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Marcus Webb · Partner · September 2026
Fundraising · 9 min read
What investors will ask about your numbers at Series A
Marcus Webb · Partner · September 2026
At Series A, investors stop buying the story alone and start checking the numbers behind it. The good news: they ask almost the same questions every time.
The eight metrics
| Metric | What they want to see |
|---|---|
| ARR and growth | Month by month, not just the latest number |
| Net revenue retention | Above 100%, with the calculation shown |
| Gross margin | Consistent, with hosting and support costs included |
| CAC payback | Under 18 months, by channel if possible |
| Burn multiple | Net burn divided by net new ARR |
| Logo churn | By cohort and customer size |
| Pipeline coverage | Three times next quarter’s target |
| Runway | Before and after the round |
Investors don’t expect perfect numbers. They expect numbers you understand and can explain.
Get ready early
Start tracking these six months before you raise. If a metric looks weak, you’ll have time to fix it, or at least to explain it well.
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