VC10X
PE10X - Lessons From $4.7B in Software Growth Equity with Maitlan Cramer, MD Bow River Capital
AI Summary
Maitlan Cramer, Managing Director at Bow River Capital, explains how their "Capital Plus" playbook scales B2B SaaS firms by taking majority-control positions and actively fixing broken processes rather than just providing capital. He stresses choosing a large, healthy market over a perfect product, spotting vanity growth versus sustainable revenue, and hiring for grit to rebuild leadership teams. The discussion also covers the impact of AI on software moats, key operational metrics beyond top‑line growth, and practical advice for founders on navigating growth‑equity financing.
Why It Matters
The insights reveal how growth‑equity can accelerate SaaS firms beyond early‑stage VC, reshaping investment strategies and operational priorities across the software sector.
Episode Description
What does it really take to scale a B2B software company from early traction to a category leader?
In this episode, Maitlan Cramer, Managing Director at Bow River Capital, breaks down the "Capital Plus" playbook used to manage roughly $4.7 billion in assets across the firm.
Maitlan moves beyond the typical VC advice, explaining why growth equity is about "rolling up your sleeves" to fix broken processes rather than just writing checks. He shares why he will always choose a great market over a great product, how to distinguish between vanity growth and sustainable revenue, and why founders need to stop fearing the "growth equity" label.
⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com
WHAT YOU'LL LEARN:
📒The Growth Equity Playbook: How investing at the growth stage differs from early-stage VC.
📉 Market over Product: Why you can fix a bad company, but you can’t fix a bad industry.
🚩 Red Flags: How to spot "unhealthy growth" and vanity metrics before they kill your business.
🤝 Sales & Talent: Why Maitlan hires for "grit" over resumes, and how to rebuild a C-Suite.
🤖 The AI Wave: How artificial intelligence is reshaping retention, moats, and software pricing.
TIMESTAMPS
(00:00) - Let's start
(00:41) - Introduction to Maitlan Cramer and Bow River Capital
(02:36) - Maitlan's journey from Grant Ventures to managing $4.7B fund
(04:18) - Stage of investment and growth equity vs buyout approach
(05:11) - Majority ownership and buyout strategy explained
(06:48) - Misconceptions founders have about growth equity capital
(08:07) - Board involvement across different software verticals
(08:24) - Case study: Altria and building go-to-market motion
(12:45) - Case study: HR Soft and restructuring the C-suite
(15:43) - Impact of AI on competitive advantages and moats in software
(16:33) - Assessing competitive advantage through customer calls
(20:15) - AI strategy and data flywheel effects
(23:29) - Great market vs great product investment philosophy
(24:45) - Key operational metrics beyond revenue growth
(27:38) - Bootstrap vs venture-backed investment opportunities
(30:41) - Trends in customer acquisition costs and retention metrics
(33:32) - Identifying and hiring great sellers
(38:19) - Biggest learning: trusting the process
(41:12) - Rapid fire round begins
(41:24) - Sectors and regions of investment
(43:03) - Typical stage and revenue range for investments
(44:04) - Ownership targets in portfolio companies
(45:07) - Typical check size and capital deployment
(46:15) - How founders can get in touch
(46:45) - Where to follow Maitlan and Bow River Capital
(47:05) - Closing remarks
ABOUT THE GUEST
Maitlan Cramer is a Managing Director at Bow River Capital, a Denver-based alternative asset manager. The firm manages approximately $4.7 billion in assets and operates across seven private fund platforms. Maitlan leads investments for the Software Growth Equity team, focusing on majority-control recapitalizations and buyouts of mission-critical B2B software companies.
CONNECT WITH US
Website: https://VC10X.com
Bow River Capital: https://www.bowrivercapital.com/
Maitlan Cramer on LinkedIn: https://www.linkedin.com/in/maitlan-cramer-b797a744
#GrowthEquity #SaaS #PrivateEquity #Investing #Startups #BowRiverCapital #BusinessPodcast
Show Notes
What does it really take to scale a B2B software company from early traction to a category leader?
In this episode, Maitlan Cramer, Managing Director at Bow River Capital, breaks down the "Capital Plus" playbook used to manage roughly $4.7 billion in assets across the firm.
Maitlan moves beyond the typical VC advice, explaining why growth equity is about "rolling up your sleeves" to fix broken processes rather than just writing checks. He shares why he will always choose a great market over a great product, how to distinguish between vanity growth and sustainable revenue, and why founders need to stop fearing the "growth equity" label.
⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com
WHAT YOU'LL LEARN:
📒The Growth Equity Playbook: How investing at the growth stage differs from early-stage VC.
📉 Market over Product: Why you can fix a bad company, but you can’t fix a bad industry.
🚩 Red Flags: How to spot "unhealthy growth" and vanity metrics before they kill your business.
🤝 Sales & Talent: Why Maitlan hires for "grit" over resumes, and how to rebuild a C-Suite.
🤖 The AI Wave: How artificial intelligence is reshaping retention, moats, and software pricing.
TIMESTAMPS
(00:00) - Let's start
(00:41) - Introduction to Maitlan Cramer and Bow River Capital
(02:36) - Maitlan's journey from Grant Ventures to managing $4.7B fund
(04:18) - Stage of investment and growth equity vs buyout approach
(05:11) - Majority ownership and buyout strategy explained
(06:48) - Misconceptions founders have about growth equity capital
(08:07) - Board involvement across different software verticals
(08:24) - Case study: Altria and building go-to-market motion
(12:45) - Case study: HR Soft and restructuring the C-suite
(15:43) - Impact of AI on competitive advantages and moats in software
(16:33) - Assessing competitive advantage through customer calls
(20:15) - AI strategy and data flywheel effects
(23:29) - Great market vs great product investment philosophy
(24:45) - Key operational metrics beyond revenue growth
(27:38) - Bootstrap vs venture-backed investment opportunities
(30:41) - Trends in customer acquisition costs and retention metrics
(33:32) - Identifying and hiring great sellers
(38:19) - Biggest learning: trusting the process
(41:12) - Rapid fire round begins
(41:24) - Sectors and regions of investment
(43:03) - Typical stage and revenue range for investments
(44:04) - Ownership targets in portfolio companies
(45:07) - Typical check size and capital deployment
(46:15) - How founders can get in touch
(46:45) - Where to follow Maitlan and Bow River Capital
(47:05) - Closing remarks
ABOUT THE GUEST
Maitlan Cramer is a Managing Director at Bow River Capital, a Denver-based alternative asset manager. The firm manages approximately $4.7 billion in assets and operates across seven private fund platforms. Maitlan leads investments for the Software Growth Equity team, focusing on majority-control recapitalizations and buyouts of mission-critical B2B software companies.
CONNECT WITH US
Website: https://VC10X.com
Bow River Capital: https://www.bowrivercapital.com/
Maitlan Cramer on LinkedIn: https://www.linkedin.com/in/maitlan-cramer-b797a744
#GrowthEquity #SaaS #PrivateEquity #Investing #Startups #BowRiverCapital #BusinessPodcast
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