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3 resources from CRV we point founders to, and the questions each answers.

📄 Article
✓ Link checked Free Intermediate

Why we picked it This is the piece that names the exact failure mode in your question: when your early investors all take their pro-rata, they fill most of a Series B and leave room for only five to ten percent for a new lead, right when a growth lead wants fifteen to twenty. It then gives you the fix in plain terms, cap the right to investors holding one to two percent or more, grant full rights to your lead, and use sunset or pay-to-play mechanics so a long tail of tiny cheques never clogs the round.

Pro Rata Rights: A Founder's Guide to Term Sheets

From CRV by CRV 12 min read

  • Pro-rata lets an existing backer keep their percentage by buying into your next round, and for a serious lead it is completely standard
  • The danger is aggregate: many small holders each taking pro-rata can consume the allocation your Series A or B lead needs
  • Scope it with a major-investor threshold (roughly 1 to 2 percent ownership) plus sunset and pay-to-play clauses so the right stays with your real believers
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Answers An investor wants a pro-rata right. What am I giving up and is it standard?
📄 Article
✓ Link checked Free Intermediate

Why we picked it The honest piece on who can raise on team versus who needs revenue. It states plainly that seed now looks like what Series A used to, and that a first-time founder without traction has it significantly harder, while giving concrete B2B SaaS bars (roughly $500K to $1M ARR for a strong round, monthly churn under 2.5 to 5 percent) and noting consumer is judged on DAU/WAU engagement, not signups. It also kills the 'raise to hire a technical cofounder' pitch.

What Seed Investors Look For in 2026

From CRV by CRV 18 min read

  • The bar rose: seed increasingly demands Series-A-era proof, so a strong team buys you a lower bar only if you also show real progress.
  • By model, B2B SaaS is read on ARR (about $500K to $1M for a strong seed) and churn, while consumer is read on DAU/WAU retention rather than total signups.
  • Baseline founder capability is non-negotiable: investors expect core technical ability in-house before seed, not funded afterward.
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Answers What traction or metrics do I actually need to raise a seed round, and can I raise on just an idea?
📄 Article
✓ Link checked Free Intermediate

Why we picked it CRV is a top-tier US fund, and this piece draws the exact line your question asks about: it states plainly that detailed financial models belong in supporting materials, not the core deck, and that Series A adds them as an appendix. It also tells you which numbers actually move each stage (NRR still ranges wide at seed; ARR, sustained growth, gross retention, and unit economics carry Series A), so you know what belongs on the slide versus behind it.

What Investors Look For in a Pitch Deck (Seed & Series A)

From CRV by CRV 15 min read

  • Complex financials, patents, and detailed models go in supporting materials or an appendix, never the core deck
  • Seed still funds a strong team plus early traction; the bar has risen, so a deck alone rarely clears it
  • Series A demands hard data: real ARR, sustained growth, strong gross retention, and healthy unit economics
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Answers What financial numbers actually belong on the deck versus the data room?