How to Nail Investor-Ready Metrics Before You Raise Pre‑Seed

How to Nail Investor-Ready Metrics Before You Raise Pre‑Seed

So you’ve shipped an MVP. Maybe even scored a few early users or pilots. But now comes the part no founder enjoys: fundraising.

You’re crafting your pitch, lining up intros, and... staring at a blank slide that says “Traction.”
What the hell do you put there if you’re pre-revenue?

Here’s the truth: investors don’t expect scale at pre-seed. But they do expect signals, early indicators that your startup is solving a real problem and you know how to execute.

And the best way to signal that? Metrics. Even scrappy, early ones.

This guide covers the essential metrics that give your pre-seed pitch teeth, and how to track, present, and talk about them like a founder who’s going places.

Why Metrics Matter (Even When They’re Small)

At pre-seed, investors are betting more on the team, market, and momentum than your financials. But data still builds confidence.

The right metrics show:

• You know what matters
• You’re learning and iterating
• You’re focused on outcomes, not just output
• You can measure progress and tell a clear story

It’s not about vanity. It’s about clarity. And clarity wins checks.

5 Investor-Ready Metrics That Matter at Pre‑Seed

1. User Engagement (DAU/WAU/MAU)

Engagement is an early proxy for value. Are people using your product more than once? Are they coming back?

What to track:

• Daily/Weekly/Monthly Active Users
• Session frequency per user
• Retention over 30/60/90 days

Benchmark ranges:

• DAU/MAU ratio: 15–30% for SaaS, 25–40% for consumer apps
• 30-day retention: 40–60% for B2B, 20–40% for B2C
• Engagement frequency: weekly for B2B SaaS, daily for consumer

2. Activation Rate

How many users sign up and then do the one thing that signals they “get it”? That’s your activation moment.

Examples:

• Created a workspace
• Sent a message
• Added first teammate

Why it matters: This is your product’s first “aha.” Investors love seeing this climb, even if slowly.

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Benchmark range:

• 20–40% for B2B, 30–50% for B2C

3. Revenue or Strong Intent Signals

Yes, revenue is great. But if you’re not there yet, what signals can you share?

Think:

• Paid pilots
• LOIs
• Pre-orders
• Waitlists
• Free-to-paid conversion

Early benchmarks:

• $0–$10K MRR is common
• Free-to-paid: 5–15% is healthy
• Signals like LOIs or waitlists still count

4. Burn Rate & Runway

No one wants to fund a company with 2 weeks of cash left. Investors want to see:

Track:

• Burn: How much are you spending monthly?
• Runway: How many months can you survive at current burn?

What’s healthy:

• Burn: <$30K–$50K/month
• Runway: 6–12 months

5. Customer Acquisition Cost (CAC)

Even if it’s just you tweeting your way to signups, calculate CAC. Show you’re tracking cost-per-user, even if “marketing” is founder hustle for now.

💡 Benchmarks to aim for:

• <$500 for B2B, ideally <$200 with founder-led GTM
• <$100 for B2C (ideally <$50 if growth is organic)

Optional But Impressive Metrics

If you have the capacity to track more, these can move the needle:

• Churn/Retention: Less than 5% monthly churn for B2B, under 10% for B2C
• Referral rate: 10%+ is strong, especially in consumer
• Waitlist-to-activation: 10–30% is a good conversion range
• NPS: 30+ is promising; 50+ is excellent

Pre-Seed Benchmark Goals by Industry

These benchmarks are based on investor expectations and recent patterns seen in pre-seed rounds. They're directional, not strict rules. 

1. B2B SaaS

• Activation Rate: 20–40%
• Retention (30-day): 40–60%
• DAU/MAU ratio: 15–30%
• CAC: <$500 (ideally <$200 with founder-led GTM)
• Runway: 6–12 months
• Revenue (if any): <$10K MRR or paid pilots/LOIs

2. B2C / D2C Marketplaces

• Activation Rate: 30–50%
• Retention (30-day): 20–40%
• DAU/MAU: 20–40%
• Referral Rate: 15–25%
• Waitlist to Activation: 10–30%
• CAC: <$50 (ideally through organic/growth loops)

3. Healthtech (B2B or B2C)

• Activation Rate: 20–35%
• Retention (30-day): 50–70% (especially if high-need use case)
• LOIs/Pilots: 2–5 from clinics, hospitals, or providers
• Runway: 9–12 months
• CAC: Highly variable, but <$1K is strong at pre-seed

4. Fintech

• Activation Rate: 30–50%
• Retention (30-day): 40–60%
• DAU/MAU: 25–40%
• Trust metrics: % of users verifying identity, connecting bank accounts, etc.
• CAC: <$100–$200 depending on complexity

5. AI / Infra / DevTools

• Activation Rate: 20–40% (signaled by API call, project setup, etc.)
• Engagement: Weekly active usage or GitHub stars/downloads
• Waitlist to Activation: 15–25%
• Time-to-first-value: <5 minutes
• CAC: Often low (founder evangelism, OSS/community led)

Pro Tips to Make Your Metrics Pop

‍1. Tell the story behind the numbers: Context > numbers. Show how you’re learning and iterating.‍

2. Use visuals that show momentum: A chart with slope > a list of static numbers.‍

3. Pick 3–5 metrics and go deep: Don’t overwhelm, go deeper on the ones that matter.‍

4. Be consistent: Define a metric once and stick with it throughout.‍

5. Own the hard stuff: Flat metrics? Be honest and explain what’s next. That’s founder maturity.

Common Mistakes to Avoid

• Tracking too much and showing too little
• Fluff metrics (likes, shares, etc.)
• Not updating metrics for meetings
• Dodging hard questions (CAC, churn)
• Copy-pasting someone else’s numbers that don’t fit your model

What If You’re Really Early?

If you don’t have usage data yet, focus on:

• Waitlist volume and conversion
• MVP engagement (even anecdotal or qualitative)
• Pilot interest and LOIs
• Early feedback from user interviews
• Referrals or virality loops

You don’t need polished metrics, just real signals and a learning mindset.

Want to pitch with numbers that stick?

Capwave AI helps founders build pitch decks powered by real metrics. From tracking burn to visualizing growth, our tools help you stay investor-ready.

🎯Bonus: Our Metrics to Know COLD guide walks you through which metrics to track at each stage, how to define them, and how to present them with clarity. Check it out!