The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Murray: Founder-investor fit is the top fundraising priority
“I'd say founder investor fit, probably number one on the leaderboard, is finding that fit with investors with your company.”
Murray: Median SaaS seed rounds currently sit at $4 million
“And so this is from the last six months of fundraising announcements that I cover on my site. And you can see these are bottom quartile to top quartile. And seed, ranging around four million.”
Murray: Median SaaS headcount is 16 at Seed, 36 at Series A
“If you're approaching that seed stage, median employees around 16, series A, 36, 82 for series B.”
Murray: Startups need $2M+ revenue before engaging a fractional CFO
“Usually it's a couple million in revenue, at least, because there's enough volume of data going through your company that we can really latch on to. You know, that we can calculate all your metrics, growth metrics, margins, retention, sales and marketing effic…”
Murray: Wait until $10M in revenue to hire a full-time CFO
“Usually I say above ten million in revenue is when I think you should have your own CFO are in that range. And it just depends. But less than ten million can definitely take advantage.”
Murray: Scaling GTM before product-market fit burns significant startup capital
“Be careful if you're overlaying go to market fit on top of your product market fit, that's going to cost you a lot of money.”
Murray: Post-crash median SaaS Series C rounds dropped to $30M–$50M
“You can see with the SAS crash, you know, big rounds, and now the median C down in the 30 to fifty million range. And there's a line missing from this chart, but also the volume of activity went down for median series C ranges, you know, or rounds.”
Murray: SaaS CFOs need bank partners for treasury and asset management
“CFOs, I think, we're operators you know, we don't know where maybe to place that money, and that's where usually you need to partner with A good bank in their treasury function to help, have that guidance to help you.”