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This Week in SaaS Oct 27 - Nov 3, 2025

From billion-dollar M&A moves and blockbuster funding rounds to new public listings, this week showcased the SaaS sector’s momentum despite a shifting macro landscape. AI-driven security, identity governance, and compliance startups attracted major capital, while giants like NEC and Thermo Fisher made strategic software acquisitions.

By
Ryan Allis
November 3, 2025

💸 Big SaaS VC Rounds This Week

  1. Sublime Security (AI-driven email-security SaaS) - raised a $150M Series C led by a16z Growth, with participation from IVP, Georgian, and Citi Ventures. Funding supports product expansion of agentic-AI threat detection and autonomous remediation.

  2. Harvey (legal-AI SaaS) - raised a $150M growth round led by Coatue, with participation from Sequoia and the OpenAI Startup Fund. Capital will expand its generative-AI assistant for enterprise law firms.

  3. Hercle (institutional payments and settlement SaaS) - raised a $60M round ($10M equity + $50M credit facility) led by F-Prime Capital. Funds will scale cross-border payment APIs and SaaS treasury management.

  4. ConductorOne (identity governance SaaS) - raised a $79M Series B led by Felicis, with participation from Accel, NEA, and others. Funds will scale AI-native identity-security automation and expand enterprise GTM in North America and EMEA.

  5. CoreStory (code-intelligence and legacy-modernization SaaS) - raised a $32M Series A led by Tribeca Venture Partners and NEA. Capital will go toward scaling AI-assisted refactoring tools for large enterprise systems.

  6. Formalize (compliance / RegTech SaaS) - raised a $32M Series B led by Newion and BlackFin Capital. The round will accelerate EU expansion and build automated audit-and-compliance workflow features.

  7. Teleskope  (agentic data-security platform) — raised a $25M Series A led by M13 with participants include Primary Venture Partners and Lerer Hippeau.

  8. Mem0 (memory-layer infrastructure and SaaS for AI apps) - raised a combined $24M (Seed + Series A) led by Basis Set Ventures, Peak XV, and Kindred. Funding will expand developer APIs and self-hosted enterprise deployments.

  9. Reflectiz (web and app supply-chain security SaaS) - raised a $22M Series B led by F2 Capital with support from CrowdStrike Ventures. Funds will enhance third-party script monitoring and expand U.S. presence.

  10. Kaizen (govtech AI SaaS) - raised a $21M Series A led by Greycroft. Funds will scale its workflow-automation suite for public-sector agencies and integrate AI-case-management capabilities.

  11. Uptiq.ai (AI-infrastructure SaaS for financial services) - raised a $12M round led by Silverton Partners, with participation from LiveOak Venture Partners. Proceeds will accelerate go-to-market and compliance-automation modules.

  12. SalarySe (payroll-linked fintech SaaS, India) - raised an $11.3M Series A led by Flourish Ventures, joined by Omnivore and QED Investors. Funds will scale earned-wage access and embedded-finance SaaS offerings in India.

  13. WideField Security (identity-lifecycle management SaaS) - raised an $11.3M Series A led by Crosspoint Capital Partners. Funds will expand identity-provisioning automation and AI-driven risk analytics.

  14. Bevel (consumer health-data SaaS) - raised a $10M Series A led by General Catalyst. Funding will grow its AI health-companion platform and partnerships with healthcare providers.

🤝 SaaS M&A Deals This Week

🚀 SaaS IPOs & S-1 Filings This Week

  • Navan, Inc. (NAVN) (travel & expense SaaS) — completed IPO and began trading on Oct 30, 2025.

  • Mininglamp Technology (enterprise AI/data-intelligence software) — listed on HKEX on Nov 3, 2025.

  • Deepexi Technology (enterprise AI application software) — listed on HKEX on Oct 28, 2025.

  • Insight Digital Partners II (SPAC; software/internet targets) — advanced IPO process within the window (8-A12B filed Oct 28, 2025; final prospectus 424B4 filed Oct 30, 2025).

🧠 Key Takeaways

  • Incumbents have data moats; startups must go deeper. In TechCrunch’s interview (Oct 29), Box CEO Aaron Levie warned founders that AI alone won’t disrupt SaaS leaders—differentiation now depends on workflow depth, distribution, and ecosystem integration.

  • Ship faster with standardized AI UX. SaaStr’s “AI App of the Week” (Nov 1) showcased frameworks like Assistant UI. The takeaway: reuse production-ready design systems for agent/chat flows rather than coding custom UIs—speed wins early AI markets.

  • The next pricing frontier is hybrid consumption. SaaStr sessions (Nov 3) emphasized that per-seat SaaS pricing is being replaced by outcome- or usage-based models. Founders should design for telemetry, usage tracking, and rapid iteration of pricing—treat it like a product.

  • AI in GTM isn’t optional anymore. At SaaStr (Nov 3), founders noted that AI only drives real value when it handles “the work people avoid”—prospecting, follow-ups, scheduling. AI SDRs are being used for off-hour coverage and incremental meeting generation, not just “assistants.” The lesson: integrate AI directly into revenue operations.

  • The next pricing frontier is hybrid consumption. SaaStr sessions (Nov 3) emphasized that per-seat SaaS pricing is being replaced by outcome- or usage-based models. Founders should design for telemetry, usage tracking, and rapid iteration of pricing—treat it like a product.

📈 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

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

‍-Ryan Allis, CEO of SaasRise

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