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Where is Hyrax in the company lifecycle?
What is already committed
$3M+
a year in salary and benefits, fully loaded
13
people. 7 engineering and product, 1 marketing, 1 founding AE, 4 part time GTM specialists
0
of that figure is tools, media, cloud or model tokens
Where that puts us today
24 months
Inception
$0 raised
1 to 2 foundersNo productNo revenue
Pre-seed
$1M raised
2 to 3 peopleA prototypeNo revenue
Seed
$3M to $4M raised
4 to 5 peopleNo product yetNo revenue
We are here
Hyrax today
$8M to $10M raised
13 people682 signups in 30 days23 new accounts a day
Where we need to be
Series A
$20M+ raised
$3.0M revenue125% growth120% NRR
Series B
$50M+ raised
$5M to $10M revenue100% growth110% NRR
Our mandate: Build a repeatable, high-velocity distribution engine that hits the Series A metrics.
Hyrax headcount and compensation. Carta State of Startup Compensation H2 2025. Kruze Consulting loaded cost rates. PitchBook-NVCA and Carta Q1 2026 median round sizes. Carta August 2025 for $3.0M median ARR at Series A. Bessemer State of the Cloud 2023 for 125% growth and 120% NRR at Series A and 100% growth and 110% NRR at Series B. CRV on 18 to 24 months of runway from a seed round. Signups from PostHog project 436309 for the 30 days to 2026-09-10, internal domains excluded.
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Slide 2 of 9
Seed investors fund founders and their vision; Series A requires proof.
Product market fit
MedianTop quartile
Activation20%40%
DAU/MAU30%40%
Logo retention90%95%
GRR80%90%
NRR110%120%
Traction and revenue
MedianTop quartile
ARR$3.0M$7.0M
ARR growth75%125%
Free to paid5%10%
CAC payback14 mo6 mo
A repeatable way to grow
MedianTop quartile
Visitor to signup5%6%
Organic share of pipeline30%—
SaaS magic number1.0x4.0x
LTV:CAC6x8x
Burn multiple1.2x1.0x
Gross margin65%80%
Median is the bar a Series A is underwritten against. Top quartile is what a competitive round looks like.
Carta August 2025 for ARR at Series A, $3.0M median and close to $7.0M at the 75th percentile. Bessemer State of the Cloud 2023 for ARR growth, CAC payback, logo retention and NRR, and Scaling to $100 Million for gross margin at 65% to 70% at any maturity. ICONIQ Enterprise Five for GRR, SaaS magic number and LTV:CAC. Matrix, David Skok, for LTV:CAC at 7x to 8x. OpenView Product Benchmarks 2020 to 2023, up to 1,000 participants, for activation, free to paid and visitor to signup. Accel, Miles Clements, for DAU/MAU and organic share. Craft Ventures, David Sacks, for burn multiple. Nobody publishes a top quartile figure for organic share. Fund by fund detail in the appendix.
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Slide 3 of 9
Twenty four months from today to a closed Series A
From a working product today to $3.0M of ARR at month 18, the median a Series A requires
Month 0Working product. 682 signups in the last 30 days
Month 32,213 cumulative signups. 18 paying workspaces
Month 6Product market fit proven
Month 9One acquisition channel identified
Month 12The raise opens
Month 14Monthly updates to 20 to 30 funds
Month 18$3.0M of ARR. Ready to pitch
Month 24Series A closed
Pillar 1
Months 1 to 6
Product market fit
GRR90%
NRR100%
Week 4 retention23%
Month 6 MRR$27K
Users come back without being asked.
Pillar 2
Months 7 to 12
Traction and revenue
LTV:CAC6:1
CAC payback12 mo
SaaS magic number1.0x
Month 12 ARR$1.4M
People pay and we know what each customer costs.
Pillar 3
Months 13 to 18
A repeatable way to grow
MoM growth7.0%
YoY growth125%
Gross margin65%
Burn multiple1.2x
Month 18 ARR$3.0M
Spending more does not raise the cost per customer.
The raise
Months 19 to 24
The round closes
NRR120%
LTV:CAC8:1
CAC payback6 mo
These three numbers are checked again before the money moves.
Product market fit is proven at month 6 and the growth engine at month 12. The raise opens at month 12 and the $3.0M bar is cleared at month 18.
Thresholds: ICONIQ Enterprise Five for GRR, SaaS magic number and LTV:CAC. Bessemer State of the Cloud 2023 for NRR, CAC payback, YoY growth and burn multiple. Bessemer Scaling to $100 Million for gross margin at 65% to 70% at any maturity. Matrix, David Skok, for LTV:CAC at 7x to 8x. OpenView Product Benchmarks for the day 28 cohort figure of 23%, published by Boldstart off OpenView data and the only weekly or daily retention number in the set. The $3.0M target is Carta's August 2025 median ARR at Series A in 2024, supported by CRV at $2M to $5M for a competitive round, Bessemer's $3M Shooting Star in year one and Emergence at $3M to $4M for AI-native companies. Interim revenue applies OpenView conversion timing, 54% of conversions inside three months and 85% inside a year, to our own signup ladder. MoM of 7.0% is the monthly equivalent of 125% a year. Signups from PostHog project 436309, internal domains excluded.
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