Ventures Board Slides Series B Companies Analysis
"Explore the confidential insights and performance metrics for Series B companies in September 2023 from Battery Ventures' fundamental board slides. Dive into marketing, sales, and customer success data to understand demand generation efficiency, sales overview, product breakdown, AE performance, implementation cycle, and gross retention rates."
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Battery Ventures Fundamental Board Slides For Series B Companies September 2023 CONFIDENTIAL DO NOT DISTRIBUTE CONFIDENTIAL DO NOT DISTRIBUTE
Marketing CONFIDENTIAL DO NOT DISTRIBUTE CONFIDENTIAL DO NOT DISTRIBUTE 1
Marketing: Demand Gen Efficiency Q2 Q1 Q4 Q3 Q2 Demos Requested (#) [e.g., 2,000] Demos Delivered (#) [e.g., 1,500] New Opportunities Created (#) [e.g., 750] Pipe Created Dollars ($M) [e.g., $13.5] Marketing Spend ($M) [e.g., $7.5] Cost Per Opportunity ($) [e.g., $10,000] CONFIDENTIAL DO NOT DISTRIBUTE
Sales CONFIDENTIAL DO NOT DISTRIBUTE CONFIDENTIAL DO NOT DISTRIBUTE 3
Sales: FY23 Q2 Overview Q2 Q1 Q4 Q3 Q2 Total ARR ($M) [e.g., $35.0] Bookings Plan (ARR, $M) [e.g., $45.5] New Customers (#) [e.g., 400] Avg. Contract Value ($M) [e.g., $3.0] Avg. Revenue per Account ($M) [e.g., $2.5] Avg. Sales Cycle (Days) [e.g., 45.8] New vs. Expansion ($M) [e.g., $5 / $5 ] CONFIDENTIAL DO NOT DISTRIBUTE
Sales: Product Breakdown Q2 Q1 Q4 Q3 Q2 Total ARR ($M) [e.g., $35.0] Product A ($M) [e.g., $10.0] Product B ($M) [e.g., $8.5] Product C ($M) [e.g., $5.5] CONFIDENTIAL DO NOT DISTRIBUTE
Sales: AE Performance Attainment Participation Q2 Q1 Q2 Q1 Enterprise AEs [e.g., 7 of 8] Mid-Market AEs [e.g., 5 of 5] SMB AEs [e.g., 6 of 9] CONFIDENTIAL DO NOT DISTRIBUTE
Customer Success CONFIDENTIAL DO NOT DISTRIBUTE CONFIDENTIAL DO NOT DISTRIBUTE 7
Customer Success: Implementation Cycle Q2 Q1 Q4 Q3 Q2 New Customers Signed (#) [e.g., 350] Cohort in Implementation (#) [e.g., 200] Cohort Completed Implementation (#) [e.g., 150] Avg. Time to Kickoff (Days) [e.g., 12.5] Avg. Time to Go-Live (Days) [e.g., 45.5] CONFIDENTIAL DO NOT DISTRIBUTE
Customer Success: Gross Retention By Count Q2 Q1 Q4 Q3 Q2 Starting Customers (#) [e.g., 1,500] Customer Cancellations (#) [e.g., 150] Ending Customers (#) [e.g., 1,350] = Gross Retention Rate (%) [e.g., 90%] By Dollars Q2 Q1 Q4 Q3 Q2 Starting Customers ($M) [e.g., $45.0] Customer Cancellations ($M) [e.g., 4.5] Ending Customers ($M) [e.g., 40.5] = Gross Retention Rate (%) [e.g., 90%] CONFIDENTIAL DO NOT DISTRIBUTE
Customer Success: Net Retention Q2 Q1 Q4 Q3 Q2 Available to Renew ($M) [e.g., $15.0] - Churn ($M) [e.g., ($1.5)] - Downsell ($M) [e.g., ($2.0)] + Expansion ($M) [e.g., $3.0] = NRR / NDR ($M) [e.g., 95%] CONFIDENTIAL DO NOT DISTRIBUTE
Customer Success: Satisfaction Q2 Q1 Q4 Q3 Q2 CSAT [e.g., 87] NPS [e.g., 7.9] Tickets Created [e.g., 6,700] Tickets Resolved [e.g., 3,500] Backlog [e.g., 3,200] Avg. Resolution Time (Days) [e.g., 1.3] CONFIDENTIAL DO NOT DISTRIBUTE
People and HR CONFIDENTIAL DO NOT DISTRIBUTE CONFIDENTIAL DO NOT DISTRIBUTE 12
People and HR: Employee Demographics Q2 Q1 Q4 Q3 Q2 New Employees Hired (#) [e.g., 80] Employee Attrition Voluntary (#) [e.g., 20] Employee Attrition Involuntary (#) [e.g., 12] Employee Attrition Regrettable (#) [e.g., 4] Employee Attrition Non-Regrettable (#) [e.g., 15] Avg. Employee Tenure (Years) [e.g., 3.4] Promotions (% promoted in quarter) [e.g., 18%] CONFIDENTIAL DO NOT DISTRIBUTE
People and HR: Recruiting Q2 Q1 Q4 Q3 Q2 Total Employee Count (#) [e.g., 80] Open Roles (#) [e.g., 20] Offer Acceptance Rate (%) [e.g., 12] Avg. Time to Fill Roles (Months) [e.g., 4] Recruiter Capacity (% vs. # open roles) [e.g., 300%] Avg. Employee Tenure (Years) [e.g., 3.4] Promotions (% promoted in quarter) [e.g., 18%] CONFIDENTIAL DO NOT DISTRIBUTE
Finance CONFIDENTIAL DO NOT DISTRIBUTE CONFIDENTIAL DO NOT DISTRIBUTE 15
Finance: Quarterly Overview Q2 Q1 Q4 Q3 Q2 Net New ARR vs. Quota (%) [e.g., 105%] NRR (%) [e.g., 120%] Cash ($M) [e.g., $18.3] Collections ($M) [e.g., $5.5] Customers (#) [e.g., 1,800] Employees (#) [e.g., 200] CONFIDENTIAL DO NOT DISTRIBUTE
Finance: Detailed Bookings (Dollars) Q2 Q1 Q4 Q3 Q2 Starting ARR ($M) [e.g., $13.5] + New Logos [e.g., $2.1] + New Cross-sell [e.g., $1.0] + New Upsell [e.g., $0.5] - Downsell [e.g., ($1.0)] - Churn [e.g., ($1.5)] = Ending ARR [e.g., $15.2] CONFIDENTIAL DO NOT DISTRIBUTE
Finance: Detailed Bookings (Logos) Q2 Q1 Q4 Q3 Q2 Starting ARR (#) [e.g., 1,500] + New Logos [e.g., 200] - Churn [e.g., (85)] = Net Logos [e.g., 1,615] CONFIDENTIAL DO NOT DISTRIBUTE
Finance: P&L Slides Q2 Q1 Q4 Q3 Q2 Revenue ($M) [e.g., $3.5] COGS ($M) [e.g., $0.8] Gross Margin (%) [e.g., 80%] S&M % Spend Revenue (%) [e.g., 50%] R&D % Spend Revenue (%) [e.g., 45%] G&A % Spend Revenue (%) [e.g., 30%] CONFIDENTIAL DO NOT DISTRIBUTE
Finance: Efficiency Metrics Q2 Q1 Q4 Q3 Q2 Net Sales Efficiency (Net New ARR / S&M Spend) [e.g., 1.6x] Burn Multiple (Cash Burn / Net New ARR) [e.g., 1.2x] ARR CAC Payback (Months) (S&M Spend*12 / New ARR) [e.g., 3.5] CAC Payback, GM Adjusted (Months) [e.g., 5.7] Rule of 40 (ARR Growth + LTM EBITDA Margin) [e.g., 55] ARR per Employee ($) [e.g., $1,500] CONFIDENTIAL DO NOT DISTRIBUTE
Finance: Cash Management Q2 Q1 Q4 Q3 Q2 Ending Cash Balance ($M) [e.g., 18.5] Collections ($M) [e.g., 5.5] Cash Burn, Month Average ($M) [e.g., 3.0] Cash Runway (Months) [e.g., 18.5] CONFIDENTIAL DO NOT DISTRIBUTE
Product & Development CONFIDENTIAL DO NOT DISTRIBUTE CONFIDENTIAL DO NOT DISTRIBUTE 22
Product and Development Product and Development Metric Definitions Product and Development Metrics Cycle Time The time it takes for a single engineering event to go through all phases, from code to production Cycle Time (Days) [e.g., 10] Coding Time (Days) [e.g., 15] Coding Time The time from first commit to when a pull request is issued Pickup Time (Days) [e.g., 3] Pickup Time The time a pull request waits before it is reviewed Review Time The time it takes to complete a review and get the pull request merged Review Time (Days) [e.g., 2.5] Deploy Time The time from when code is merged to when it is deployed Deploy Time (Days) [e.g., 3] Deployment Frequency (Days) [e.g., 35] Deployment Frequency How often code is released Pull Request Size (# Lines of Code) Pull Request Size The number of lines of code modified in a pull request [e.g., 83] Rework Rate The changes made to code that is less than 21 days old Rework Rate (%) [e.g., 12%] Planning Accuracy The amount of work planned versus delivered in a sprint Planning Accuracy (%) [e.g., 60%] CONFIDENTIAL DO NOT DISTRIBUTE
