“You kind of like look at the data room or start to unpack what the cohorts look like and they're really new cohorts so it's impressive that founders are reaching those revenue numbers so quickly but the jury is often out as to whether the vibe revenue or real revenue.”

Vibe Revenue Vs Real Revenue: New Cohorts Look Great Until You See 12-Month Renewals

Jeff coined the term 'vibe revenue' for the 0-to-10M ARR headlines that look great in pitch decks but are built entirely on brand-new cohorts. Until those cohorts renew — especially on annual plans — you don't know if the revenue is real. The correction comes when those companies return to raise and the renewal data is finally visible.