ATLAS IN THE INFORMATION 50 At @MarathonMP , we partner with and support a small number of incredible entrepreneurs at the early stage. Entrepreneurs who build remarkable products and teams, entrepreneurs who are obsessed with their customer and with defining their categories. One of those special entrepreneurs is @patrickmro . With @atlascard , Patrick and team have built an incredible product and business, one that's grown many-fold over the past year. Most interestingly, this growth has been achieved with zero ad budget, entirely through word of mouth, and with a net dollar retention better than 99% of B2B companies we've ever seen. This kind of product-led expansion driven by genuine customer love is exactly what the best companies exhibit. Awards are a lagging indicator of (and not correlated with) success, but they still offer a good reason to pause, take a beat, reflect, and feel re-energized for the journey ahead. On that note, huge congrats to Patrick, Kenan Pulak, Sid Parihar, and the Atlas team for joining @theinformation 50, which recognizes the most promising 50 startups in technology. While this recognition reflects what Atlas has accomplished so far, we are more excited about the category-defining potential ahead, and couldn't be more excited to continue supporting this exceptional team. Let's go!

THE METRICS BEHIND AN EXTRAORDINARY COMPANY At the core, every extraordinary business does two things incredibly well. First, they efficiently acquire customers. Exceptional businesses are exceptional customer acquisition machines with low payback periods, enabling them to grow rapidly by scaling new customers month over month , quarter over quarter. Ideally, a large percentage of newly acquired customers is through organic (unpaid) channels, acquired through word of mouth and fueled by customer love. Second, they strongly retain and grow acquired customers. Once a great business acquires a cohort of customers, they don’t just retain them (high gross customer retention) but grow their spend (> 100% net revenue retention). This is due to an incredible product + customer experience, which lead customers to use it as an increasing part of their life and work. Atlas is an AI concierge that we at Marathon Management Partners are lucky to be investors in. Atlas is a company that exemplifies the two attributes of extraordinary companies. -- Acquisition: Their customer acquisition is highly efficient, driven almost entirely by word of mouth. They do zero paid marketing. -- Retention: Their net TPV retention is significantly higher than 100%, in fact it’s better than 99.9% of B2B companies. As customers use the product, they increasingly spend more each successive month. The graph below shows Atlas TPV growth over the past 24 months. tl;dr Super efficient acquisition + >100% TPV retention = Hockey stick growth.