Scaling from Seed to Series A: Insights from a Former VC & Exited Founder
- Erdinc Ekinci
- May 2
- 4 min read
Updated: May 6
What It Really Takes to Raise a Series A Round in Today’s Market
I recently had the opportunity to moderate a focused conversation with Michael Ho—Founder of Ventures Cubed, exited founder, and former venture capitalist. With experience as both an investor and a builder, Michael offered a grounded and insightful perspective on what it truly takes to raise a successful Series A in today’s competitive funding environment.
Our discussion explored the real-world challenges that founders encounter when making the shift from Seed to Series A—why some companies earn the confidence of investors and scale, while others stall despite early traction. Michael shared firsthand lessons that highlight the difference between a promising idea and a fundable, scalable business.
From understanding the key metrics investors actually value to building a repeatable growth engine, this session delivered sharp, practical insights that every founder aiming for Series A should take to heart.
Want to dive deeper? Check out the full YouTube recording of the panel discussion below.
Here are the key lessons and frameworks that stood out—ones every founder thinking about Series A should understand.
1. $3M ARR Isn’t Enough
Revenue is a lagging indicator. What investors want at Series A is not just proof of past success, but leading indicators that show the business can scale efficiently.
Many founders assume that hitting $3M ARR is the milestone for raising Series A. It isn’t. If your revenue came from unpredictable, founder-driven sales or one-off deals, it won’t translate into investor confidence.
What investors look for instead:
Consistent customer retention and strong cohorts
Efficient customer acquisition (low CAC, fast payback)
Scalable GTM strategies
Demonstrated ability to grow revenue through repeatable motion
2. Repeatability Is the Real Milestone
“Repeatable” means your team—not just the founder—can run the same customer acquisition and delivery process with the same results, across at least 10 customers or market segments.
Founders must prove:
The product works across different customers, not just a few outliers
There’s a repeatable sales and onboarding process that doesn't depend on founder hustle
New hires can close deals and retain customers using the same playbook
This is the foundation of scale, and it’s what separates early-stage momentum from growth-stage readiness.
3. The Missing Go-To-Market Slide
One of the most common and critical omissions in Series A pitch decks is a go-to-market strategy slide that clearly shows how the startup will grow using a repeatable system.
What this slide should include:
Monetization model and pricing structure
Customer acquisition channels
Conversion and retention metrics
A visual representation of your customer journey and GTM “factory”
Founders often show their vision and traction but fail to present a credible growth engine. Without this, Series A investors won't believe in scale.
4. The Uber Framework: Scale What Works
Uber’s early success came from doubling down on Uber Black in one city, then expanding it to others. They didn’t diversify early; they scaled what was already working.
Their Series A pitch focused not on new ideas, but on taking a proven playbook and replicating it. City by city, they copy-pasted a successful operating model.
Key lessons:
Focus capital on what's working
Delay diversification until a repeatable base is established
Experiment cautiously, not with the core funding
This kind of focused expansion is what inspires investor confidence.
5. Disciplined Focus Wins
Most founders are drowning in opportunity after raising capital. But Series A is not the time to chase everything.
What to avoid:
Building new features or products before validating the core
Targeting too many segments at once
Spreading go-to-market efforts too thin
Michael emphasized that success at this stage comes from narrowing the focus. Find one segment, one channel, one message—and execute it better than anyone else.
6. Triple-Triple-Double: The Venture Growth Curve
The benchmark for a venture-scale business is simple:
Triple revenue for two years
Double revenue for three more
This means roughly 10 percent compound monthly growth for 24 months.
To achieve this, a company needs:
A product that solves a real pain
A repeatable and scalable growth engine
Capital discipline and team alignment
If you can't see that curve in your metrics, or explain how you're building toward it, it's likely too early for Series A.
7. Talk to Customers Before You Build
Michael shared that his first startup closed a six-figure deal before even incorporating the company or writing any code.
The lesson: great pre-seed founders don't build in isolation.
Instead, they:
Talk to dozens (if not hundreds) of potential customers
Validate real pain points with real buyers
Get commitments or LOIs before development
This kind of early traction can be more powerful than a polished prototype—and sets the foundation for repeatable success.
One Line That Sums It All Up
“Find something that works. Do it more often. Then find the next thing that works.”
This isn’t just a speaker advice—it’s the framework for building a scalable company. Success doesn’t come from inventing endlessly; it comes from mastering execution.
Final Thought
Series A is not about saving the business. It’s about scaling what already works.
A big thank you to Michael Ho for sharing his valuable insights with us. His guidance was clear, practical, and grounded in real-world experience. He did a great job of explaining things from both a founder's and an investor's point of view, which made the conversation even more valuable.
If you're a founder looking to make the jump from Seed to Series A, this session is definitely a must-watch. Michael’s lessons will help you understand how to scale your business effectively.
Thank you again, Michael, for your time and for sharing your expertise with such openness and depth.
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