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9 Key Milestones
from Seed to Series A
@louicop, Point Nine Capital, NUMA Berlin, May 2017
Agenda
Short intro
9 Key Milestones from Seed to Series A
@louicop
Disclaimer
@louicop
Tech studies
Business studies
VC
Startup
Tech & Business studies
VC
MS in Applied Maths & Computer Science
Telecom Pariste...
@PointNineCap
SaaS - Data & ML
SaaS - Dev Tools
SaaS - App. Layer
@PointNineCap
Other
Marketplaces
Early-stage (100k-1m€),...
Agenda
@louicop
Short intro
9 Key Milestones from Seed to Series A
A Series A: not just 1 target metric
Series A stage: PMF* or T/T/T** alignment
Plan for 18-24 months
12 months to be ready...
Net negative churn or viral acquisition
12-month Target for SaaS
Good idea of Payback Ratio
0 =>100k MRR - 3X YoY growth
2...
Unit economics work — at scale
12-month Target for Marketplaces
NR — From 50k€ to 200k€
GMV — from 50-200k€ to 500k-1M €
2...
Don’t hire expensive people
#1 Prio — Building Your Core Team
Attract AND Manage great people
Start hiring early
3.
@louic...
Spend time on onboarding employees
“Culture eats strategy for breakfast, technology for
lunch, and products for dinner”
Es...
Understand SQL costs per channel
Marketing for SaaS: Try, Fail, Succeed
Experiment with many channels
Keep on growing orga...
Think about professionalizing supply
Marketing for Marketplaces: A Numbers Game
Start establishing a brand
Make sure 1 pai...
Start selling in multiple countries
Sales for SaaS: Build and Monitor your Pipeline
Understand repeatability of sales
Moni...
Keep spending >50% your budget
Tech: Set up Processes but Maintain Agility
Make sure the tech does not break
Refactor the ...
Utilise VCs’ resources
Manage your relationship with investors
Maintain trust and transparency
Build the right reporting e...
Tell a story, don’t show only KPIs
12 months after: On the road(show) again
Ask for warm intros
Inquire about existing inv...
Summary?
@louicop
„PRE-SEED“ SEED SERIES A SERIES B SERIES C
$500k-$1MAMOUNT
VALUATION
INVESTORS
$1-5M
Friends & Family, Angels, 

Pre-Seed ...
10.
Get in touch!
louis@pointninecap.com
@louicop
submit@pointninecap.com
9 Key Milestones from Seed to Series A
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9 Key Milestones from Seed to Series A

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Raising a seed round is an accomplishment in itself, but it’s also the very beginning of a long story of ups and down in a startup journey. As Mikkel Svanne, CEO of Zendesk, emphasized at P9 Founder SaaScamp last year, the playbook changes entirely from 0–10k MRR, from 10k to 1M of MRR, from 1M to 10M, and from 10 to 100M when it comes to a SaaS business. Kolja at Delivery Hero would probably see it similarly for Marketplace businesses.
The presentation below focuses on this second stage: from 10k to 100k MRR for SaaS , or from 100k GMV to 500k GMV for marketplaces.
It consists of 9 parts, each of which tackles a specific topic: planning, target metrics for Series A, team and culture building, marketing and sales strategies, tech scaling, investors relationship and… fundraising strategies at the Series A stage.

Publié dans : Logiciels
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9 Key Milestones from Seed to Series A

  1. 1. 9 Key Milestones from Seed to Series A @louicop, Point Nine Capital, NUMA Berlin, May 2017
  2. 2. Agenda Short intro 9 Key Milestones from Seed to Series A @louicop
  3. 3. Disclaimer @louicop
  4. 4. Tech studies Business studies VC Startup Tech & Business studies VC MS in Applied Maths & Computer Science Telecom Paristech 2011-2013 | Paris, FR Master in Management HEC Paris 2013-2014 | Paris, FR Analyst Alven Capital 2014-2015 | Paris, FR Entrepreneur in Residence OptioPay 2015 | Berlin, GER Master of Science in Management Studies MIT Sloan School of Management 2015-2016 | Cambridge, MA, USA Associate Point Nine Capital 2016-Present | Berlin, GER & Paris, FR @louicop
  5. 5. @PointNineCap SaaS - Data & ML SaaS - Dev Tools SaaS - App. Layer @PointNineCap Other Marketplaces Early-stage (100k-1m€), +150m€ in funds 80 portfolio companies, 20 countries Berlin-based
  6. 6. Agenda @louicop Short intro 9 Key Milestones from Seed to Series A
  7. 7. A Series A: not just 1 target metric Series A stage: PMF* or T/T/T** alignment Plan for 18-24 months 12 months to be ready 1. **Team/Traction/Tech *Product Market Fit @louicop
  8. 8. Net negative churn or viral acquisition 12-month Target for SaaS Good idea of Payback Ratio 0 =>100k MRR - 3X YoY growth 2.a @louicop
  9. 9. Unit economics work — at scale 12-month Target for Marketplaces NR — From 50k€ to 200k€ GMV — from 50-200k€ to 500k-1M € 2.b @louicop
  10. 10. Don’t hire expensive people #1 Prio — Building Your Core Team Attract AND Manage great people Start hiring early 3. @louicop
  11. 11. Spend time on onboarding employees “Culture eats strategy for breakfast, technology for lunch, and products for dinner” Establish your culture Don’t hire too fast 4.
  12. 12. Understand SQL costs per channel Marketing for SaaS: Try, Fail, Succeed Experiment with many channels Keep on growing organic traffic 5.a @louicop
  13. 13. Think about professionalizing supply Marketing for Marketplaces: A Numbers Game Start establishing a brand Make sure 1 paid channel works 5.b @louicop
  14. 14. Start selling in multiple countries Sales for SaaS: Build and Monitor your Pipeline Understand repeatability of sales Monitor conversion rates in the pipe 6.6. @louicop
  15. 15. Keep spending >50% your budget Tech: Set up Processes but Maintain Agility Make sure the tech does not break Refactor the code early 7. @louicop
  16. 16. Utilise VCs’ resources Manage your relationship with investors Maintain trust and transparency Build the right reporting early on 8. @louicop
  17. 17. Tell a story, don’t show only KPIs 12 months after: On the road(show) again Ask for warm intros Inquire about existing investors’ commitment 9. @louicop
  18. 18. Summary? @louicop
  19. 19. „PRE-SEED“ SEED SERIES A SERIES B SERIES C $500k-$1MAMOUNT VALUATION INVESTORS $1-5M Friends & Family, Angels, 
 Pre-Seed Funds $1-3M $3-8M $5-12M Angels, Micro VCs VCs VCs VCs, PE $10-40M $50-200M $10-30M MONTHLY GMV $50-200K $500k-1M $5-10M TEAM Senior leadership in most functions. Proven ability to recruit senior people. $100M+ $20M+ $30M+ SUPPLY & DEMAND DYNAMICS Smart, committed guys/girls with relevant expertise/skills. No „star“ VPs yet. Often good director- level hires. Proven ability to attract & manage great people. Complete senior management team. Demand is enthusiasts and early fans. Supply is individual sellers, “mom and pop” shops. Customer acquisition is (largely) organic. MARKETING & GROWTH Understanding of best practices; good ideas. Strong indications of demand (e.g. organic trial signups). Strong organic demand. Success with at least one (not necessarily scalable) customer acquisition channel. Excellent understanding of growth/marketing costs and CAC payback times by channel. Increasing confidence in the scalability of the growth/marketing machine. Predictable, profitable, scalable growth/ marketing machine. DEFENSIBILITY PRODUCT/ MARKET FIT Market research indicates strong need for the product. Prototype / basic product with first activity. Strong indications of PMF from early customers/users. Initial liquidity on the platform. MARKET /
 POTENTIAL Belief in $100M+ of GMV. GooD LUCK! :-) Point Nine and Version One MARKETPLACE FUNDING IN 2016 Clear PMF and Increasing evidence of PMF in larger market. ~ ~ TECH Stellar growth-hacking co-founder. Strong tech co-founder with relevant experience is a big plus. Proven ability to move fast & break things … with emphasis on moving fast. :) Starting to think about building robust tech with scalability and putting processes in place. Proven ability to attract and manage great engineers. Product scales, but still breaks once in a while. Continued high product development velocity. Excellent tech leadership. Product doesn’t break with scale. Product meets security and trust and safety standards for all activity transacted on the marketplace. ~ MONTHLY NET REVENUE < $50K < $200K $200-500K $1M+ Demand moves towards mainstream buyers. Supply is professionalised. Customer acquisition is largely paid. Conviction that there is $100M+ of GMV. Increasing evidence of $1bn of GMV. Increasing evidence of $1-10bn of GMV. Increasing evidence of $10bn+ of GMV. Increasing network effects UNIT ECONOMICS Unit economics should work based on intuitive theory. Some evidence unit economics work. Unit economics work and indications they will continue to work at scale. Conviction unit economics work at scale or they work already. Unit economics work.
  20. 20. 10. Get in touch! louis@pointninecap.com @louicop submit@pointninecap.com

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