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.

• United States • Est. 2014
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Investment Requirements

Revenue (ARR)
$1M - $10M
Deal Structure
Cash + earnout
Target Industries
B2B Software
Geographic Focus
Global

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

Baremetrics
SaaS analytics platform (acquired for $4M, 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
Appsembler
Learning management and virtual training platform

Founder Testimonials

"The Xenon Partners team are true operators–they know how to accelerate a business."
Alex Polvi
CoreOS (CEO)
Source
"Entrepreneuring requires a diverse set of skills... Xenon has been there at every turn."
Daryl Bernstein
RightSignature (CEO)
Source

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Last updated: October 6, 2025

Information verified from public sources. Report corrections