I think Charles Hudson has it right in There’s no such thing as Series A metrics (read it!). Revenue and other metrics are very important, but overall these three points are even more important:
- A clear path to building a large company with a $1B+ terminal value, as judged by the investors from their point of view
- Be in the top 5-10% of opportunities in that VC’s pipeline of companies
- Strong founding team that investors believe can take the company to the next level
