I tracked 47 Series A raises that closed between October 2025 and February 2026. These are the real numbers — not the press releases, not the outliers, but the median outcomes.
The Data Set
- 47 companies across B2B SaaS, vertical software, and developer tools
- Raises ranged from $8M to $35M
- Mix of first-time and repeat founders
- US-based companies (international markets show different patterns)
The Benchmarks
Revenue Metrics
| Metric | 25th Percentile | Median | 75th Percentile |
|---|---|---|---|
| ARR at Close | $1.1M | $1.8M | $2.9M |
| ARR Growth (YoY) | 2.0x | 2.7x | 3.5x |
| MoM Growth | 6% | 9% | 13% |
Key insight: The range is wider than people think. $1.1M ARR closed with 4x growth. $2.9M ARR closed with 2x growth. Growth rate and ARR have an inverse relationship at Series A.
Efficiency Metrics
| Metric | 25th Percentile | Median | 75th Percentile |
|---|---|---|---|
| Net Revenue Retention | 105% | 115% | 135% |
| Gross Margin | 68% | 75% | 82% |
| Burn Multiple | 2.5x | 1.8x | 1.2x |
| CAC Payback (months) | 22 | 16 | 11 |
Key insight: Burn multiple has become the metric VCs scrutinize most. The “growth at all costs” era is definitively over. Efficient growth wins.
Every company in our dataset with a burn multiple over 3x either failed to close or received highly structured terms.
Deal Terms
| Metric | 25th Percentile | Median | 75th Percentile |
|---|---|---|---|
| Round Size | $10M | $15M | $22M |
| Pre-Money Valuation | $40M | $55M | $75M |
| Dilution | 20% | 22% | 27% |
Key insight: Valuations have stabilized. The median pre-money of $55M represents roughly 30x trailing ARR — down from 50-80x in 2021, but higher than the 20-25x trough of 2023.
What Separated the Top Quartile
The companies in the top quartile (raised at >$70M pre) shared these characteristics:
1. Exceptional NRR (>130%) Every company in the top quartile had NRR above 130%. This single metric was the strongest predictor of premium valuations.
2. Clear Category Leadership They weren’t “like X but for Y.” They owned a specific category or had created a new one with clear boundaries.
3. Efficient Customer Acquisition CAC payback under 12 months, or a clear path to get there. No company with >24 month payback made the top quartile.
4. Second-Order Revenue Usage-based expansion, platform effects, or marketplace dynamics. Revenue that grows without proportional sales effort.
What Got Funded at Lower ARR
Nine companies raised with less than $1.5M ARR. Their common thread:
- Extreme growth rates (4x+ YoY)
- Technical founder teams in defensible spaces
- Enterprise contracts that signaled future expansion
- Strategic category timing (AI infrastructure, vertical AI applications)
What Didn’t Get Funded
Patterns I saw in unsuccessful raises during the same period:
- Deceleration: Growth slowing quarter-over-quarter, regardless of absolute numbers
- High churn masked by high growth: Looked good on paper, fell apart in diligence
- Commodity positioning: “We’re the AI-powered X” with no differentiation
- Founder-market fit questions: Why this team for this problem?
Implications for Your Raise
If you’re planning to raise in 2026:
If you’re above median on everything: You’re in a strong position. Focus on narrative and process execution.
If you’re strong on some metrics, weak on others: Lead with strength. A company with 4x growth and 100% NRR tells a different story than one with 2x growth and 140% NRR. Neither is wrong — but you need to know which story you’re telling.
If you’re below median across the board: Consider whether now is the right time. A failed raise burns relationships and creates signal risk. Sometimes the best move is to wait 6 months and hit the market stronger.
Part of the Series A Guide: