The Finance Function SaaS Founders Build Too Late
Most seed-stage founders can tell you their ARR and their headcount. Ask them for net revenue retention by cohort and you usually get a pause, followed by a spreadsheet that doesn't quite answer the question.
That gap sinks more Series A rounds than founders expect. The product can be good and the team can be strong, but if nobody built the finance function, the numbers fall apart as soon as diligence starts. The odds are already long. Carta tracked startups that raised a seed round in the first quarter of 2021 and found that only 32.9% had raised a Series A within two years. Most seed companies never make the jump, and a messy data room is one of the more avoidable reasons.
I work inside VC-backed startups on this problem. These are the gaps I see most often, and what I'd put in place instead.
The three numbers your...
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