This Week in SaaS - Nov 4 - 10, 2025

Catch up on the latest in SaaS and B2B growth. We highlight the biggest SaaS funding rounds, M&A moves, and IPOs shaking up the market. Wrap it all up with key takeaways on building sustainable growth, operational excellence, and adapting playbooks that fit your business stage.

Ryan Allis

November 10, 2025

📚 New Blog Posts

💸 Big SaaS VC Rounds This Week

Metropolis (AI-powered checkout-free parking platform; B2B software + network) – raised a $500M Series D (as part of $1.6B debt+equity), reportedly valuing the company at ~$5B; proceeds push expansion of its real-world transaction infrastructure.
Armis (cyber exposure management platform sold as SaaS) – raised a $435M pre-IPO round led by Goldman Sachs Alternatives, joined by CapitalG & Evolution. Capital supports product, M&A, and IPO prep.
Beacon Software (AI roll-up of vertical software & services) – raised a $250M Series B led by General Catalyst, Lightspeed, and D1 Capital. Funds fuel acquiring niche software firms and embedding modern AI across “real-world” industries.
PhysicsX (AI simulation software for manufacturing / aerospace) – secured up to $100M strategic funding from Nvidia to scale its AI simulation platform.
MoEngage (AI-led customer-engagement SaaS) – raised a $100M growth round led by Goldman Sachs Alternatives and A91 Partners. Capital scales its “Merlin” AI agents, speeds product, and expands in North America & EMEA.
Reevo (AI-native GTM / sales platform) – raised $80M co-led by Khosla Ventures and Kleiner Perkins. Funds consolidate fragmented sales / marketing tools into one unified platform.
Giga (AI support-agent platform for B2C companies) – raised a $61M Series A led by Nexus Venture Partners, with participation from Sequoia India and Peak XV Partners. Funding accelerates product development, scales enterprise integrations, and expands globally across North America and APAC.
Inception (AI foundation-model company building diffusion models for code/text; developer platform) – raised $50M led by a16z and others to advance model R&D and platformization.
Fastbreak AI (sports operations SaaS) – raised a $40M Series A with Greycroft and GTMfund; also backed by the NBA, NHL and TMRW Sports. Capital accelerates product and league/club expansion.
AirOps (AI-driven marketing automation SaaS) – raised a $40M Series B at a ~$225M valuation, led by Accel, with participation from Index Ventures and First Round Capital. Capital supports expansion of its generative-AI marketing suite and go-to-market growth in the U.S. and Europe.
Flare (threat-exposure intelligence SaaS) – raised $30M (≈$15M equity led by Inovia Growth + $15M debt from BMO) with Base10 and White Star participating. Proceeds go to global expansion, product, and M&A.
Kaizen (AI-native e-government SaaS) – raised a $21M Series A led by NEA, with 776, Accel, a16z, and Carpenter Capital. Funding modernizes digital front doors for public agencies.
Wabi (app-creation platform / “YouTube for apps”) – raised a $20M pre-seed to scale its prompt-to-app platform and community distribution.
Lumonus (AI oncology workflow cloud) – raised $16M Series B led by Aviron, with Oncology Ventures. Funds expand U.S. go-to-market and enhance clinical-informatics products.

🤝 SaaS M&A Deals This Week

EQT agreed to acquire a 37.6% controlling stake in Douzone Bizon (~$930 M; cloud ERP & business-software SaaS, South Korea) on November 8 2025, expanding EQT’s enterprise-software portfolio and supporting Douzone’s regional cloud-ERP growth across APAC.
PTC agreed to divest its ThingWorx and Kepware industrial IoT / connectivity SaaS businesses to TPG for $600 M cash plus up to $125 M contingent consideration on November 5 2025, allowing PTC to sharpen focus on its core product lifecycle management SaaS and AI-enabled industrial-design tools.
RateGain announced its acquisition of Sojern for $250 M on November 6 2025, combining two leading AI-powered travel-marketing SaaS platforms to create an integrated demand-generation and revenue-optimization suite for hospitality and tourism enterprises.
QIAGEN announced a definitive agreement to acquire Parse Biosciences (~$225 M upfront + up to $55 M milestones; bioinformatics & single-cell-analysis SaaS platform) on November 5 2025, expanding its digital-genomics and cloud-analysis software portfolio for life-science researchers.
Charles Schwab agreed to acquire Forge Global (~$660 M; private-markets trading & valuation software/SaaS) on November 6 2025, integrating Forge’s secondary-market software to expand Schwab’s digital-wealth and private-asset-access capabilities for institutional and high-net-worth clients.

🚀 SaaS IPOs & S-1 Filings This Week

Pine Labs (merchant-payments software / fintech SaaS platform) — IPO opened in India on Nov 7, 2025, targeting to raise about $237 M USD.
Groww (digital brokerage & wealth-management platform) — IPO opened in India on Nov 4, 2025, targeting to raise about $800 M USD; listing slated for Nov 12, 2025.
Exzeo Group (insurance-as-a-service / insurtech SaaS) — listed on the NYSE on Nov 5, 2025 after pricing at $21/share, raising $168 M USD.

🧠 Key Takeaways

Build a strong operational foundation early. Having clean financials, scalable systems, strong contract/legal hygiene and key metrics in place well before exit or IPO made later growth and exits smoother.
Don’t just chase growth—focus on sustainability and unit economics. One founder recounts moving from rapid top-line growth to “squeezing the lemon” on margins and ensuring revenue is solid and resilient.
Go big on opportunities you believe in, or pivot fast. From case-studies of Atlassian: when they saw a strong market trend (team-collaboration software) they committed; when trailing they moved on.
Tailor your strategy—don’t just copy playbooks. One prominent angel investor warns against blindly replicating other ventures’ frameworks (e.g., OKRs too early or mimicking Silicon-Valley style) without adapting them to your context.

📈 SaaS Key Multiples & Benchmarks

Public SaaS Medians:

6.1x TTM Revenue
5.5x Forward Revenue
38x EBITDA
75% Gross Margin
19.8% Annual Revenue Growth
19% Net Profit/FCF
8% EBITDA margin

Private SaaS M&A Medians:

4.7x TTM Revenue, 22.4x TTM EBITDA

📰 Community News

Apply to join the SaasRise community for SaaS CEOs and Founders with $1M+ in ARR.
Apply to join the GrowthRise community for B2B Marketers
Apply to join the VentureRise community for VC-Backed CEOs and Founders

See you next Monday with the next edition of This Week in SaaS.

‍-Ryan Allis, CEO of SaasRise