{"title": "SaaS funding, Vainu and Round2 | Christian Czernich | Negotiator 44", "titleOriginal": "SaaS funding Vainu with Round2 | Christian Czernich | Negotiator 44", "episodeNumber": "44", "guest": "Christian Czernich", "publishedAt": "2020-11-06", "duration": "25:34", "durationIso": "PT25M34S", "youtube": "https://www.youtube.com/watch?v=oxv4AydGKmk", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/50-saas-funding-vainu-with-round2-christian-czernich-negotiator", "originalLanguage": "en", "format": "full", "topics": ["saas_software", "investing_markets"], "description": "Round2 Capital founder Christian Czernich explains revenue-based funding: capital advanced against a two-to-six per cent share of revenue, fully non-dilutive, with no conversion right and no argument over valuation. He walks through the metrics he underwrites on — ARR growth, the ratio of lifetime value to customer acquisition cost, net churn against upselling, and a fourth that is routinely ignored: engagement. The episode also covers what bootstrapping meant for Vainu, why B2B SaaS scales far slower than people assume, and why a company transforming from licences to subscriptions looks worse in the numbers precisely while it is getting better.", "chapters": [{"t": "00:00", "title": "From academia to investment banking to Round2", "seconds": 0}, {"t": "02:30", "title": "Vainu, and what bootstrapped actually means", "seconds": 150}, {"t": "05:01", "title": "What makes a SaaS company different", "seconds": 301}, {"t": "07:32", "title": "B2B versus B2C: the misunderstanding about speed", "seconds": 452}, {"t": "10:02", "title": "ARR, and the ratio of lifetime value to acquisition cost", "seconds": 602}, {"t": "12:33", "title": "Churn, net churn and the economics of upselling", "seconds": 753}, {"t": "15:03", "title": "The fourth metric nobody looks at: engagement", "seconds": 903}, {"t": "17:35", "title": "From licences to SaaS, and implementation partners", "seconds": 1055}, {"t": "20:06", "title": "Revenue-based funding as capital as a service", "seconds": 1206}, {"t": "22:38", "title": "How Round2 protects the downside", "seconds": 1358}, {"t": "25:08", "title": "Austrian and Nordic negotiating cultures", "seconds": 1508}], "sourceTranscriptType": "macwhisper_srt", "subtitleMethod": "none", "provenance": "Owner page assembled from the MacWhisper SRT transcript of this English-language episode, together with YouTube metadata and the neuvottelija.fi episode record. Chapter timecodes are taken from the transcript; no caption files are published with this page.", "slug": "ep44-saas-funding-vainu-round2-christian-czernich", "guestsCanonical": ["Christian Czernich"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/christian-czernich/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep44-saas-funding-vainu-round2-christian-czernich/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep44-saas-funding-vainu-round2-christian-czernich/index.md", "captions": null, "transcript": null}