      Tomasz Tunguz's Blog / Theory Ventures · 2023-08-27
      · 1012d
    

Klaviyo's S-1 Analysis: How a PLG Marketing Platform Benchmarks Against SaaS Peers

Klaviyo filed its S-1 as one of the first software IPOs since the 2022 downturn, showcasing exceptional profitability and sales efficiency (1.03-1.04) while growing 54% YoY. The customer data platform benefits from a product-led growth motion and deep Shopify partnership, positioning it as an ideal specimen for the post-downturn SaaS market.

13 metrics· Cited 0× in the knowledge base ·Open source ↗

Metrics in this report

Average Contract Value (ACV)

4.5$k

at IPO

Klaviyo vs. Braze 169k

Cash Flow from Operations to Revenue

18%

at IPO

Klaviyo vs. Braze positive flow

Gross Margin

77%

at IPO

Klaviyo vs. Braze 72%

Net Dollar Retention (NDR)

1.21ratio

at IPO

Klaviyo vs. Braze 1.26

New ARR from Shopify App Store

10.6%

2022

Klaviyo new customer acquisition

Operating Profitability

4.7%

at IPO

Klaviyo vs. Braze -21%

Revenue Growth Rate

54%

YoY

Klaviyo at S-1 filing

S&M Spend to Gross Profit Conversion

1.03ratio

next year impact

Klaviyo sales efficiency

Sales Efficiency Ratio

1.03-1.04ratio

6-month and estimated

Klaviyo vs. public SaaS peers

Total ARR from Shopify Users

77.5%

as of Dec 31 2022

Klaviyo customer concentration

Total Revenue

585$m

at IPO

Klaviyo vs. Braze 185m

VC Capital Deployed

15$m

actual usage

Klaviyo capital efficiency

Venture Capital Raised

455$m

total

Klaviyo capital efficiency