Investment dynamics
Explore investment, investors, and the nature the top 100's capital resourcing.
and Intelligence
On average, companies in the top 100 have raised $3.2m, which compares favourably to the UK SaaS seed average of $562k (for companies that are venture backed).
Number of months since last investment raise of top 100 Cloud Challengers
Source: Notion Capital, 2023
Not all money is equal, and having a Tier 1 investor on side can dramatically increase the likelihood of a company achieving a successful outcome.
Of those firms in the top 100, the highest Tier 1 investor numbers are in the UK, where the 26 firms headquartered share 65 Tier 1 investors. French and German companies follow with 49 and 36 Tier 1 investors respectively.
Investors who are leading multiple rounds with the top 100 this year include Y Combinator, Kima Ventures, Seedcamp, Frontline Ventures, Northzone, and us, Notion Capital.
Drawing on data from 2022 and 2023 Cloud Challenger report cohorts, we would anticipate that between 7-12% of companies in the top 100 will go on to raise a series B in the next 24 months, which is significantly higher than the industry standard of 8%. The line-up of investors at early stages of these companies' growth also includes well renowned later stage investors, including Sequoia Capital, Atomico, and Index Ventures.
