Most startups fail before they reach Series A. Nevertheless, those that reach Series B are more likely to go on to build large, successful businesses. Much is written about milestones to successfully fundraise at Series A and B — the number of active users, monthly recurring revenue (MRR), strong cost-per-acquisition ratios (CAC) or customer lifetime value (CLTV).
But in Cloudant founder (now VC) Mike Miller’s experience, most VC explanations are post hoc, investments are made for a finite number of reasons and decisions are sometimes less quantitative than a founder would hope.
