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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

MetricWhat they want to see
ARR and growthMonth by month, not just the latest number
Net revenue retentionAbove 100%, with the calculation shown
Gross marginConsistent, with hosting and support costs included
CAC paybackUnder 18 months, by channel if possible
Burn multipleNet burn divided by net new ARR
Logo churnBy cohort and customer size
Pipeline coverageThree times next quarter’s target
RunwayBefore 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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