Xenon Partners
Private equity firm that acquires and accelerates early-stage B2B SaaS companies. Provides capital and operational expertise to scale technology businesses through their internal growth team.
Investment Requirements
Company Overview
Xenon Partners
What They Buy
- Target: Early-stage B2B SaaS companies
- Size: $1M - $10M ARR (non-declining ARR)
- Requirements: 80%+ gross margins or path to get there
- Focus: Self-service, data-driven growth, low-cost sales methods
- Structure: Growth equity with operational support
Recent Major Acquisitions
- Baremetrics: SaaS analytics platform (acquired for $4M at 2.65x ARR)
- Treehouse: Online coding education platform
- ScoutAPM: Application Performance Management software
- UXPin: Design and prototyping platform
- CloudApp: Visual communication and screen capture tools
Track Record
- Founded: 2014
- Leadership: Jonathan Siegel (Partner/Founder)
- Scale: 49+ transactions with founders, 25+ software companies supported
- Exits: 15 strategic exits completed
- Model: Capital + operational expertise (growth marketing, sales, design, product engineering)
- Approach: Hands-on support with internal Growth team and centralized back-office
Portfolio Companies
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Last updated: October 6, 2025
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