Shaan Puri’s Recommended Metrics by Stage: Pre-Seed, Seed, and Series A Benchmarks

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When founders ask, “What numbers do I need for investors to take me seriously?” I always point them to Shaan Puri’s metrics. If you want to set realistic startup benchmarks for each stage—Pre-Seed, Seed, and Series A—you can’t afford to guess. In this comprehensive guide, I’ll break down the exact traction goals, KPIs, and fundraising signals Shaan Puri recommends, plus provide context and action plans that are battle-tested by successful founders. Knowing your numbers is the difference between a warm ‘yes’ and cold investor silence.

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Shaan Puri’s Recommended Metrics by Stage: Pre-Seed, Seed, and Series A Benchmarks

Here’s what you can expect:

Practical definitions and targets for pre-seed, seed, and Series A metrics
Actionable examples and comparisons
Real-life advice on what investors want (and what they don’t care about)
Links to deeper analysis on fundable traction, pitch decks, and fundraising advice from Capitaly.vc

What Are Shaan Puri’s Metrics by Stage?

Shaan Puri’s startup metric playbook is a collection of simple, hard-hitting rules for each fundraising stage. These are traction goals for pre-seed, seed, and Series A that signal readiness to investors. He says: don’t hide behind vanity stats. Instead, get clear on what matters at each milestone.

Why Do Metrics Matter More Than Ever in Fundraising?

VCs see thousands of decks a year. Everyone claims traction. Only founders who show startup benchmarks that align with Shaan Puri’s standards stand out. This matters because metrics offer:

Proof of progress and execution
Clarity on product-market fit and customer love
A reason for investors to bet big

That’s what moves your raise forward—especially if you want to raise capital at the speed of AI. For a practical due diligence checklist, see our blog post: The Due Diligence Checklist for Early-Stage Founders.

Defining Pre-Seed Metrics: What Do Investors Want?

At pre-seed, Shaan Puri’s metrics focus on “early proof.” Investors want signals that you can:

Build a minimum viable product (MVP)
Attract real users—ideally, 500-1,000 MAUs (Monthly Active Users)
Show retention: do 20-40% come back weekly or monthly?
Demonstrate at least one revenue event—even a single customer matters more than zero.

He says: “Your job is not to look big, but to prove you exist.” Think tiny numbers—but real. Nothing fake or fluffed.

Pre-Seed Traction Goal Examples

Let’s get practical. Common pre-seed benchmarks Shaan Puri loves:

Launched MVP to 500+ people; got their emails/feedback
First paying customer—no matter how small the payment
Signups from cold outreach (not just friends/family)
Early LTV:CAC data (even rough estimates)

If you’re pre-product, your “traction” might be a waitlist. Make the quality of that waitlist obvious: are they real, potential buyers? Even better: can you pre-sell?

Seed Metrics: How Big Is ‘Enough’ for Seed Money?

For seed metrics, numbers need to be measurable and growing. Shaan Puri’s rule: “Show you can grow something small into something real.” Seed usually means:

Monthly Active Users (MAU): 2,000+ (ideally 5,000-10,000 for B2C)
Revenue: $10K-$50K MRR (Monthly Recurring Revenue), depending on the business
User retention: 20-50% monthly returning users
Pipelines: 10+ active deals or enterprise pilots

Do you need all of these? No—but you should hit at least two. Remember: consistency trumps flashiness. For more context, see our blog post: Fundraising Metrics for Startups: What VCs Want to See.

Seed Fundraising Readiness Checklist

Are you ready to raise seed? Match these startup benchmarks:

Steady user/revenue growth (5-15% MoM is a strong target)
Early customer testimonials, reviews, or NPS (Net Promoter Score)
Clear data on your sales funnel: acquisition, engagement, retention
Sharp narrative about why now—and why you win

Don’t have a cohesive story? Investors will pass. For tips on storytelling, check out our blog post: How to Craft Your Startup Narrative for Investors.

Series A Metrics: What Sets Real Leaders Apart?

Series A is about scale and efficiency. Shaan Puri’s benchmarks for Series A look like:

$100K Monthly Recurring Revenue (for SaaS/B2B)
30%+ MoM revenue growth (3-5x YoY)
Enterprise pipeline: 20+ accounts, 6-12 month closes
Retention: 60-90% 6-month retention for consumer; 90%+ for B2B

If your ARPU is high (average revenue per user), you might get away with fewer users—but their engagement must be deep. Investors want proof people pay, stay, and multiply.

Which Metrics Matter Most for Each Business Model?

Shaan Puri metrics flex by sector:

SaaS: MRR, logo count, churn
B2C: DAU:MAU ratio, time spent in app, viral coefficients
Marketplaces: GMV (Gross Merchandise Value), take rate, supply/demand side ratio
Enterprise: ACV (Average Contract Value), sales cycles, expansion revenue

Don’t compare your consumer social app to a vertical SaaS tool—context always matters. For more on SaaS metrics, see our blog post: SaaS Benchmarks: Metrics and Growth Rates VCs Expect.

How to Track and Report These Startup Benchmarks

Two words: keep it simple. Shaan Puri recommends sharing metrics:

Visually (charts, not spreadsheets)
Month-over-month and quarter-over-quarter
With brief context – “here’s what changed, here’s what we’re trying next”

Pro tip: Investors love updates that are boringly reliable. Don’t just pitch—engage by showing your learning velocity.

What Are Modern ‘Traction’ Metrics (Not Just MAU or ARR)?

Today’s savvy investors want to see:

Engagement depth—sessions/user/week
Virality (K-factor, invites sent/share rates)
Upsell/adoption rate for new features
Customer love—measured by NPS or qualitative stories

Shaan Puri often says: “Numbers ≠ impact. Impact numbers = story.” Pair quant with qualitative proof.

Qualitative ‘Metrics’: When Stories Beat Spreadsheets

Sometimes your most valuable metric is an email from a fan, or a tweet from an influencer. Before product-market fit, Shaan Puri’s advice: show investor emails where users say ‘my life is better because of this.’

Don’t bury these stories—they often tip the scale for pre-seed and seed rounds. For more on leveraging social proof, see our blog post: Using Social Proof in Your Fundraise.

What Common Mistakes to Avoid with Traction Goals?

Founders often flub Shaan Puri metrics by:

Counting vanity metrics (download spikes, total signups) instead of retention or growth
Overcomplicating data—16 KPIs, none meaningful
Relying on pilot customers that never convert
Ignoring negative churn or cohort retention

Keep your dashboard lean and actionable—show proof, not noise.

How Quickly Should You Hit Each Benchmark?

Shaan Puri’s advice: “Momentum beats perfection.” Aim to hit:

Pre-seed: 3-6 months of fast iteration (pre-launch or MVP traction)
Seed: 6-12 months showing real user/revenue growth
Series A: 12-18 months compounding growth and repeatable sales

Pace matters. Stick to a tight loop—build, get feedback, measure, repeat. Don’t raise just because ‘it’s time’—raise because your traction says so.

How Does Fundraising Environment Affect These Targets?

Metric expectations shift:

Hot markets: Slightly lower benchmarks, but competition for dollars is fierce
Cold markets: Higher bar for Series A; may need $150K+ MRR or double the customers

Always check recent deals and talk to founders a step ahead. For a tactical update on the 2024 VC market, see our blog post: The New Seed Round Reality in 2024.

Best Practices to Communicate Metrics in Your Fundraise

Investors respond to:

Cohort charts (user retention over time)
Clear, simple slides—one takeaway per slide
Progress since last raise (“6 months ago we had 5 clients, now 20”)

Show you know your numbers cold, and that you’ve learned from them.

Using These Metrics to Set Internal Goals

Don’t just meet Shaan Puri’s metrics—use them to set milestones:

Weekly check-ins on user numbers and retention
Early warning triggers for churn or declining engagement
Celebrate process, not just results: reward learning and iteration

This builds an investor-ready culture and helps you raise before you need money.

How to Leverage Metrics for a Data-Driven Story

Shaan Puri says your numbers should create the story arc:

Problem and initial traction (“we launched in May, saw 40% retention”)
Improvement (“we experimented, grew to 200% MoM”)
Big vision (“at this rate, we can be at 50K users by year’s end”)

Narrative + numbers = irresistible pitch. For tips, see our blog post: How to Craft Your Startup Narrative for Investors.

How VCs Use These Metrics to Benchmark You

Investor reality: They don’t just look at your numbers in isolation—they compare you to their pipeline:

Are you in the top 10% for growth, or retention?
Are your numbers real or likely to fall off?
Do founders know how to diagnose and improve their traction?

Make sure you’re not just hitting Shaan Puri metrics—you’re beating peers vying for the same pool of investment dollars.

Smart Ways to Get ‘Investor-Grade’ Metrics Before You Raise

Here’s how resourceful founders get ready to raise:

Run fake door or landing page tests to validate demand
Presell or take deposits—test “will they pay,” not just “will they say yes”
Measure cohort behavior over time (not just top-line traffic)
Build referral programs to test virality and customer love

The earlier you pressure-test these, the less likely you’ll flop in due diligence.

Maintaining Momentum Post-Fundraise Using These Benchmarks

After closing your round, keep momentum by:

Doubling down on what’s working in your growth engine
Sharing monthly updates with investors (numbers & learnings)
Setting quarterly “metric sprints” for your team

This keeps you accountable and helps tee up the next round. For tips on investor updates, see our blog post: How to Write Investor Updates.

Where to Find Real-World Shaan Puri Metrics and Benchmarks

Stay current:

Follow Shaan Puri on X and his podcast “My First Million”
Study decks from fast-growing Y Combinator/Seedcamp alumni
DM founders who just raised a round—ask what moved the needle

The best advice is never in a blog alone. Learn from founders a year ahead of you.

FAQs on Shaan Puri Metrics, Startup Benchmarks, and Fundraising Readiness

What’s the minimum traction I need at pre-seed?
An MVP, 500+ active users, and at least one paying customer, even if the amount is small.
Do all investors want the same KPIs?
No, but Shaan Puri metrics align with what top VCs expect. Some may go earlier for the right founder or market.
How do I pick the best metric for my business?
Focus on retention and engagement, not vanity numbers. Choose the one that best reflects real user love.
Can I raise seed money without revenue?
Rare, but possible if you have intense user growth or a huge waitlist, plus a clear path to monetization.
How do I turn soft traction into hard data?
Track everything: emails, waitlists, interviews, and convert them into measurable engagement or conversion numbers.
What if my metrics look good but investors aren’t biting?
Check your narrative, your market, and see if your growth is sustainable versus artificial spikes.
Do investors want to see growth or just big numbers?
Growth! MoM and QoQ growth is usually a stronger signal than just hitting a static milestone.
What’s a big red flag for VCs in my metrics?
High churn, tons of downloads but near zero repeat use, or revenue that isn’t recurring/defensible.
Can my story compensate for weak numbers?
Sometimes at pre-seed, almost never at Series A. Combine both for best results.
How do I handle disappointing metrics on a call?
Be honest, show what you’ve learned, and lay out your plan for improving core numbers fast.

Conclusion: Make Shaan Puri’s Metrics Your Secret Weapon

Having a strong story is good—but investors bet on founders who hit the right Shaan Puri metrics for their stage. Whether you’re pre-seed, seed, or ready for Series A, these startup benchmarks give you real clarity in a noisy fundraising market. Keep your traction goals honest, actionable, and forward-looking. For more unique playbooks and fundraising intelligence, subscribe to Capitaly.vc Substack (https://capitaly.substack.com/) to raise capital at the speed of AI.