Slide 1 of 9
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%
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
Month 0Working product. 979 signups, 3 paying customers
Month 32,213 cumulative signups. 18 paying workspaces
Month 6Product market fit proven
Month 9Search reaches $72 a signup, from $121
Month 12The raise opens
Month 15Partner meetings. $2.4M of ARR
Month 18$3.5M of ARR
Month 22Term sheet signed
Month 24Money wired. $7.0M if conversion doubles
Pillar 1
Months 1 to 6
Product market fit
Activation40%
DAU/MAU40%
GRR90%
NRR120%
Pillar 2
Months 7 to 12
Traction and revenue
Free to paid10%
LTV:CAC8:1
CAC payback6 mo
Month 12 ARR$1.4M
Pillar 3
Months 13 to 18
A repeatable way to grow
YoY growth125%
SaaS magic number1.0x
Burn multiple1.0x
Gross margin80%
Month 18 ARR$3.5M
20,468 signups make this a $3.5M company at a 5% conversion rate and a $7.0M company at 10%. Nine of the funds we would raise from publish the same playbook for getting to 10%.
Every threshold below is the top quartile figure from slide 2. SaaS magic number is held at 1.0x, which is the Series A figure, rather than the 4.0x ICONIQ publishes for later stages. Sources: 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 are unique accounts created from 2026-08-10, when the event began firing, to 2026-09-18. PostHog project 436309, internal domains excluded.
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