| Key Metric | What It Measures |
|---|---|
| Intro Opt In Rate | Of all those who receive intro requests, the percentage that opts into taking calls |
| 1st to 2nd Meeting Conversion | Of all first calls, the percentage that convert into 2nd meetings |
Intro Opt In Rate
For early stage rounds (Pre-seed or Series A), an opt-in rate of 20%+ is considered healthy. Specifically, if 10 strong-fit investors receive an intro requests, at least 2 or more should opt into taking a call with the Company. Opt in rate is a health check on the Company and on the round. If/when the opt in rate falls well below 20%, founders need to diagnose what is holding them back:| Domain | Description |
|---|---|
| Investor Targeting | Are we targeting investors that are the most relevant? |
| Company Blurb | Is our company blurb and overall information compelling enough? |
| Round Context | Are we meeting the general thresholds that investors expect for our round? |
1st to 2nd Meeting Conversion
In a raise process, the percentage of 1st meetings that convert into a second discussion is a useful metric to gauge the response from capital markets. The right benchmarks vary considerably by sector, by stage and by geography, ranging from 25 to 50 percent. For Series A in the US, for most sectors, about 40% of all first meetings with investors should convert into second calls. For Pre-seed and Seed in the US, for most sectors, about 35% of all first meetings tend to convert into second calls. In some sectors, such as Industrials, the percentage settles at around 30%, especially at Seed and Series A. At Seed and Series A, the largest variations tend to be based on revenue and traction. For companies with breakout traction, benchmarks can rank as high as 75-85% of all first calls converting into second meetings. At Preseed, the largest variations are often based on the founder’s background. For founders raising in unique environments, such as a Demo Day for a given accelerator, the benchmarks are completely different.\With leading KPIs, founders can build an accurate assessment of how the raise is coming along, and what specific parts may need to change.