Quipu sells accounting software to Spanish startups and SMEs for 20 euro per month (annual subscription).
Assume that Quipu sold a market standard 25 percent equity stake to its investor.
Then they are valued at 2 million euro / 25 percent = 8 million euro post-money.
How many customers does Quipu need for this 8 million euro valuation?
Assume this is a small Series A. And that the investor did this deal at a market standard 8x money multiple.
Then Quipu needs an 8 million euro * 8 = 64 million euro exit for its 8 million euro valuation.
Quipu is a SaaS startup.
Assume that at the time of exit they are traded at a market standard 5x trailing-twelve months revenue multiple. And that there is no cash and debt.
Then Quipu needs 64 million euro / 5 = 12.8 million euro in annual revenue at exit for its 8 million euro valuation.
Or 12,8 million euro / 12 = 1.1 million euro in monthly revenue.
Total Number of Customers
A subscription is priced at 20 euro per month.
Then Quipu needs to invoice 1.1 million euro / 20 euro = 53,333 subscriptions per month at exit.
Assume that customers buy 1 subscription.
Then each month Quipu needs 53,333 / 1 = 53,333 (recurring) startups and SMEs for its 8 million euro valuation.
This contribution contains assumptions. Do you have different ones? Copy the spreadsheet used, enter your own assumptions and draw your own conclusions.