Dear SaaStr: What Are The Top 10 Metrics Series A Investors Look At?

Summary

Jason Lemkin outlines the top 10 metrics seed‑stage SaaS startups must prioritize to secure a Series A, led by rapid ARR growth (ideally 7–15% month‑over‑month toward $1M ARR) and strong retention signals like 100%+ NDR and 90%+ GRR. He emphasizes unit economics and efficiency—CAC payback under 12 months, a burn multiple of 1–2×, and sales efficiency metrics (Magic Number ≥1 or LTV/CAC ~3:1)—plus leading indicators such as Lead Velocity Rate, pipeline coverage (≈3× target), product stickiness, and customer satisfaction. The framework signals investors look for scalable, capital‑efficient growth and customer love; weaknesses in one metric must be offset by strengths in others to demonstrate readiness to scale.