StageARR BandExceptionalTop QuartileMedianBottom Quartile
Seed — triple-digit growth expected
SeedUnder $1M>300%200%120%60%
Seed$1M–$5M>200%150%90%45%
Series A — T2D3 companies triple here
Series A$1M–$5M>200%140%85%40%
Series A$5M–$20M>150%100%65%30%
Series A$20M–$50M>120%85%55%25%
Series B — T2D3 companies double here
Series B$5M–$20M>120%90%55%25%
Series B$20M–$50M>100%70%45%20%
Series B$50M–$100M>80%60%38%16%
Series C+
Series C+$20M–$50M>80%60%38%18%
Series C+$50M–$100M>70%50%32%15%
Series C+$100M+>60%42%26%12%
Growth / Pre-IPO
Growth / Pre-IPO$50M–$100M>60%45%28%12%
Growth / Pre-IPO$100M+>50%38%22%10%
Public — law of large numbers compresses growth rates
Public$100M–$500M>40%30%18%8%
Public$500M–$1B>30%22%14%6%
Public$1B+>25%18%12%5%
Sources: Bessemer State of the Cloud 2024, SaaStr Annual Benchmarks 2024, Redpoint SaaS Metrics 2024, BVP Nasdaq Emerging Cloud Index. T2D3: triple-triple-double-double-double growth after $1M ARR.

T2D3 and the law of large numbers

T2D3 describes the top decile — not the median. Median companies at $5M–$20M ARR grow 55–65% annually. The law of large numbers compresses growth at every scale: growing 30%+ above $100M ARR is exceptional, achieved by fewer than 15% of public SaaS companies. What looks like deceleration is often physics. Evaluate growth rate relative to ARR band, not in absolute terms.