St -- energy, restaurants
3) Fillmore St and Divisadero
4) Union St (similar to Chestnut)
5) Columbus Ave -- cuts through heart of North Beach, food
6) Marina Blvd
7) Clement St in the
Looking to spend significantly more time in SF - best neighborhoods to live in?
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What is the best finance stack for startups?
- Accounting? -- Pilot, Bench, Kruze, etc?
- Budgeting/planning? -- causal, Finmark?
- Expenses -- Ramp, Brex, etc?
- Insurance -- Vouch, Embroker, Newfront?
- Payroll -- Rippling, Gusto, etc?
- Benefits -- Sequoia, Rippling
-- Banking
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What an epic start to the week:
- Biden elected 🗳 🇺🇸
- Pfizer COVID vaccine - 50M 💉 👩⚕️ 👨⚕️
- Trump ends at Total Landscaping 🕋🛤
- SaaS stocks like Zoom, Shopify, Teladoc 10-17% cheaper 📉💰
-
@Base10Partners
record # of new investments this week 🖊📝📶
Getting optimistic
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This is unbelievably tight — likely to be 240s to 290s, or tighter in electoral college.
Extremely disheartening that tens of millions would approve of Trump response to:
1) COVID-19
2) Racism
3) Sexism
4) international policy
5) healthcare
Will come down to PA, WI PA. 🙏
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@jmj
20% bitcoin
40% high growth (>40%), high retention (>115% net) $2-25B public SaaS companies (Elastic, Twilio, MongoDB, Trade Desk, Zoom, etc.) — opportunity to 3-5x
40% private SaaS companies from seed to series B — opportunity to 10X+ (or put it in a great SaaS fund if I could)
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Insane to see the pace of startup investment in growth rounds by crossover funds like Tiger Global, Coatue, D1, etc.
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