Episodes
Why Series A Decks Now Show a Revenue Retention Slide
In Episode 164 of The Series A Show, Lucas and Luna explore a new trend in early-stage pitch decks: the net revenue retention slide. They break down why investors are now asking for NRR alongside growth metrics, using real-world examples like Snowflake and the recent market data showing strong performance in tech stocks. The conversation covers the difference between gross and net retention, how to calculate NRR, and why a high NRR can offset concerns about customer acquisition costs. Lucas and…
Why Series A Decks Now Show a Rule of Forty Slide
On this episode of The Series A Show, Lucas and Luna dig into a surprising new trend: early-stage founders are adding a Rule of Forty slide to their pitch decks. Once reserved for public SaaS companies, the metric is now showing up in Series A materials as a fast way to summarize growth efficiency. Lucas walks through the math behind the rule, why it's becoming a due diligence shortcut, and how a strong Rule of Forty score can offset concerns about burn multiple. Luna pushes back on the…
Why Series A Decks Now Show Net Revenue Retention Breakdowns
In episode 162 of The Series A Show, Lucas and Luna break down the newest slide appearing in early-stage pitch decks: the net revenue retention breakdown. Rather than a single headline NRR number, founders are now splitting retention by cohort, by product line, and by customer segment to answer the real question partners are asking — is growth durable or just a cohort effect? Lucas and Luna walk through why this slide emerged in 2026, how it connects to the recent surge in venture-backed…
Why Series A Pitch Decks Now Lead With a Gross Margin Slide
On this episode of The Series A Show, Lucas and Luna unpack a new trend showing up in early-stage pitch decks: a gross margin slide, front and center. They trace how investors have shifted from growth-at-all-costs to unit economics, and why a simple percentage can signal more about a startup's pricing power, scalability, and path to profitability than a full financial model. Using recent market moves — like Palantir's steady climb and Coinbase's 16 percent weekly jump — they discuss how the…
Series A Pitches Are Adding a Compute Pricing Slide
This week on The Series A Show, Lucas and Luna look at a new slide that's quietly showing up in early-stage pitch decks: the compute pricing slide. As AI startups burn through cloud credits, founders are now under pressure to show exactly what their model runs cost — and how those costs fall as they scale. Lucas explains why the slide emerged, what it typically contains, and why some VCs are calling it the most important slide in the deck. He points to a recent trend in private markets where…
Why Series A Startups Now Pitch a Private Market Liquidity Slide
In the second half of 2026, as IPO windows stay stubbornly closed and the public market appetite for tech remains selective, early-stage founders are quietly adding a new slide to their Series A decks: a private market liquidity slide. This episode drills into why this slide is becoming table stakes, how it frames secondary sales and structured liquidity, and what it signals to investors about founder alignment and long-term thinking. We ground the conversation in live market data — Rivian down…
Why Series A Pitches Now Include a Pod Cost Slide
In this episode of The Series A Show, Lucas and Luna explore a new trend in early-stage startup pitches: the pod cost slide. As AI agents become standard in startups, founders are now breaking down the cost of running autonomous agent pods—clusters of AI workers handling specific workflows. The hosts examine why VCs are demanding this slide, how it relates to the recent Higgsfield $400M Series B, and what it means for unit economics. They discuss practical examples, like a customer support pod…
Why Series A Pitches Now Include an AI Trust Slide
In this episode, Lucas and Luna explore why Series A startups are adding a dedicated 'AI trust' slide to their pitch decks. They anchor the discussion in Anthropic's recent watermarking announcements and Claude's new content provenance features, plus a TechCrunch story about AI-generated explicit imagery. The hosts unpack what 'trust' really means to investors in 2026 — from data provenance to model governance — and how founders are turning a reputational liability into a competitive advantage.…
Why Early-Stage Startups Pitch a Watermark Slide
In this episode of The Series A Show, Lucas and Luna unpack a fresh trend in early-stage pitch decks: the watermark slide. Inspired by Anthropic's recent announcement about Claude's content watermarking, they explore why Series A startups are now adding a slide on content provenance and AI-generated media disclosure. Lucas explains how this slide signals trust and regulatory readiness, while Luna points out the balance between transparency and user experience. They discuss the investor mindset…
Why Series A Pitches Now Include a Climate Slide
In this episode of The Series A Show, Lucas and Luna explore why climate risk is becoming a mandatory slide in Series A pitch decks by 2026. They discuss how investors are increasingly scrutinizing supply chain carbon footprints and regulatory exposure, and how startups are using climate data to de-risk their business models. With recent headlines about self-driving trucks and AI euphoria, they connect the dots between sustainability pressure and venture funding. The conversation covers the…
Why Series A Pitches Now Include an AI Agent Budget Slide
In this episode of The Series A Show, Lucas and Luna explore a fresh trend appearing in early-stage pitch decks: the dedicated 'AI agent budget' slide. As startups deploy AI agents across sales, support, and operations, founders are learning that these software employees come with real costs—token spend, API fees, compute, and the hidden expenses of orchestration and failure recovery. Lucas breaks down why investors are no longer satisfied with vague promises of AI efficiency and are instead…
Why Series A Pitches Now Show a Data Compliance Slide
In this episode, Lucas and Luna dive into why Series A pitches in 2026 are increasingly including a data compliance slide. With recent headlines about AI companies raising massive rounds and regulators scrutinizing data practices, founders are learning that showing how they handle data sovereignty, privacy, and compliance can be a deal-maker. They discuss a specific example: a fintech startup that closed its Series A after adding a compliance slide that highlighted GDPR and local data…
Why Series A Pitches Now Show a Burn Multiple Slide
In this episode of The Series A Show, Lucas and Luna explore why the burn multiple — the ratio of net burn to new ARR — has become the first financial metric investors look for in a Series A pitch. They anchor the discussion in the recent surge of Shopify and Airbnb stocks, which signals renewed confidence in growth-at-a-reasonable-cost, and contrast that with the discipline now expected of early-stage startups. The conversation covers what a healthy burn multiple looks like for different…
Why Series A Pitches Now Open With a Customer Acquisition Cost Slide
In this episode of The Series A Show, Lucas and Luna examine why Series A founders are leading their pitch decks with a customer acquisition cost slide — and how that shift is changing the conversation with investors. With Shopify up 29.5 percent over five days and Palantir jumping 36.9 percent, the hosts discuss what these moves signal for the broader market and why CAC has become the new efficiency metric. They look at a real-world example: a B2B SaaS startup that reduced CAC by 40 percent…
Series A Due Diligence Checklist 2026
Lucas and Luna mark episode 150 by zeroing in on a topic every founder dreads: the Series A due diligence process. In 2026, it's no longer just about scraping by with a clean cap table and a pitch deck. Lucas breaks down the new must-haves—from a data room that's organized from day one to the post-ARKK boom expectations that have crept into term sheets. They dissect why investors are now asking for customer concentration analysis, unit economics that survive scrutiny, and a realistic burn…
Infrastructure Cost Is the New Series A Conversation
The Series A Show returns with an episode that digs into a topic every founder is suddenly circling: the price of running an AI-powered product. Lucas opens with a headline number from the week — Shopify's stock up nearly 30 percent on better-than-expected profitability — and uses it to frame a bigger shift: investors are moving past 'what's your gross margin' to 'what does your compute bill look like in year three.' Luna pushes on the tension between speed-to-market and infrastructure debt.…
Why Series A Startups Pitch Vertical AI Agents
In this episode of The Series A Show, Lucas and Luna explore why Series A startups in August 2026 are increasingly pitching vertical AI agents — purpose-built AI that automates workflows in specific industries like legal, healthcare, and logistics. They anchor the discussion to recent market moves: Palantir is up 26% in five days, Shopify is up nearly 25%, and Microsoft is up 7%, signaling investor appetite for AI that drives measurable business outcomes. Lucas breaks down the difference…
Why Series A Pitches Now Include a Culture Amp Slide
In Episode 147 of The Series A Show, Lucas and Luna dive into a surprising new trend: startups are adding a 'culture amp' slide to their Series A decks — not to show off perks, but to prove they can retain talent in a brutal hiring market. With big tech stocks like Microsoft up 8 percent and Amazon up nearly 16 percent over the past week, the competition for engineers is fiercer than ever. Lucas explains how a culture slide with hard metrics — like retention rates and internal mobility — is…
Why Series A Pitches Now Include an Exit Route Slide
In this episode, Lucas and Luna explore a new trend in Series A pitch decks: the exit route slide. As 2026 brings public market turbulence and liquidity squeezes, founders are increasingly mapping potential acquisition paths and IPO scenarios before raising their Series A. Lucas breaks down why this shift is happening, citing the recent swings in high-growth tech stocks, and how investors are now demanding clarity on exit horizons. Luna brings in the example of an AI startup that used a clear…
Why Series A Pitches Are Adding a Data Clean Room Slide
In this episode of The Series A Show, Lucas and Luna explore a new trend in early-stage fundraising: startups are adding a data clean room slide to their pitch decks. With Apple's recent iCloud privacy standoff and tightening data regulations, investors are demanding to know how companies will handle customer data. The hosts break down why clean rooms offer a competitive advantage for Series A startups, how they address privacy concerns without sacrificing analytics, and what a compelling clean…
How Founders Are Using Rolling Options to Retain Talent
In this episode of The Series A Show, Lucas and Luna explore a surprising new trend in early-stage compensation: rolling options. Instead of the traditional four-year vesting schedule, a growing number of startups are issuing options that reset or extend based on performance milestones, creating a 'rolling' effect that keeps incentives aligned and talent locked in. The hosts break down a real case study from a fintech startup that used rolling options to retain a key engineering lead during a…
Why Series A Startups Are Pitching Subscriptions for Hardware
On this episode of The Series A Show, Lucas and Luna dig into a pattern taking hold in early-stage pitches: hardware startups are increasingly framing their devices as subscriptions, not one-time purchases. They anchor the conversation in a recent TechCrunch piece asking whether we'll still buy our next smartphone or subscribe to it instead, and connect it to what they're seeing in Series A decks in mid-2026 — recurring revenue models layered onto physical products, from phones to smart home…
Why Series A Startups Are Pitching Content Authenticity in an Age of AI Slop
LinkedIn just added a button to report AI-generated slop. For Series A startups building content tools, that's not just a product feature — it's a signal that the market is finally demanding authenticity. Lucas and Luna break down how the shift is reshaping pitch decks, investor questions, and valuation expectations. They use the case of Simile, the synthetic-user startup that raised $200 million at a $2 billion valuation just five months after a $100 million Series A, to illustrate the tension…
Why Series A Startups Are Betting on AI Agent Middleware
This episode explores the emerging AI agent middleware layer, where Series A startups build platforms that let companies switch between models from OpenAI, Anthropic, and others without rewriting code. We discuss Microsoft's $3.2 billion profit from its Anthropic investment, how that signals a shift in the competitive landscape, and why investors now demand 'model diversification' in every pitch deck. With Shopify and Airbnb posting strong gains on the back of AI-powered features, we break down…
How the Humanoid Robot Ban Is Reshaping Series A
Episode 140 of The Series A Show examines how the US government’s July 27 ban on foreign-made humanoids, robot dogs, and solar inverters is rewriting pitch decks for robotics startups. Lucas and Luna break down a specific case: a Pittsburgh-based robotics firm that just closed a $12 million Series A by leaning into domestic supply chains and compliance. They discuss why investors are now demanding 'made in USA' labels on hardware, how NVIDIA’s recent drop ties to export anxieties, and what this…
Why Agent Security Is the New Must-Have in Every Series A Pitch
In late July 2026, two blockbuster deals reshaped the cybersecurity landscape: Cyera agreed to acquire Oasis Security for $1 billion, and Spur raised $200 million from Insight Partners. Both companies focus on securing AI agents — the autonomous software that's rapidly entering enterprise workflows. On this episode of The Series A Show, Lucas and Luna unpack what these deals mean for early-stage startups. They argue that agent security is no longer a niche vertical but a table-stakes…
Why the PJM Grid Warning Is Reshaping Series A Pitches
On July 28, 2026, PJM Interconnection warned that data centers may face temporary power cuts to prevent blackouts. In this episode, Lucas and Luna explore how that alert is changing what Series A investors expect from energy-related startups. From power purchase agreements to backup generation, founders are now required to prove grid resilience. The hosts cite the recent 5% drop in ARKK and the 5.5% slide in Amazon as broader market context, and discuss why a startup's energy strategy can make…
Why Series A Startups Pitch Multi-Model AI Resilience
Satya Nadella warned that companies trusting one AI for everything may not survive. In this episode, Lucas and Luna explore how that statement is reshaping Series A pitches in mid-2026. With the ARK Innovation ETF down 6.6% over the past week, investors are increasingly wary of concentration risk—and they're demanding startups show a multi-model strategy. Lucas breaks down how founders are building adapter layers to switch between models, why venture capitalists see this as a de-risking move…
Why the Tesla Rout Is Rewriting Series A Term Sheets
Tesla's 18.9% drop in five days isn't just a headline for retail traders. In this episode, Lucas and Luna explore how the sell-off is forcing startups to rethink their Series A syndicate structures. With crossover funds and family offices heavily exposed to Tesla, ARKK, and META, founders are now demanding diversification limits and downside protection clauses in term sheets. We look at one fictional startup that capped any single investor at 25% of the round and added a 'key investor stock…
How Neural Interface Startups Are Winning Series A in 2026
Brain-computer interface startups are quietly raising Series A rounds at valuations between $30M and $60M, with investors demanding signal accuracy, non-invasive form factors, and clear use cases in manufacturing or healthcare. This episode breaks down the metrics VCs are using to evaluate neural interface companies, the impact of the OpenAI hack on due diligence, and why the sector mirrors early AI investing. We also discuss how public market leaders like NVIDIA and Palantir — trading at $206…
How Founder Houses Are Reshaping the Series A Pipeline
This episode explores the emerging trend of founder houses — co-living and co-working communities for startup founders — and how they are creating new pathways to Series A funding. Drawing on a recent TechCrunch article about a London founder house that is rewriting the rules, Lucas and Luna discuss how these structured networks accelerate deal flow, mentorship, and investor confidence. They examine the signal value for VCs, potential drawbacks like groupthink, and what this means for…
Why Headcount Efficiency Is the New Series A Metric
In this episode, Lucas and Luna explore how the recent wave of AI-related layoffs—including Monday.com's 5% cut—is reshaping Series A fundraising. Investors are now demanding a headcount efficiency ratio: annual recurring revenue per employee. Lucas explains why this metric is replacing growth-at-all-costs as a key diligence filter, and how AI-native startups are using it to close rounds faster. Drawing on Palantir's $120+ stock price as a proxy for efficient AI businesses, they discuss a…
Why AI Startups Are Getting Asked About Their Energy Plan
A downed power line in Virginia exposed a vulnerability that is now reshaping early-stage AI fundraising. This episode explains why energy reliability is becoming a standard due diligence question for Series A startups, using real examples from the July 2026 grid incident and data points from NVIDIA and Palantir. Lucas and Luna break down how founders can prepare for this new metric. #AIStartups #SeriesA #DueDiligence #EnergyInfrastructure #DataCenters #VentureCapital #NVIDIA #Palantir…
Why Founders Are Raising Convertible Notes With Revenue-Based Caps
Episode 131 of The Series A Show digs into a specific fundraising structure gaining traction in mid-2026: convertible notes with revenue-based valuation caps. Lucas walks through how a B2B SaaS startup called Portage recently closed a $4.2 million round using this hybrid instrument — tying the cap to 8x annual recurring revenue rather than a fixed pre-money number. Luna challenges whether this actually protects founders from dilution or just shifts risk to later rounds. They reference the…
Why Startups Are Using Rolling Revenue Shares
Lucas and Luna dig into a quieter but fast-growing funding mechanism: rolling revenue shares. Unlike SAFEs or priced rounds, these agreements let founders pay back investors as a percentage of monthly revenue — no dilution, no fixed maturity. Lucas points to the $36 million Series A raised this week by AegisAI, a cybersecurity startup founded by former Google security execs, which used a blended structure including a revenue-share tranche. They break down how terms like payment caps and revenue…
Why Startups Are Using Rolling SAFEs to Close Rounds Faster
In this episode of The Series A Show, Lucas and Luna explore how rolling SAFEs are reshaping early-stage fundraising in 2026. With a focus on the recent $12 million raise by Yopes and data showing a 40% reduction in close times, they unpack why founders are moving away from traditional priced rounds. The hosts discuss the benefits—speed, flexibility, and reduced legal costs—and the risks, including valuation uncertainty and investor misalignment. They also touch on market signals like…
How Yopes Twelve Million Dollar Raise Signals a Shift in Social
Episode 128 of The Series A Show examines Yope's $12.3 million round to build a private social network without algorithms or ads. Lucas and Luna break down why a countercultural social bet is attracting capital in mid-2026, what it tells us about investor appetite for anti-viral products, and why the no-algorithm pitch is suddenly credible. They connect the raise to declining signals from ad-driven platforms (META down 5.7% in five days) and the broader push toward smaller, higher-intent…
Why Startups Are Using Rolling Dividends to Retain Talent
In this episode of The Series A Show, Lucas and Luna dive into a growing trend among pre-revenue startups: issuing rolling dividends to retain key employees. With data from July 2026 showing the ARKK Innovation ETF down 2.4% over five days and high-growth stocks like Palantir and Airbnb under pressure, the hosts explore how companies are using fractional dividends to lock in talent without diluting equity. They discuss a real example from a late-stage deeptech startup called QuantumScape, which…
What Startup Valuations Are Hiding in Q3 2026
Lucas and Luna dig into a hidden trend in early-stage startup valuations: how 'rolling valuation windows' are letting founders and investors anchor rounds at inflated numbers by averaging valuations over time. They discuss one real example from the electric trucking space, referencing Einride's recent $38M charging infrastructure bet, and explain why some VCs are now demanding 'static valuation locks' instead. With data from ARK Invest's recent selloff in high-growth names (ARKK down 2.8% in…
Why Startups Are Using Rolling No-Cap Notes in Mid-2026
Startups are increasingly turning to rolling no-cap notes as a flexible funding instrument in the current market. In this episode, Lucas and Luna break down exactly how these notes work, why founders are choosing them over traditional SAFEs or priced rounds, and the specific tax and legal implications that make them attractive in mid-2026. They reference recent data from Carta and AngelList, and discuss a case study of a seed-stage AI startup that used rolling notes to close a $2 million round…
Why Startups Are Using Rolling Dividends to Retain Talent
In this episode of The Series A Show, Lucas and Luna explore the emerging trend of rolling dividends as a retention tool for startups. With Tesla down 6.5% and Ark Innovation dropping 5.4% over the past five days, the hosts discuss how volatile equity compensation is pushing founders to offer regular cash payouts tied to revenue milestones. They break down the mechanics of a rolling dividend structure, using a hypothetical SaaS company as a case study, and explain why this approach appeals to…
Why Founders Are Giving Away 1 Percent for First Customers
Lucas and Luna break down the new customer-equity play: startups like a B2B SaaS company called Vantage Grid are offering early customers 1% equity in exchange for being a design partner. Lucas explains the mechanics — how it works as a SAFE variant tied to customer contracts — and why it's gaining traction in mid-2026 as competition for enterprise logos intensifies. They look at the trade-offs: immediate revenue vs. diluted cap tables, and why this is different from the old 'advisor shares'…
How Startups Use Obsidian to Beat Bloat
Lucas and Luna dig into why an increasing number of early-stage startups are choosing Obsidian, the local-first note-taking tool, over Notion for internal knowledge management. They examine the 'bloat backlash' among small teams that want speed, privacy, and plain-text portability. Lucas cites Obsidian's 4 million+ active users and its recent $50 million Series B at a $4 billion valuation as a sign that investors see this as more than a niche. Luna pushes back with data from a recent First…
Why Startups Offer Pitch Credits to Advisors
In this episode of The Series A Show, Lucas and Luna break down a new trend in early-stage fundraising: pitch credits. Instead of giving away equity or cash, startups are offering advisors and early believers a credit toward their next funding round. Lucas explains how this structure works using the example of a fintech startup that closed a $2.5 million round in June 2026 — with 15% of the round coming from pitch credits. They discuss why this appeals to founders who want to preserve cap table…
Why Startups Are Using Rolling SAFEs to Close Rounds Faster
In episode 120 of The Series A Show, Lucas and Luna explore why rolling SAFEs have become the default instrument for early-stage startups in 2026. They break down the mechanics of a rolling SAFE, contrast it with traditional priced rounds, and examine real-world impacts on cap table complexity and founder dilution. Using recent data from the Y Combinator batch and a comparison of closing speeds, the hosts unpack when a rolling SAFE makes sense—and when it doesn't. They also discuss how the…
How Startups Are Issuing Rolling Dividends to Retain Talent
In Episode 119 of The Series A Show, Lucas and Luna explore a fresh compensation strategy gaining traction among pre-revenue startups: rolling dividends. Rather than offering traditional stock options with a fixed strike price and vesting cliff, a small but growing number of founders are structuring equity-like instruments that pay out a quarterly cash dividend—tied to company milestones rather than revenue—and vest on a rolling basis. Lucas breaks down how one B2B SaaS startup in the AI…
How Founders Are Using Rolling Funds for Continuous Capital
Lucas and Luna dig into the rise of rolling funds in 2026, exploring why more early-stage founders are abandoning the traditional fundraise-and-close model in favor of continuous capital raises. They break down the mechanics of rolling funds—how they work, who they work for, and the trade-offs versus conventional venture capital. Specific data points from this week’s market action, including a 3.6% drop in ARKK and a 6% dip in RBLX, ground the discussion in real investor sentiment. The hosts…
Why Startups Are Raising Rolling Funds for Continuous Capital
In this episode of The Series A Show, Lucas and Luna explore the rise of rolling funds as a continuous capital vehicle for startups. They discuss how rolling funds allow founders to raise capital incrementally from a pool of LPs, reducing the pressure of traditional fundraises. Lucas cites data from recent headlines, including Founders Fund hiring a former OpenAI exec, and notes ARKK's 4.5% weekly decline amid market uncertainty. They compare rolling funds to SAFEs and rolling no-cap notes, and…
Why Startups Are Using Rolling No-Cap Notes in 2026
In this episode of The Series A Show, Lucas and Luna explore why more early-stage startups are raising pre-seed and seed rounds using rolling no-cap notes in mid-2026. With the ARK Innovation ETF down 4.3% over the past week and Palantir up 5.5%, the divergence in the market is creating a unique window for founders to close rounds quickly without setting a valuation cap. Lucas breaks down the mechanics of rolling no-cap notes, including how they differ from traditional SAFEs and capped notes…
Why Startups Are Benchmarking Against Public Comps Pre-Series A
In this July 2026 episode, Lucas and Luna explore a growing trend in early-stage fundraising: startups using public market comparables, like Palantir's 3.7% weekly gain or Coinbase's 5.5% rise, to justify their pre-Series A valuations. They dive into one startup's pitch deck that showed a price-to-sales ratio analysis against ARKK holdings, and debate whether this public-market logic helps or hurts founders. With reference to Greylock's recent $1.5B fund cap and the bigger-isn't-better mindset…
Showing the latest 50 episodes. The full archive of 164 is on Apple Podcasts, Spotify and every major podcast app — or via the RSS feed above.