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This Week in SaaS Oct 6 - 13, 2025

Major SaaS and AI funding rounds, notable acquisitions, and big moves from Salesforce and Google. It also highlights new IPOs and key takeaways on consolidation, M&A readiness, and the shifting SaaS market landscape.

By
Ryan Allis
October 13, 2025

💸 SaaS VC Rounds Above $15M This Week

  1. EvenUp (AI-driven legal & insurance claims automation) raised a $150M Series E at a $2B+ valuation. Investors include existing backers; proceeds fuel product scale and global expansion.

  2. DUOS (AI + digital health / benefits activation) secured $130M strategic growth equity led by FTV Capital, with participation from Forerunner Ventures. The funds will power AI enhancements, platform innovation, and expansion across Medicare Advantage, Medicaid, and ACA plans.

  3. Feedzai (fraud & risk-management SaaS) raised $75M at a $2B valuation. Funding supports product innovation and AI-model expansion across financial-services risk prevention.

  4. AirStrip Technologies (enterprise AI / clinical surveillance & decision support) secured $50M growth credit facility + equity from OrbiMed. The capital will accelerate innovation, scale deployments across hospital systems, and expand its clinical-monitoring offerings.

  5. Flyntlok (cloud DMS for heavy-equipment dealers) raised $36M growth capital, led by Mainsail Partners. Funds will expand customer success, dealer-workflow, inventory, rentals, scheduling, and integrations.

  6. FurtherAI (AI dev platform) raised $25M Series A led by Andreessen Horowitz. Funds will expand developer tooling, data infrastructure, and AI model APIs.

  7. Resistant AI (fraud & compliance intelligence) raised $25M Series B from undisclosed investors. Funds will expand financial-crime prevention, model accuracy, and European operations.

  8. Nexl (relationship-intelligence CRM for law firms) raised $23M Series B led by Tidemark Capital. Funds will expand its client-relationship platform and data-automation capabilities.

  9. HiOctave (AI software for SMB customer engagement) raised $15M led by Khosla Ventures, joined by Celesta Capital, Anthology Fund, and Carya Venture Partners. Capital will accelerate product and go-to-market execution.

  10. Realm.Security (AI-native security data pipeline platform) raised $15M Series A led by Jump Capital, with participation from Glasswing Ventures and Accomplice. Capital will fuel development of its real-time AI security data infrastructure.

  11. CipherOwl (AI-powered crypto compliance & blockchain risk platform) raised a $15M seed round led by General Catalyst and Flourish Ventures. Funds will expand product capabilities for AML/KYC automation and global market reach.

🤝 SaaS M&A Deals This Week

🗞️ Other Big SaaS News of the Week

  • Salesforce launches massive $15B AI/innovation push, backing San Francisco HQ
    Salesforce announced a $15 billion investment over five years in San Francisco to support AI infrastructure, a new AI incubator hub, and internal R&D — signaling a doubling down on AI even amid macro pressures.

  • Google debuts “Gemini Enterprise” targeting the AI-powered enterprise stack
    Google launched Gemini Enterprise, a new AI platform for business clients allowing users to conversationally query data, automate across applications, and deploy custom AI agents. This move puts Google more squarely in the SaaS + AI battleground with Microsoft, OpenAI, and others.

  • Confluent’s stock surges amid takeover signals in data / streaming space
    Shares of Confluent jumped ~10% after media reports that PE and tech buyers are exploring bids. As a real-time data / event streaming SaaS, it sits at a hot junction of data + AI.
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🚀 SaaS IPOs & S-1 Filings This Week

  • Infinity Infoway (SaaS ERP, India) — IPO listed Oct 8 on BSE SME at +90% vs. issue price; strong small-cap SaaS reception.

  • Verisure Raises $3.2B: Europe’s window stayed open with Verisure’s €3.2B raise on Nasdaq Stockholm 

  • JST Group Corp.— A China-based e-commerce ERP SaaS provider, JST launched its Hong Kong IPO to raise about $267M.
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📈 SaaS Multiples & Benchmarks

Public medians:

  • 6.1x TTM Revenue
  • 5.5x Forward Revenue
  • 75% Gross Margin
  • 19% Annual Revenue Growth
  • 19% Net Profit/FCF

Private M&A medians:

  • 4.7x TTM Revenue, 22.4x TTM EBITDA
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🧠 Key Founder / Operator Takeaways

  • Vertical & channel consolidation is accelerating. Kaseya buying INKY and TCS picking up ListEngage = the playbook for bundling adjacent capabilities where SMBs/enterprises already buy. If partners are core to your GTM, assume more platform owners will “complete the suite.” Build integration moats and multi-year attach now.

  • Be M&A-ready even if you’re not selling. Consolidators are active; a clean data room (NRR, cohort LTV/CAC, clean IP), crisp module separability, and referenceable security posture increase optionality — and price. This week’s deals show buyers want fewer vendors, tighter stacks.

  • IPO window: open, selectively. Infinity Infoway’s pop is a reminder that profitable, focused SaaS can work in regional venues even when US software filings are quiet. If you’re eyeing 2026, use the next 2–3 quarters to lock profitability optics and simplify your story.
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📰 News from SaasRise


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

‍-Ryan Allis, CEO of SaasRise