Welcome to another edition of My Unicorn Club - The Startup Newsletter. It's a biweekly FREE newsletter written by those on this side of the table (VCs & Investors) for those on that side (Founders & Startup Enthusiasts)
Yesterday, I ran a quick poll in the Inner Circle group (our space for the most engaged readers in MUC) and noticed a strong interest around one core topic: “Different Metrics for Different Stages of Funding.” So, I reached out to a few subscribers to dive deeper into their questions and pain points—and in today’s edition, I’m addressing exactly that.
If you’ve got specific questions you’d like answered in future editions, just reply to this email. I’ll make sure to include them.
In this edition, I have compiled the most current data on what investors are funding as of mid-2025. Read to know more about the shifts
In case you missed it: If you haven’t used the Startup Valuation Calculator yet, this is your chance to grab it at 50% off.
It also models:
Your 5-year revenue and EBITDA projections
Investor IRR, ROI, and exit value
A football field graph that visualizes your valuation range
The Numbers Game: Industry-Specific Traction Benchmarks
Let's start with the concrete numbers. I've organized these by industry since comparing a marketplace to a deep tech startup is like comparing apples to rocket ships.
🛒 Marketplaces & eCommerce
Pre-Seed: $10K–$500K in transaction revenue Seed: $250K–$3MM revenue run rate Series A: $7MM–$20MM revenue run rate
What's changed here? The Pre-Seed bar has lowered slightly from 2024. Investors are more willing to bet on early marketplace traction, but they're being much pickier about unit economics at Seed stage.
👥 Consumer & Social
Pre-Seed: 5K+ DAUs with strong engagement metrics Seed: 25K–100K DAUs, clear network effects, solid retention Series A: 600K+ DAUs
The big shift here is the focus on engagement over growth. I'm seeing investors dig deep into day-7 and day-30 retention rates rather than just looking at download numbers.
💻 SaaS (Software as a Service)
Pre-Seed: Paid pilots (yes, paid!) Seed: $30K–$150K MRR Series A: $250K MRR with 12 months of cohort data
This is where things get interesting. The "freemium until Series A" playbook is dead. Investors want to see actual paying customers from day one, even if it's just pilot revenue.
🧠 Deep Tech
Pre-Seed: Strong team, Letters of Intent, solid Proof of Concepts Seed: Validated PoCs, IP protection, continued team strength Series A: Commercial validation (actual customers using the tech)
Deep tech remains the most relationship-driven funding category, but even here, investors are pushing for earlier commercial validation.
The Full Funding Picture: What Each Round Looks Like
Beyond just revenue numbers, here's what investors are evaluating at each stage:
The key insight here? Investors care more about customer validation than perfect metrics. They want to see real people using and paying for your product, even if the numbers are small.
This is where product-market fit becomes non-negotiable. Investors want to see that you've moved beyond "people will use it" to "people will pay for it consistently."
Series A is all about expansion. Investors want to see that you've proven the model works and now you're ready to scale it aggressively.
Four Critical Insights for Your Fundraising Strategy
1. MRR is Still King (But Context Matters)
For SaaS startups, that $250K MRR threshold for Series A isn't just a number—it needs to come with 12 months of cohort data. Investors want to see customer behavior patterns, not just growth curves.
Action step: If you're building SaaS, start tracking cohort retention from your first paying customer. Use tools like Mixpanel or Amplitude to build these reports early.
2. DAU Quality Beats Quantity
Consumer startups need to shift focus from user acquisition to user engagement. The apps raising Series A rounds in 2025 have 600K+ DAUs, but more importantly, they have day-30 retention rates above 25%.
Action step: Audit your retention metrics. If day-7 retention is below 40% or day-30 is below 20%, pause growth spending and focus on product improvements.
3. Deep Tech Validation is Getting Earlier
Even in deep tech, where commercial validation traditionally came later, investors are pushing for real customer usage by Series A. This doesn't mean massive revenue, but it does mean someone is using your technology in production.
Action step: If you're building deep tech, start having commercial conversations 6-12 months before you plan to raise Series A. Even pilot programs count as validation.
4. Valuations Are Holding Steady
Despite all the market volatility, valuation ranges have remained surprisingly consistent with 2024 levels. This suggests investors are focusing more on fundamentals than market timing.
Action step: Don't wait for always "better market" to raise. If you hit these benchmarks, there's capital available at fair valuations.
Know how to “Time your Market” here for Fundraising :
Raising capital in 2025 isn't about having the perfect pitch deck or the most innovative idea. It's about having measurable traction that proves people want what you're building and will pay for it consistently.
The founders who are successfully raising rounds right now aren't the ones with the flashiest demos—they're the ones with the clearest evidence that their business model works.
Data sourced from FL.co/benchmarks, updated June 17, 2025
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