Chapter 4 · Evaluating Deals

SaaS Metrics for Investors

LTV, CAC, ARR, NRR, Rule of 40. Every SaaS pitch shows up with some version of these numbers, and every set is either clean, messy, or quietly wrong. This module is how to calculate each one, what good vs great looks like at different stages, and how founders inflate these numbers without technically lying. If you work in SaaS-heavy venture, you'll use it most weeks.