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SaaStr Fund is a Bay Area-based venture capital firm founded by Jason Lemkin, focusing on early-stage B2B startups, particularly those utilizing AI technologies. Established to support the next generation of B2B leaders, the fund has a total of $90 million in assets under management (AUM) and has made 24 investments since its inception. SaaStr Fund primarily targets companies generating between $100,000 and $2 million in annual recurring revenue (ARR), emphasizing the importance of having at least 10 unaffiliated customers before making an investment.
The firm has evolved through multiple funds, including the SaaStr Opportunity Fund II, which provides follow-on investment capacity. SaaStr Fund is known for its active participation in the SaaStr community, which includes major events like SaaStr Annual and SaaStr AI, enhancing visibility and networking opportunities for its portfolio companies. The firm’s commitment to supporting diverse founders is a key aspect of its investment strategy.
SaaStr Fund invests in 4-5 B2B startups each year, primarily in the seed and late seed stages. The fund typically writes checks ranging from $500,000 to $5 million, preferring to lead or co-lead investment rounds. The focus is on AI-driven business software and tools, steering clear of consumer startups and pre-revenue companies. The firm seeks to support founders from diverse backgrounds and emphasizes the importance of having at least 10 unaffiliated customers before investing.
The investment strategy is centered around early-stage B2B startups, particularly those leveraging AI technologies. SaaStr Fund looks for companies that demonstrate strong potential for growth and scalability, typically within the $100K to $2M ARR range. The firm’s preference for leading rounds allows it to play a significant role in shaping the direction of its portfolio companies.
SaaStr Fund has a diverse portfolio of notable companies, including:
These investments highlight SaaStr Fund's focus on AI-driven B2B solutions and its ability to identify and support high-potential startups.
Jason Lemkin: Managing Director and founder of SaaStr Fund. He has a background as a successful entrepreneur, having previously founded EchoSign, which was acquired by Adobe. Lemkin is recognized for his expertise in B2B SaaS and has built a strong personal brand within the startup community.
To pitch SaaStr Fund, founders should visit the fund's website and submit their application through the provided portal. It is important to include a comprehensive pitch deck that outlines the business model, market opportunity, and traction. The firm typically responds within a few weeks, and warm introductions are preferred but not mandatory.
Founders should highlight their unique value proposition and how their startup aligns with SaaStr Fund's focus on AI-driven B2B solutions. Clear articulation of the growth strategy and customer acquisition plans will strengthen the pitch.
May 22, 2025: SaaStr Fund participated in RevenueCat's Series C-II funding round through the SaaStr Opportunity Fund, demonstrating its active follow-on investment strategy.
SaaStr Fund continues to focus on investing in AI-driven B2B startups, with a significant pivot towards AI-native solutions in 2025. The firm has been publishing insights on AI-era B2B investing, contributing to its thought leadership in the space.
What are SaaStr Fund's investment criteria?
SaaStr Fund primarily invests in early-stage B2B startups, particularly those leveraging AI technologies. The firm looks for companies generating between $100,000 and $2 million in annual recurring revenue (ARR) and emphasizes the importance of having at least 10 unaffiliated customers before making an investment.
How can I pitch SaaStr Fund?
Founders can apply for funding through the SaaStr Fund website. It is recommended to include detailed information about the business model, market opportunity, and traction in the pitch deck. The firm prefers to lead or co-lead investment rounds, so demonstrating a clear path to growth is essential.
What makes SaaStr Fund different from other VCs?
SaaStr Fund combines capital with access to a vast network of B2B founders and resources through the SaaStr community. This includes opportunities for visibility at major SaaStr events, which help founders connect with peers and potential customers.
What is the typical check size for investments?
The fund typically writes checks ranging from $500,000 to $5 million, allowing for significant investment in promising startups.
What is the geographic focus of SaaStr Fund?
SaaStr Fund primarily focuses on North American startups, particularly those in the Bay Area, aligning with its operational base.
What is the follow-on investment strategy?
SaaStr Fund has established the SaaStr Opportunity Fund II to provide follow-on investment capacity, demonstrating its commitment to supporting portfolio companies as they scale.
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