FUNDRAISING GUIDE

Series A fundraising guide

Build the machine that scales revenue

Series A is the round where startups transition from proving their model to scaling it. Investors at this stage expect clear evidence of product-market fit, a repeatable sales motion, and a management team capable of building a durable company. European Series A rounds typically range from €3M to €15M and are led by dedicated venture funds conducting rigorous due diligence over 8–16 weeks.

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Typical Metrics

Round size€3M–€15M

Pre-money valuation€10M–€40M

Annual recurring revenue€500k–€3M ARR

Year-over-year revenue growth2–3x

Gross margin60–80% (SaaS)

Fundraising Tips

Lead with your best metric: whether it is ARR growth, net revenue retention, or payback period, open with the number that tells the most compelling story.
Build relationships with Series A leads 6–12 months before you need capital; the best outcomes come from warm, pre-existing relationships.
Prepare a detailed financial model projecting 36 months post-raise with clear assumptions investors can stress-test.
Hire a VP of Sales or Head of Growth before your Series A if possible: investors want to fund a scaling function, not a founder-led one.
Anticipate deep due diligence on churn, cohort data, sales cycle length, and CAC/LTV ratios.

Common Mistakes to Avoid

!Conflating revenue growth with product-market fit: investors want to see retention and expansion, not just new logo acquisition.
!Starting the Series A process without a clear use of proceeds narrative tied to specific growth objectives.
!Allowing a single investor meeting to drag on without moving to a partner meeting; insist on a clear process.
!Raising at a valuation that makes Series B economics difficult before you have the metrics to justify it.
!Underestimating the time commitment: a full Series A process will consume 30–50% of a CEO's time for 3–5 months.

Typical Timeline

8–16 weeks from first partner meeting to close

Your Pitch Deck at Series A

What Series A Actually Means

Series A proves the growth engine works with efficient economics.

Useful signals now: CAC payback of 12 months or less, NRR 110-125%, consistent net M/M growth, reliable pipeline hygiene, and team capacity to scale delivery and GTM.

Show systems, not slogans: operating cadence, metrics, and hiring mapped to the plan.

Slides You Actually Need

You need depth, structure, and defensibility across your deck. Investors will dig. Be ready.

Executive Summary

Concise. Aligned with traction and ambition.

Problem

Still matters, but just as context.

Solution

Deep clarity on value prop and differentiation.

Product

Feature set, maturity, and usage patterns.

Market

Segments, size, proof of access, and expansion logic.

Go to Market

Engine-level repeatability: CAC, payback, channel mix.

Traction

Metrics that show velocity and efficiency.

Financials

MRR/ARR, burn, projections. Clean logic.

Team

Org built for scale. Key hires made or mapped.

Vision

Market leadership angle. What is the next company-level unlock?

Ask

Priced round. Capital use tied to growth levers.

What Good Looks Like

CAC payback of 12 months or less and 3:1 LTV:CAC directionally.
NRR of 110% or more with 2-3 expansion drivers listed.
Lead to win funnel by segment; pipeline coverage of 3x target or more.
Hiring plan tied to capacity constraints (sales, product, support).

What Investors Flag at Series A

!Flat growth or churn not explained
!No CAC/LTV or payback data
!GTM still founder-led
!We will figure it out post-raise
!Headcount plans with no rationale

This is not the vision round. This is where risk-adjusted capital needs a path to return.

What investors look for

Proof of a repeatable, scalable sales motion with data on pipeline, conversion rates, and average contract value.
Strong net revenue retention above 100%, indicating customers expand their spend over time.
A clear competitive moat: proprietary data, network effects, switching costs, or unique distribution.
An executive team with the experience and ambition to build a €100M+ revenue business.
Capital efficiency: how much ARR has been generated per euro of capital raised to date?

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