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Christian G. shared thisIt's the first Monday after the last Friday of the month, which means we are back with the May Public Comps refresh. NASDAQ closed at a record high while gold sold off. The IPO pipeline keeps getting better, with Anthropic filing today. SaaS median expanded from 2.9x to 3.1x, the first increase this year. Three learnings from our May analysis: 1. Infrastructure rallied, applications lagged. DevOps (+57%), Security (+37%), Infrastructure (+27%), and Data (+18%) led. CRM (-10%), AdTech (-11%), and E-Commerce (-6%) sold off. The market is funding AI adoption, not the applications that run on top. 2. Defense split the same way. AI native defense expanded from 5.5x to 9.1x, led by BigBear.ai (+36%) and C3.ai (+25%), while autonomy names climbed (Rocket Lab +80%). Platform primes (2.1x) and electronics (6.5x) held flat. Investors want scalable models. 3. The move was repricing, not reacceleration. Revenue growth held at 12% and EBITDA margins reached 24%, yet multiples expanded where investors rotated in. Datadog (+91%), Snowflake (+82%), CrowdStrike (+63%), ServiceNow (+38%). Investors paid more for the same fundamentals, not better ones. Even with the rebound, the median sits at the low end. The signal underneath: AI is lowering the cost to build software. For enterprises that is a tailwind - more software, built faster and for less, widens adoption and grows total software spend. The nuance is the spend shows up in token consumption, not seat licenses. Sanjiv Kalevar, appreciate the partnership and look forward to continuing to overlap in your role post BCI - awesome 2+ years :). Ashton Scordo Mitchell Roper Cole Bradley Miranda Silver, Santiago Ruano (welcome!) Link to the PDF in the comments
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Christian G. shared thisIt's the first Monday after the last Friday of the month (seriously), which means we are back with the April Public Comps refresh. In Agents Over Bubbles, Ben Thompson argued AI has entered its third paradigm: ChatGPT made LLMs readable, o1 made them reliable, and agentic harnesses have made them autonomous. The Financial Times offered the counterweight, reporting some OpenAI backers question the $852Bn valuation after a series of commitments were pared back. Public software took the constructive view. After nine months of compression, median SaaS held flat at 2.9x. Three learnings from our April analysis: 1. The growth premium widened. Since January, high-growth (>20% NTM) compressed from 10.6x to 9.8x. The 10-20% bucket fell from 4.8x to 3.8x. Under 10% growth went from 3.0x to 2.3x. The proportional premium for growth went from 3.5x to 4.3x. Investors did not lose faith in growth. They lost faith in durability without it. 2. Defense round-tripped. Defense Electronics traded at 5.7x in November, expanded to 8.7x in January, and is back to 6.9x. Lockheed Martin (-17%), RTX (-8%), L3Harris (-7%) extended March's reversal. Autonomy and dual-use moved the other way: Firefly (+48%), Rocket Lab (+31%), Voyager (+26%), Redwire (+19%). At 13.4x, autonomy now trades above every defense category and most growth software. 3. The leaders had little in common. CoreWeave climbed 37%, now +175% since IPO. AppLovin (+18%), Palo Alto Networks (+21%), CrowdStrike (+21%), MicroStrategy (+36%), Xero (+16%). The list spans AI compute, advertising, security, treasury, and SMB cloud. ServiceNow (-9%) is the notable laggard, a reminder that the market has stopped paying for AI roadmaps. April rewarded conviction in specific names, not exposure to themes. Ashton Scordo Mitchell Roper Cole Bradley Miranda Silver Sanjiv Kalevar Link to the PDF in the comments
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Christian G. shared thisIt's the first Monday after the last Friday of the month, which means we are back with the March Public Comps refresh - and Miranda Silver's first day :). Median SaaS compressed from 3.1x to 2.9x revenue, the lowest in our dataset going back to 2010. Bottom quartile now trades at 1.8x. Four announced transactions totaling roughly $48Bn signal that buyers are converting thesis into action. Three learnings from our March analysis: 1. Defense gave back gains. Rheinmetall (-19%), Saab (-14%), Howmet (-13%), TransDigm (-12%). After nine months of expansion, electronics compressed from 8.3x to 7.5x. The sector that benefited most from capital rotating out of software is now facing its own repricing. 2. Compression broke new ground. Fair Isaac (-28%), Gen Digital (-19%), Xero (-15%), Atlassian (-13%), AppLovin (-12%). Mid-growth names (10-20% NTM) fell from 3.9x to 3.6x. Under 10% growth now trades at 2.2x. Nine consecutive months of compression from 4.8x in July to 2.9x today. 3. The sell-off was nearly universal. Wix (+24%) was the bright spot, trading at 2.0x with 15% growth. Klaviyo (+7%), Zoom (+5%), and F5 (+4%) held. Reasonable valuations and positive cash flow with products that benefit from AI. At 2.9x median revenue, the gap between public pricing and private conviction has never been wider. Ashton Scordo Mitchell Roper Cole Bradley Miranda Silver Sanjiv Kalevar Link to the PDF in the comments
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Christian G. shared thisIt's the first Monday after the last Friday of the month, which means we are back with the February Public Comps refresh. Citrini's "2028 Global Intelligence Crisis" modeled mass AI job displacement. Citadel countered with software engineering postings up 11% YoY. Public software didn't wait for the verdict. Median SaaS compressed from 4.0x to 3.1x, the sharpest monthly decline we've tracked. Three learnings from our February analysis: 1. The repricing is structural, not selective. IBM (-22%), Intuit (-18%), CrowdStrike (-16%), Zscaler (-27%), Workday (-24%), Atlassian (-36%). Fastly (+107%), RingCentral (+41%), Dassault Systems (+21%) persevered. Mid-growth (10-20% NTM) fell from 4.8x to 3.9x. 2. Capital rotated into what AI can't replace. Defense electronics expanded with Howmet (+26%) and Karman (+15%). Check Point (+15%) and Palo Alto (+16%) held. Software embedded in physical systems and classified environments is separating from the pack. 3. Two capital markets, one question. CoreWeave (+99%) is the only 2025 IPO in positive territory. Klarna (-70%), Figma (-75%), eToro (-54%) continue to deteriorate. OpenAI and Anthropic continue to raise rounds at public company equivalent valuations. Will private investors follow that conviction into public markets? At 3.1x median revenue with 80%+ gross margins, public SaaS fits the PE buy box. For founders, the path to public markets runs through profitability, defensibility, and a clear answer to what can't AI do? Ashton Scordo Mitchell Roper Cole Bradley Sanjiv Kalevar Lydia Gao Link to the PDF in the comments
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Christian G. shared thisIt's the first Monday after the last Friday of the month, which means we are back with the January Public Comps refresh. In July, median SaaS traded at 4.8x with top quartile at 7.8x. Six months later, median is 4.0x with top quartile at 6.3x, the lowest since 2016. Lower rates didn't help. Macro trumped micro. Three learnings from our January analysis: 1. AI fault lines. Microsoft (-12%), Oracle (-17%), SAP (-17%), Adobe (-17%) sold off. Alphabet (+8%), Amazon (+3%), NVIDIA (flat) held. Software sold off. AI infrastructure didn't. 2. Middle hollowed out. High-growth (>20% NTM) compressed 9% since July. Mid-growth (10-20%) compressed 30%. ServiceNow (-24%), Intuit (-26%), Salesforce (-20%), Workday (-20%) declined despite strong fundamentals. 3. Defense rotation. Lockheed Martin (+31%), Saab (+36%), Kratos (+33%), Redwire (+64%) surged. Defense Electronics expanded from 6.4x to 8.7x in six months. Multi-year procurement cycles reflect the revenue visibility that defined early enterprise SaaS. For PE, mid-market SaaS at 4-5x with 80%+ gross margins fits the playbook. Public markets are pricing macro. Private markets can price micro. Ashton Scordo Mitchell Roper Cole Bradley Sanjiv Kalevar Lydia Gao Link to the PDF in the comments
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Christian G. shared thisExcited to share our investment in GovDash and continued partnership with Sanjiv and the Mucker team!Christian G. shared thisAnnouncing GovDash’s $30M Series B. One of America’s core advantages is that we can pull cutting-edge capability from the private sector and put it to work fast. Yet we make it far harder than necessary to do so. Great companies struggle to find, win, and deliver government contracts not from lack of capability, but from dense, unforgiving processes: lengthy solicitations, compliance traps, amendments, brittle tools, and admin that steals time from delivery. The first wave of AI was supposed to fix this, however, GovCon workflows are too long and regulated for prompt wrappers to automate reliably. Most "AI for GovCon" tools shifted the burden back to teams. We chose a different path at GovDash. Since launching ~2 years ago, we've built AI-native infrastructure: a workflow engine that executes full lifecycles end-to-end, and we started with proposals. We focused on fundamentals: advanced document parsing, structured solicitation understanding, company knowledge organization, and compliance-first UX. & we went multi-product early because proposals depend on capture, past performance, pricing, and contracts. Real leverage comes from unifying the lifecycle so context compounds across teams. The results: - $5B+ in customer contract awards in 2025 alone - 16× revenue & customer growth since Series A - 70% of teams using 2+ modules - 501% YoY growth in daily Dash usage Hundreds of contractors across defense, civilian, state/local, and education now win faster and deliver better. This $30M Series B accelerates our roadmap in 2026: deepening GovDash Discover, Capture, Proposal, Pricing, and Contract; expanding into Delivery & beyond; pushing Dash’s agent capabilities into more workflows; and adding sharing for teaming/partners. At GovDash we’re building the rails for doing business with government; vertically integrating procurement workflows so contractors focus less on bureaucracy and more on their capabilities and how they further American interests. We're hiring. If you're ready to build the execution layer for government work, join us: https://lnkd.in/eJQmY2VN (or DM me). Grateful to our customers, team, and investors. Onward in 2026. 🇺🇸
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Christian G. shared thisIt's the first Monday after the last Friday of the month (and of 2025!), which means we are back with the December Public Comps refresh. 2025 was a year of two outcomes. Median SaaS compressed while category leaders hit all-time highs. M&A delivered: Nvidia + Groq ($20Bn), ServiceNow + Armis ($7.75Bn), IBM + Confluent ($11Bn). Three learnings from our December analysis: 1. The two market reality. Synopsys (+14%), Rubrik (+13%), Okta (+10%) led while Pure Storage (-22%), Datadog (-14%), Snowflake (-11%) gave back gains. Category leaders are leveraging AI for margin expansion. 2. Going public is hard. CoreWeave (+91%) leads the 2025 class. Klarna (-35%), Chime (-29%), eToro (-46%), Figma (-67%) show how selective public markets are. 3. Defense procurement is maturing. Rocket Lab (+68%), Palantir (+12%) surged. Growth, margins and retention resemble the early days of SaaS enterprise adoption. Grateful for the feedback along the way. Looking forward to 2026. Ashton Scordo Mitchell Roper Cole Bradley Sanjiv Kalevar Lydia Gao Link to the PDF in the comments
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Christian G. shared thisIt's the first Monday after the last Friday of the month, which means we are back with the November Public Comps refresh. Changelog: +Financial / Market Data & Analytics - p.18 +Consumer Internet - p.25 - p.28 +Defense - p.29 - p.32 November November brought the sharpest monthly compression we have tracked. Median SaaS multiples dropped from 4.6x to 4.2x revenue, extending a six-month slide from 5.1x in May. The Rule of X correlation reached R² = 0.449. Profitability now explains valuations better than growth alone. Three learnings from our November analysis: 1. Categories collapsed. Free cash flow survived. Security commanded 8.9x revenue. Infrastructure traded at 8x. In November, categories didn't matter. Companies with Rule of X above 50% compressed half as much. High-growth names (>20% NTM) needed strong FCF to expand from 12.1x to 13.0x. Fastly (+41%), Clearwater (+20%), Klaviyo (+10%) were the winners. Cloudflare (-21%), Palantir (-16%), ServiceNow (-12%), Salesforce (-11%) sold off. The market shifted from potential to profitability. 2. IPO performance since listing separates the winners. CoreWeave (-12%), Reddit (-22%), and Rubrik (-12%) all declined in November. Since the IPO, CoreWeave is +87%, Reddit +279%, and Rubrik +87%. Figma (-69%) and OneStream (-66%) are still working through their transitions. The difference is unit economics from day one. Companies with a clearer path to profitability are holding value better, while those leaning only on growth narratives are seeing more multiple contraction. 3. AI got priced in, especially for infrastructure owners. Alphabet hit record highs with Gemini 3, backed by an expanded Anthropic TPU agreement and Meta TPU discussions. Sundar Pichai is proving to be a wartime CEO, building infrastructure partnerships where Google wins regardless of who leads AI. Meanwhile, SaaS companies claiming 'AI-powered' features without margin expansion face increasing scrutiny. The market is separating defensible AI infrastructure from renting someone else's. November may be a preview to what matters most in 2026 - profitability, margin expansion and strategic positioning. Regulators are more open, acquirers have capital, and compressed valuations create opportunity. At a certain scale, public markets remain the only path. For everyone else, strategic exits are back. Until next month (well December 29). Ashton Scordo Mitchell Roper Cole Bradley Sanjiv Kalevar Lydia Gao Link to the PDF in the comments
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Christian G. shared thisStop building presentations. Start building companies
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Christian G. liked thisChristian G. liked thisWe're excited to announce two key leadership appointments at HOOPP. Damien Steel has joined HOOPP as Chief Technology, Data and AI Officer. This newly created role reflects how technology, data and AI are becoming central to how we invest, manage risk and operate. Damien brings a strong track record in technology innovation and operational leadership, with experience at Whitecap Venture Partners, Deep Sky and OMERS Ventures. Noam Sela has been named Chief Pension Officer. Since joining HOOPP in January, Noam has brought deep pension administration expertise and a strong commitment to service excellence. He will lead Plan Operations as we continue to deliver on our pension promise and execute our 2030 Strategy. Both appointments underscore HOOPP's commitment to building the leadership team we need to deliver on our 2030 Strategic Plan in support of our members, the healthcare workers of Ontario.
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Christian G. liked thisChristian G. liked thisFounders - if you're in the process of fundraising or planning to soon, watch this breakdown from Andreas Klinger In the 10 yrs I've been in tech this is the best fundraising advice I've ever heard https://lnkd.in/g5A8mUPk
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Christian G. liked thisChristian G. liked thisProud to share that @BCI Private Equity has launched its Capital Solutions group — a milestone we've been building toward as we deepen our platform and establish BCI as the capital provider of choice for management teams and sponsors. I had a great conversation with @Layan Odeh at @Bloomberg about what's driving this — the market dislocation creating real demand for flexible, tailored financing solutions. Excited for what's ahead. Read more below. https://lnkd.in/eyGuDPwKBCI Expands Into Financing Private Equity Funds Amid Deal SlumpBCI Expands Into Financing Private Equity Funds Amid Deal Slump
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Christian G. liked thisChristian G. liked thisToday was my first day as Product Designer, Digital & Physical Systems at Dominion Dynamics After 6 years at Edey FX, I’m grateful for everything I learned and the chance to work on the design and development of the Light Tactical Trailer lineup, vehicle equipment integration, and antenna mounting solutions alongside a great team. Looking forward to this next chapter with the talented team at Dominion Dynamics, developing integrated digital and physical systems for Arctic defence.
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Christian G. liked thisSo many great things to attend during IWSK26 - get involved and make new connections! 👋Christian G. liked thisIWSK26 is underway! 🚀 We launched Innovation Week in Saskatchewan with our annual Kickoff Breakfasts at the R+T Parks in Regina and Saskatoon! Hosted in partnership with Cultivator powered by Conexus in Regina and Co.Labs in Saskatoon, we heard from Keith Busch (ClearCost) and Dr. Christine Beck (VettyPet), who shared their founder journeys and the lessons they learnt along the way. Thank you to everyone who joined us! If you’re still looking to get involved, there are plenty of events and tours happening throughout the week: https://lnkd.in/gjkpx39h #IWSK26 #CIW26
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Christian G. liked thisChristian G. liked thisMy latest on why BCI's Private Equity group launched its Capital Solutions strategy, a dedicated investment group focused on opportunities to generate equity-like returns that extend beyond traditional buyouts: https://lnkd.in/etM-zGsNBCI's PE Group Launches Capital Solutions Group to Finance FundsBCI's PE Group Launches Capital Solutions Group to Finance Funds
Experience & Education
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BCI
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The Mary Ann Grunt Award for Perseverance
Ryerson University
The Mary Ann Grunt Award for Perseverance was established by Ryerson University alumnus Christian Grunt. The award is to thank future Registered Nurses for their personal sacrifices in delivering care and compassion. The Perseverance Award is in honor of Mary Ann, Christian's mother, who independently led the household and has served as a Registered Nurse with The Hospital for Sick Children for the past 35 years.
Honors & Awards
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Deal of the Year - Western Canada
CVCA
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Ted Rogers School of Management, Ryerson University Top 10 from the last 10
Ryerson University
Top 10 From the Past 10 Alumni Award recognizes alumni that have graduated in the past 10 years who have excelled in their career, leadership, community or in service to the Ted Rogers School of Management.
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