It seems investors are now returning to the fundamentals, where organic growth is valued over paid user acquisition and profitable customer acquisition is a focus versus the land-grab approach.

Tomasz Tunguz, a general partner at Redpoint Ventures, studied a metric called ROIC, or return on invested capital. ROIC is the number of revenue dollars that one dollar from VCs bought. Tunguz’s analysis demonstrated that the ROIC initially increased for SaaS companies—but has been on a…

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