1. Traction and consistency
Series A investors want evidence of repeatable growth. One or two strong months are good, but the bar is a steady trend across quarters. Typical lenses:
- MRR/ARR growth with quarter-over-quarter acceleration
- Pipeline coverage and conversion rates by stage
- Channel mix stability (no single channel dominating unsustainably)
2. Unit economics and efficiency
Efficiency is back in style. Expect focus on LTV/CAC, payback period, and gross margin. Make sure your definitions are consistent and reconciled to GAAP financials.
- LTV/CAC ≥ 3x with blended vs. incremental view
- Payback ≤ 12 months on a gross margin basis
- Clear margin bridge and path to improvement
3. Retention and product love
Retention demonstrates product-market fit. Investors will drill into net dollar retention, cohort behavior, and expansion drivers.
- Logo and revenue churn trends by segment
- Net dollar retention ≥ 110–120% for healthy B2B SaaS
- Qualitative proof: case studies, ROI stories, references
4. Sales engine readiness
Can you deploy $10–$20M efficiently? Show a repeatable sales motion: clear ICP, win/loss insights, and a hiring ramp tied to productivity curves.
- Ramp times, quota coverage, and attainment distribution
- Top-of-funnel programs with measured CAC by channel
- Comp plans aligned with efficient growth
5. Use of funds and milestones
Translate capital into milestones. Your model should map headcount, programs, and burn to 12–18 months of runway and concrete outcomes for the next raise.
- Hiring plan by function with timing and costs
- Milestones: ARR, NDR, margin, geo/product expansion
- Scenario plan with downside protections
6. Data room and controls
A tidy data room signals operating maturity. Expect requests for GAAP financials, customer cohorts, pipeline reports, and SOC2/Risk controls.
- Monthly financials with reconciliations and variance analysis
- Cohort and retention reports matching board narratives
- Security, compliance, and policy documentation
Series A readiness checklist
- 3–4 quarters of consistent growth with verifiable metrics
- Efficient CAC, payback under 12 months, and clear margin trajectory
- NDR > 110% and referenceable customers
- Repeatable sales motion with hiring and quota plan
- Runway model tied to milestones for next raise
- Investor-ready data room with reconciled reports
If you want help pressure-testing your Series A story, our team can stand up investor-grade reporting and a diligence-ready data room in weeks.