E294 | SaaS isn’t dead, it’s just different: Alexander Theuma from SaaStock on the industry’s turning point

CHURN FM

Today on the show, we welcome Alexander Theuma, founder of SaaStock and general partner at BackFuture VC. In this episode, Alexander dives deep into the shifting SaaS landscape, exploring how AI is redefining capital efficiency, company structure, and startup strategy.

We discuss how VC trends are evolving, the rise of M&A and SaaS consolidation, and how lean, AI-powered startups are replacing bloated headcounts. Alexander also shares the lessons he’s learned from running SaaStock for over a decade and how his unique vantage point shapes the way he backs early-stage founders.

As always, let us know what you think by emailing me at [email protected], and don’t forget to follow us on X.
Mentioned Resources:

• SaaStock
• BackFuture VC

Churn FM is sponsored by Vitally, the all-in-one Customer Success Platform.

Chapters

1. E294 | SaaS isn’t dead, it’s just different: Alexander Theuma from SaaStock on the industry’s turning point (00:00:00)

2. Starting SaaStock and the power of in-person founder meetups (00:05:59)

3. Market downturn (2023–2024) and its impact on SaaS founders (00:09:44)

4. Lower startup costs, rise of lean teams, and bootstrap models (00:15:28)

5. SaaStock adapting to engage private equity players (00:21:40)

6. The importance of brand, UX, and distribution as key differentiators (00:25:56)

7. How BackFuture leverages SaaStock as a strategic advantage (00:31:32)

8. Strong LP base and the founder-to-founder connection (00:33:51)

9. SaaStock’s churn lesson: saying no to misaligned sponsors (00:35:58)

10. Real SaaS story: losing 30% of revenue due to poor-fit customer (00:37:42)