Fundraise-Ready example — the raise kit

On track on cash — but you’re leaking customers. Retention is your #1 fix.

What this means

In short: your business holds up. You reach break-even around month 36 — the point where revenue covers your costs — before running low on cash. That's the foundation; now it's about accelerating without breaking it.

Your biggest problem is retention. You're losing about 4% of your customers every month — over a year that's most of your base walking out the door, which is why only 78% of this year's revenue would still be here next year. Until you fix this, every new customer partly replaces one you lost: you're filling a leaky bucket.

On the per-customer maths: it costs about $533 to win a customer, and each one is worth roughly $1,375 over their lifetime — about 2.6 to 1. Healthy is 3 to 1 or better, so there's room, but you're in workable territory.

What to focus on first: find out why customers leave and fix it. Getting the % of customers who leave (churn) down toward 2% a month is the single lever that improves your retention, your customer value and your growth ceiling at the same time.

What to look at first

✅Your business holds up (default alive)
You reach break-even in month 36, before the cash runs out — the business can pay for itself. From here it's about speeding up without breaking that.
🚩Net revenue retention is low
Your existing customers bring in 78% of last year's revenue (NRR). Below ~100% means you lose them faster than they grow — win it back with upsells/expansion or by lowering churn.
⚠️Tight unit economics
Each customer is worth about 2.6× what it costs to win them (LTV:CAC) — healthy is 3 or more. To get there, bring the cost of winning one from $533 to ~$458, or charge more / keep them longer. Early on it's a rough guide, not a verdict.

Unit economics and burn

ARPAiAverage revenue per customer per month (MRR ÷ active customers).

69

LTViCustomer lifetime value: ARPA × gross margin ÷ churn. What a customer leaves you on average while they stay.

1,375

CACiCost to acquire a customer: sales/marketing spend ÷ new customers.

533

LTV : CACiHow much a customer is worth vs what it costs to acquire them. Healthy ≥3 (mature SaaS reference).

2.6×

CAC paybackiMonths to recover CAC with the customer's margin. <12 strong; usually higher early-stage.

9.7 months

Monthly net burniWhat you burn per month = OpEx − gross profit. Negative = you make money.

5,637

Burn multipleiHow much you burn per $ of new ARR. ≤1 excellent; at pre-seed 2.5-3.4x is normal.

0.5

Rule of 40iAnnual growth % + EBITDA margin %. ≥40 signals a healthy balance — but it is a scale-up metric, less meaningful before Series A.

43

Magic numberiSales efficiency: new ARR ÷ prior sales/marketing spend. >0.75 healthy.

4.52

Quick ratioi(New + expansion) ÷ (churn + contraction). >4 = you grow much faster than you lose.

2.1

Founder dilutioni% of the company you give up in the round (investor + new option pool).

30%

Post-moneyiValuation after the round's money goes in (pre-money + investment).

2,500,000

Diagnosis vs benchmarks

Metric	Your value	Healthy range	Verdict
Monthly logo churniChurn = the % of customers who cancel each month. 5%/mo ≈ losing ~46% of customers a year.	4%/mo	3%–5%/mo	✅
NRR (annual)iNRR = net revenue retention: revenue kept from existing customers a year later, after churn and upgrades. Over 100% = you grow even with zero new customers.	78.5%	95%–105%	🚩
Gross marginiGross margin = % of revenue left after the direct cost of serving customers (hosting, fees, support).	80%	75%–85%	✅
CAC paybackiCAC payback = how many months a customer takes to repay what it cost to acquire them.	9.7 m	≤ 18 m (pre-seed)	✅
LTV : CACiLTV:CAC = how much a customer is worth over their lifetime versus what it costs to win them. 3+ is healthy.	2.6×	≥ 3×	⚠️
Growth MoMiMoM growth = month-over-month growth: how much this number grows each month, compounding.	3.4%	≤ 25% (base 11K)	✅
Pre-moneyiPre-money = your company's agreed value before the new investment goes in.	2.0M	2.0M–4.0M	✅
Option pooliOption pool = % of equity set aside for future employees' stock options.	10%	10%–15%	✅
Burn multipleiBurn multiple = cash burned for each unit of new annual revenue you add. Lower is better; under 2 is solid.	0.5	≤ 3.5 (pre-seed)	✅

Benchmarks for segment SMB (assumed — the most common at pre-seed/seed). ✅ healthy · ⚠️ watch · 🚩 flag · ℹ️ too optimistic · — N/A.

These are a reference for your stage, not a verdict: many "healthy" ranges were set for mature SaaS. At pre-seed/seed a high burn multiple (≈2.5-3.4x) or long CAC payback is normal while you find traction. Use them to orient yourself, not to punish yourself.

Scenarios & sensitivity

	Pessimistic	Base	Optimistic
Verdict	✅	✅	✅
Cash-out month	> 36 mo	> 36 mo	> 36 mo
Break-even	—	36 mo	18 mo
Final MRR	16,428	36,598	83,108
Final cash	295,805	445,774	688,843

Even the pessimistic case doesn't run out of cash — that's real robustness; your downside is protected. Each adjusts growth, churn, OpEx and price together — a realistic range, not a promise.

What moves your runway most

These are the levers you can change, ranked by how much each moves your cash. Start at the top - that's where your effort pays off most. Each lever is moved on its own, with the rest held fixed; in reality they interact.

Each lever moved ±10% on its own — green helps your final cash, amber hurts it.

Higher price-57,785 · +57,785

Lower OpEx-31,208 · +31,208

Lower churn-26,205 · +28,228

Faster growth+4,512 · -5,800

P&L — monthly year 1, annual thereafter

$	M1	M2	M3	M4	M5	M6	M7	M8	M9	M10	M11	M12	Year 2	Year 3
Revenue	11,193	11,402	11,629	11,873	12,137	12,421	12,725	13,051	13,400	13,772	14,168	14,590	219,145	350,806
Gross profitiRevenue minus the direct cost of delivering your service (hosting, payment fees, support). What's left to cover everything else.	8,954	9,121	9,303	9,499	9,710	9,937	10,180	10,441	10,720	11,017	11,335	11,672	175,316	280,645
OpExiOperating expenses: everything you spend to run the business — team, sales & marketing, tools, admin, R&D.	-14,600	-14,760	-14,928	-15,104	-15,290	-15,484	-15,688	-15,903	-16,128	-16,364	-16,612	-16,873	-228,272	-301,070
Team	-11,250	-11,250	-11,250	-11,250	-11,250	-11,250	-11,250	-11,250	-11,250	-11,250	-11,250	-11,250	-135,000	-135,000
S&M	-3,200	-3,360	-3,528	-3,704	-3,890	-4,084	-4,288	-4,503	-4,728	-4,964	-5,212	-5,473	-91,472	-164,270
G&A	-50	-50	-50	-50	-50	-50	-50	-50	-50	-50	-50	-50	-600	-600
Infra	-100	-100	-100	-100	-100	-100	-100	-100	-100	-100	-100	-100	-1,200	-1,200
EBITDAiOperating-profit proxy (earnings before interest, taxes, depreciation and amortization). Negative = you're burning cash; positive = profitable.	-5,646	-5,639	-5,625	-5,606	-5,580	-5,547	-5,508	-5,462	-5,408	-5,347	-5,278	-5,201	-52,955	-20,425

Second opinion from your AI

Analyze this model in your own AI

Copy a ready-made prompt with your numbers, paste it into ChatGPT, Claude or any AI, and get a skeptical second opinion — red flags, what's strong, and what to fix next.

Runs in YOUR AI — we don't see it or store it. AI can make mistakes; treat it as a second opinion, not gospel. The prompt tells it not to invent numbers, but always sanity-check.

Cash over time

Cash isn't exhausted within the horizon (break-even in month 36).

MRR and active customers

MRR ($, left axis) · active customers (right axis)

Projection assumes your growth holds flat for 3 years; real growth usually slows, so later months read optimistic.

Team cost ramp

Loaded headcount cost per month ($).

How much to raise — and what it costs you

You're asking $500,000. To stay above zero cash for 18 months, this model says you need $9,935.

Raising $54,454 carries you past break-even in month 36. That is what it costs to stop NEEDING to raise: 13% of your company (at your declared pre-money of $2,000,000).

18 months without running out of cash
Ask$9,935Dilution10.5%@ $2.0M pre-moneyYou keep89.5%
24 months without running out of cash
Ask$33,801Dilution11.7%@ $2.0M pre-moneyYou keep88.3%
All the way to break-even (month 36)
Ask$54,454Dilution12.7%@ $2.0M pre-moneyYou keep87.3%

What it buys you	Ask	DilutioniDilution = the % of ownership founders give up by issuing new shares to investors and the option pool.	You keep
18 months without running out of cash	$9,935	10.5%@ $2.0M pre-money	89.5%
24 months without running out of cash	$33,801	11.7%@ $2.0M pre-money	88.3%
All the way to break-even (month 36)	$54,454	12.7%@ $2.0M pre-money	87.3%

Raising $54,454 carries you past break-even in month 36. That is what it costs to stop NEEDING to raise: 13% of your company (at your declared pre-money of $2,000,000).

Dilution is computed at your declared pre-money of $2,000,000, including a 10% option pool.
Your terms are set for a round of $500,000; a round of a different size would be negotiated on different terms.
This is the MINIMUM not to run out of cash. It leaves zero margin: if the plan slips a month, you are short.
Assumes your current cost plan. Change the plan and the ask changes.
A starting point for your own decision, not investment advice.

The questions your numbers invite

Not fixes — the Diagnosis section tells you what to change. This is rehearsal: what a sharp investor pokes at, and what to have ready. We never write your answer.

Lead with this

Monthly logo churn 4%/mo · 3%–5%/mo
Gross margin 80% · 75%–85%
CAC payback 9.7 m · ≤ 18 m (pre-seed)
Growth MoM 3.4% · ≤ 25% (base 11K)
Pre-money 2.0M · 2.0M–4.0M
Option pool 10% · 10%–15%
Burn multiple 0.5 · ≤ 3.5 (pre-seed)

Prepare for this

Weak spot
“Your NRR is 78.5%, below the healthy range (95%–105%). Why isn't expansion covering churn?”
Prepare: Prepare your retention explanation: how expansion and churn net out, with the numbers.
Soft spot
“Your LTV:CAC is 2.6×, below ≥ 3×. Does each customer pay back what it costs to win them?”
Prepare: Have the CAC build-up and your customer-lifetime assumption ready.

And the ones that are not about a single metric

“What is your path to default-alive?”
Your cash does not run out, and you break even in month 36.
Prepare: Be ready to name what gets you there and when — with the number, not the intention.
“How long does this round last?”
With the round you declared, cash does not run out (break-even in month 36).
Prepare: Know the month your cash gets tight, not just a number of months.

Your round on one page

Your working sheet before the call. It shows the round you declared — not what the Raise Plan says you would need.

Yours only. This sheet carries figures you would not put in front of an investor — such as the minimum you could get away with raising. Print it for yourself; don't send it.

The ask

You're raising $500,000 on a priced round ($2,000,000 pre-money).

With it your cash doesn't run out — you break even in month 36.

Time to go after: Reach $30k MRR and a repeatable sales motion.

For reference: on your own, the minimum not to run out of cash over the full 36-month projection is $54,454 (see the Raise Plan). This page shows the round you declared, unchanged.

The bridge

Today, on your own

cash runs out in month 16

With this round

cash doesn't run out — break-even in month 36

Traction

MRR: $11,000
Growth: 3.4%/mo
Customers: 160

Against the benchmarks

NRR (annual): 78.5%95%–105%
LTV : CAC: 2.6×≥ 3×
CAC payback: 9.7 m≤ 18 m (pre-seed)
Gross margin: 80%75%–85%
Burn multiple: 0.5≤ 3.5 (pre-seed)

Cap table after this round

Founders keep 70.0%

Founders 70%New investor 20%Option pool (new) 10%

At your declared pre-money of $2,000,000, with a 10% option pool.

Prepared with Startkeel from the founder's own figures · estimates, not audited · not investment advice.

Funding and dilution (optional)

Only relevant if you decide to raise. Your business can hold up without this.

Priced roundSAFE / multi-round: coming soon

Pre-money 2,000,000 · round 500,000 · post-money 2,500,000

Stakeholder	% before	% after	Value $
Founders	100%	70%	1,750,000
New investor	—	20%	500,000
Option pool (new)	—	10%	250,000

Split BEFORE the round

Split AFTER the round

"Pre-money pool shuffle": the new option pool is created pre-money, so it dilutes existing shareholders, not the new investor.

Example financial model

Viability score

Does your business hold up?