<ul data-eligibleForWebStory="true">Veeva, a dominant cloud software provider for life sciences, focused on pharmaceutical and biotech.Started in 2007, Veeva hit $100m ARR with just $3m raised by being ultra-vertical.Vertical focus brought regulatory moats, deep customer relationships, and higher switching costs.Through extreme capital discipline, under-cover sales territories, and team building, Veeva excelled.Lessons learned include the importance of premium pricing, profitable services, and team development.