Determining the Revenue Targets for Meaningful Exits

Before we can determine the revenue targets, again, we need some more assumptions: 

• A SaaS company with 75% gross margin can be sold for 5x ARR 
• A marketplace company with 15% take rate can be sold for 1x the last twelve months gross merchandise value  
• An e-commerce company with 30% gross margin can be sold for 2x the LTM revenues 
• In all cases, Net Debt at the time of exit equals zero, so Enterprise Value = Equity Value 
• In all cases, the same growth rate is assumed