2025 SaaS Benchmarks Report by High Alpha
Contents
Introduction
Executive Summary
AI-Driven Market Rebound
Growth & Efficiency
SaaS Metrics & Trends
People
Founder Insights
Closing
Early-Stage Fundraising Consistent With Prior Years
TIMING OF MOST RECENT FUNDING ROUND Series C and Later Fundraises Show Material Shift as Two Thirds of Companies Have Not Raised Capital in Over Two Years
1-2 Years Ago Within the Last Year More Than 2 Years Ago
Investment Stage
Timing of Most Recent Funding Round
Seed
59%
25%
16%
Series A
44%
32%
25%
! INSIGHTS
Seed through Series B funding remained steady year over year, signaling a stable early-stage environment. In contrast, nearly 20% more Series C+ companies haven’t raised in more than two years — a 27% jump versus 2023 — as many approach cash-flow breakeven and choose to preserve optionality rather than raise new capital.
Series B
37%
24%
39%
Series C and Later
19%
16%
65%
Source: 2025 SaaS Benchmarks Report by High Alpha
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