Series A
Series A playbook writing: metrics that matter, the deck, the data room, and how growth investors think.
14 articles
Uncapped SAFE Agreements: Risky Innovation or Fair Deal for Founders?
Uncapped SAFEs have no valuation cap, so investors convert at Series A price with no discount. We explain when they're founder-friendly vs. investor-aggressive and how they shift…
Multiple Convertible Notes: Managing Complexity with Serial Raises
Most startups raise multiple convertible notes from different investors before Series A. We explain cap table complexity, dilution stacking, and how to manage organizational…
Convertible Note Pro Formas: Modeling Conversion Scenarios Step by Step
Pro formas project how convertible notes impact your cap table at Series A conversion. We walk through building models, stress-testing scenarios, and using them to inform funding…
Discount Rate Strategy for Convertible Notes: 10%, 20%, or 30%?
Discount rates give convertible note investors a percentage off the Series A price as reward for early funding. We break down market ranges, negotiation tactics, and how discount…
Convertible Note Terms Explained: Discount Rate and Valuation Cap
The two critical terms on a convertible note are discount rate and valuation cap. These determine how much equity the investor receives when converting. Understanding how these…
Runway Calculation: How Many Months of Survival on Current Cash
Runway = Cash on hand / Monthly burn. Use net burn for profitability path, gross burn for conservative estimate. Most founders target 18-24 month runway post-Series A. Declining…
Gross Burn vs Net Burn: Which Startup Metric Actually Matters
Gross burn determines months of runway left. Net burn shows progress to profitability. Early stage focuses on gross burn (cash runway). Growth stage with revenue focuses on net…
SAFE Agreement Mechanics: Why It Is Not Equity Yet
SAFEs are post-money equity agreements with no debt, interest, or maturity dates. They convert to equity only at priced round or acquisition. On cap table: don't count as shares…
Employee Stock Option Pool: Sizing for Startup Growth Stages
ESOP sizing depends on growth stage. Seed stage: 10-20% of fully diluted cap table. Series A: 15-20%. Series B+: 10-15%. Most startups reserve new tranches each funding round to…
Series A Cap Table Impact: Common Stock vs Preferred Stock Explained
Series A introduces Preferred Stock with liquidation preferences that significantly affect cap table mechanics and exit outcomes. Understanding the distinction between Common…
The B2B2C Marketplace Bible: The Definitive Operating Guide for Founders
The definitive guide to building B2B2C marketplaces. Covers cold start, unit economics, pricing, supply management, enterprise sales, technology, financial modeling, fundraising,…
Startup Valuation Methods: Pre-Revenue to Growth Stage
Master startup valuation from pre-revenue stage through growth. Learn DCF, comparable company analysis, and venture capital methods to position your funding rounds effectively.
Gross Margin Analysis for SaaS: Benchmarks and Best Practices
Gross margin is revenue minus cost of goods sold, typically 50-90% for SaaS companies. Higher gross margins enable more spending on sales/marketing and allow faster scaling.…
How to Create a Startup Budget: From Zero to Series A
A startup budget projects expenses across hiring, infrastructure, and marketing for 12-24 months. Build bottom-up by estimating line items (salaries, tools, rent), model multiple…