Fundraising Benchmark for Early-Stage Founders in 2024

Milestones, Metrics, Multiples and Valuations for B2B SaaS startups to secure the next funding round.

There’s not an exact path or route to follow when you are an entrepreneur, but there are certain ballparks estimates that I’ve seen at the early stages. When I consider a new investment opportunity, there are factors that I care more (or less) about.

What milestones does a B2B SaaS need to raise an early-stage round?

Please note that these figures represent the average of 50+ Spanish deals that I have analyzed recently as an investor. The data encompasses a wide variety of entrepreneurs, from seasoned and international founders based in Spain to 20 year-old entrepreneurs, so there is a broad range between metrics—these figures are merely averages.

Let’s break down the elements in the chart and discuss their relevance: