Pitch Reviewfrom Sure Valley Ventures
Contents

The standard · version 1.1.0 · 15 November 2026

Series A deck template

At seed the question is whether it works. At Series A it is whether it repeats without a founder doing it, so the numbers come first: the headline figures are on slide 2 and traction takes four slides.

Sixteen slides and an appendix, one message a slide. The bar behind each number is in the readiness standard with its source; another investor's numbers will differ. Each read is marked on what the deck says and how plainly it says it, not on how strong the business is: that is read separately.

A read is met wherever in the deck its content sits, so folding two of these slides into one is not a fault. A mistake is marked only where it can be pointed at on a slide, never because something is missing.

Download the template

PowerPoint file (.pptx), 58 KB. Opens in PowerPoint, Google Slides and Keynote. Each slide's notes say what investors read there.

A line marked for AI, not AI, a sales team or self-serve applies only to those companies.

1. Title and one-liner

Says what you do, for whom and to what end, in one sentence a stranger can repeat.

What investors read here

  1. Whether they can say what you do in one sentence after reading it once.

    The test for each mark
    Done
    One of the first two slides has a sentence that says what the product does, in words a stranger would understand.
    Partly
    Anything between: the sentence leans on a term a stranger would need explained, or first comes after slide two.
    Not done
    No sentence in the deck says what the product does: a name, a logo or a tagline only.

  2. Which buyer pays, and for what outcome.

    The test for each mark
    Done
    The first two slides name the customer (a role or a kind of organisation) and the outcome they get.
    Partly
    Anything between: they name one of the two.
    Not done
    They name neither.

  3. The round, the amount and where you are, so the deck is filed in the right place.

    The test for each mark
    Done
    The first two slides give all three: the round, the amount being raised and the city or country.
    Partly
    Anything between: they give one or two of the three.
    Not done
    They give none of the three.

The mistakes investors see most

  • A tagline instead of a sentence with a customer and an outcome in it.

  • A one-liner about what the product will become, not the one customers pay for today.

2. The numbers at a glance

Puts the headline numbers in front of the reader before the story starts.

What investors read here

  1. The headline numbers up front, each with its date or period: ARR, and at least two of growth, retention and customers.

    The test for each mark
    Done
    One of the first two slides gives ARR and at least two of its growth, retention and the number of customers, each with the date or period it covers.
    Partly
    Anything between: ARR with one of the others, figures with a date missing, or the numbers first given later in the first half of the deck.
    Not done
    No ARR figure in the first half of the deck.

  2. Whether the ARR says what it counts, and what it leaves out.

    The test for each mark
    Done
    The deck says what its ARR counts (recurring revenue from customers who pay) and names what it leaves out, such as pilots, set-up fees or services.
    Partly
    Anything between: it says what the ARR counts with nothing on what is left out, or the reverse.
    Not done
    The figure is called ARR with nothing on what it counts; or the deck's own words show that it includes pilot fees, one-off fees or contracts not yet signed.

The mistakes investors see most

  • Holding the numbers back until the middle of the deck.

  • A cumulative total where a monthly figure should be.

3. The problem

Shows what the problem costs a customer today, in figures from the customers who now pay you.

What investors read here

  1. Whether the problem is measured in the customer's units: hours, days, pounds, error rates.

    The test for each mark
    Done
    The deck gives at least one figure for the problem in the customer's own units (time, money, a count or an error rate), for one customer or a typical one.
    Partly
    Anything between: the only figures are for the market as a whole.
    Not done
    The problem is told in words only.

  2. Who has the problem, and how they cope today.

    The test for each mark
    Done
    The deck names who has the problem (a role or a kind of team) and says how they deal with it today.
    Partly
    Anything between: it gives one of the two.
    Not done
    It gives neither.

  3. Whether the cost now comes from paying customers' own numbers, not from interviews.

    The test for each mark
    Done
    The deck says its figures for the problem come from its own customers, and names or counts them.
    Partly
    Anything between: the figures have another source, such as an interview, a pilot or a report; or customers are given as the source with no name and no count.
    Not done
    The figures have no source, or there are none.

The mistakes investors see most

  • A market-level problem with no single customer's numbers.

  • A problem bigger than the one your product solves.

4. What we built

Shows what the product does today, in production, and how many customers rely on it.

What investors read here

  1. What the product does today, in production, from one screen.

    The test for each mark
    Done
    The deck shows the product at work as customers use it today: a screen, a simple diagram of the steps a user or a piece of work goes through, or one worked example. It says what goes in and what comes out.
    Partly
    Anything between: the product is explained in a paragraph or bullets only; a screen or diagram that does not say what goes in and what comes out; or one that shows a planned feature.
    Not done
    Only a list of features or a diagram of the system's parts; or nothing on what the product does.
    Could not see
    Judged from the slide as a picture, not from its text.

  2. How many customers are live in production, and how much they use it, over a period that fits how the product is used.

    The test for each mark
    Done
    The deck gives the number of customers live in production and a figure, with its period, for how much they use the product.
    Partly
    Anything between: one of the two, or a figure for use with no period.
    Not done
    Neither is given.

  3. The before-and-after in the customer's numbers, not in features.

    The test for each mark
    Done
    The deck gives at least one result in a customer's own numbers (time saved, errors caught, money saved or found) and says whose it is: named customers, or how many of them.
    Partly
    Anything between: a result with nothing on whose it is, or a change claimed with no number.
    Not done
    No result is given: features only.

The mistakes investors see most

  • The roadmap presented as if it were the product.

  • An architecture diagram or a feature grid where the product screen should be.

5. Why now

Shows what changed, and that the customers you have closed say so themselves.

What investors read here

  1. A dated, external change, not an internal milestone.

    The test for each mark
    Done
    The deck names a change outside the company (in regulation, cost, technology or behaviour) and says when it happened.
    Partly
    Anything between: an outside change is named with no date.
    Not done
    The deck names no change outside the company: the argument rests on the company's own progress, or there is none.

  2. Whether your customers name it: what they give as their reason for buying now.

    The test for each mark
    Done
    The deck says what its customers give as their reason for buying now, in their words or as a count of those who gave it.
    Partly
    Anything between: a reason for buying now is given as the company's own view, with nothing from customers.
    Not done
    Nothing on why customers buy now.

The mistakes investors see most

  • "AI is here" as the whole argument.

  • A trend with no date and no number.

6. Revenue and growth

Shows the level of recurring revenue, how fast it is growing and what it is made of.

What investors read here

  1. ARR month by month across the last year.

    The test for each mark
    Done
    ARR is shown at each month end across the last year or the year to date.
    Partly
    Anything between: ARR at the start and the end only, by quarter, or for a few months.
    Not done
    No ARR over time.

  2. The ARR bridge: opening, new, expansion, contraction, churn and closing.

    The test for each mark
    Done
    For a stated period the deck shows opening ARR, then new, expansion, contraction and churn each as a figure of its own, and closing ARR.
    Partly
    Anything between: ARR added and ARR lost are shown, with expansion, contraction or churn not told apart.
    Not done
    Nothing on what the change in ARR is made of.

  3. The level and the growth rate, each with its dates.

    The test for each mark
    Done
    The deck gives ARR at a stated date, and a growth rate with the period it covers.
    Partly
    Anything between: one of the two, or a figure with no date or no period.
    Not done
    Neither is given.

The mistakes investors see most

  • One annual total with no monthly trend behind it.

  • Services or consulting counted as recurring revenue.

7. Retention and revenue quality

Shows how much revenue stays and grows, and how much rests on one customer or one kind of contract.

What investors read here

  1. Gross and net revenue retention, each with its period and the formula used.

    The test for each mark
    Done
    Both are in the deck, each with the period it covers and how it is worked out. A period shorter than twelve months, labelled as such, meets this.
    Partly
    Anything between: one of the two, or both with no formula or no period.
    Not done
    Neither is given.

  2. What each starting group of customers is worth today, by the quarter they signed.

    The test for each mark
    Done
    A table or chart shows, for the customers who signed in each quarter or year, their ARR at the start and their ARR today.
    Partly
    Anything between: retention is shown for one starting group only, or for customers as a whole.
    Not done
    No retention figure of any kind is shown.

  3. Concentration: the largest customer's share of ARR, stated, and retention without that customer where its share is over the bar.

    The test for each mark
    Done
    The deck states the largest customer's share of ARR. Where that share is over the bar for concentration in the readiness standard, it also gives gross and net retention with that customer left out.
    Partly
    Anything between: the share can be worked out from a chart or a table but is not stated; or it is over the bar and no retention is given without that customer.
    Not done
    Nothing shows how much of ARR the largest customer is.

  4. How customers are contracted: how long contracts run and how they are billed, or ARR split by kind of contract (annual, monthly or by usage).

    The test for each mark
    Done
    The deck gives the length of its contracts, or the split of ARR by kind of contract, and says how customers are billed.
    Partly
    Anything between: one of the two.
    Not done
    Nothing on how customers are contracted.

The mistakes investors see most

  • A net retention number with no gross retention beside it.

  • The share of customers kept, where the share of revenue kept is the question.

8. Unit economics

Shows what it costs to deliver the product and to win a customer, and whether both hold as the company grows.

What investors read here

  1. Gross margin, with what its costs include and, for an AI product, what the models cost.

    The test for each mark
    Done
    The deck gives gross margin and says what its costs include: for an AI product, the model, hosting and support.
    Partly
    Anything between: a gross margin with nothing on what its costs include.
    Not done
    No gross margin.
    The bar it leans on
    Gross margin

  2. What it costs to win a customer and how long that takes to earn back.

    The test for each mark
    Done
    The deck gives what it costs to win customers and the months it takes to earn that back, and says what the cost includes and leaves out.
    Partly
    Anything between: one of the two figures, or both with nothing on how they were worked out.
    Not done
    Neither the cost nor the time to earn it back is given.

  3. Whether the margin holds as usage grows and, for an AI product, as model prices change.

    The test for each mark
    Done
    The deck shows gross margin or cost per unit at more than one date, or at more than one level of usage, so that the direction can be seen.
    Partly
    Anything between: it says the margin will hold or improve, with one figure or none.
    Not done
    Nothing on how the margin changes.
    The bar it leans on
    Gross margin

The mistakes investors see most

  • A customer lifetime value built on a lifetime nobody has observed yet.

  • A gross margin that leaves out model inference, hosting or support.

9. How we sell

Shows that customers are won by a method that repeats without a founder doing it.

What investors read here

  1. Who closed the customers: the founders, or the team.Sold by a sales team

    The test for each mark
    Done
    The deck says how many of its customers, or how much of its new ARR, were closed by founders and how many by others.
    Partly
    Anything between: it says the team closes deals, or that founders do, with no figures.
    Not done
    Nothing on who closed.

  2. Sales cycle and win rate, and whether they are stable.Sold by a sales team

    The test for each mark
    Done
    The deck gives the sales cycle and the win rate, each for more than one period, so that a reader can see whether they hold.
    Partly
    Anything between: one of the two, or a single figure for each.
    Not done
    Neither is given.

  3. Where new customers come from, by source, with the share of new ARR from each.Bought self-serve

    The test for each mark
    Done
    New customers or new ARR for a stated period are split by source (for example search, referral, paid advertising or partners), with a figure for each.
    Partly
    Anything between: sources named with no figures, or figures with no period.
    Not done
    Nothing on where customers come from.
    The bar it leans on
    Where demand comes from

  4. The path from sign-up to paying, with a count or a conversion rate at each step, over time.Bought self-serve

    The test for each mark
    Done
    The deck shows the steps from visitor or sign-up to paying, with a count or a conversion rate at each, for more than one period.
    Partly
    Anything between: steps with no figures, or figures for one period only.
    Not done
    No path from sign-up to paying is shown.

  5. What each route to a customer costs, and the results from each so far.

    The test for each mark
    Done
    For each route to a customer the deck gives what was spent and what it brought in: customers or ARR. A company with one route gives both for that route.
    Partly
    Anything between: results with no cost, cost with no results, or one blended cost across several routes.
    Not done
    Nothing on what the routes to a customer cost or bring in.
    The bar it leans on
    Where demand comes from

The mistakes investors see most

  • Every deal still closed by a founder, with a plan to hire sales after the round.Sold by a sales team

  • A list of channels you intend to try, with no cost or conversion beside any of them.

  • Free users or trials counted as customers.Bought self-serve

10. Market

Shows the market built from your own customers, the path to a much larger company, and that you sell to the customer you say you serve.

What investors read here

  1. A bottom-up number built from your own customers: counts × the contract value you actually get.

    The test for each mark
    Done
    The market figure is a count of buyers times a contract value, and the deck sets that value beside what its customers pay today.
    Partly
    Anything between: a bottom-up figure with nothing on how its price compares with what customers pay.
    Not done
    No market figure, or a top-down figure only.

  2. A modelled path to the plan's ARR: how many customers it takes, at what contract value and what rate of winning them.

    The test for each mark
    Done
    The deck shows what its planned ARR rests on as numbers: the customers it takes or the rate of winning them, and the contract value or the retention it assumes.
    Partly
    Anything between: a planned ARR with only one of these stated as a number.
    Not done
    No path to a planned ARR is shown.

  3. How much of your business comes from the customer you say you serve.

    The test for each mark
    Done
    The deck gives the share of its customers, or of its new ARR, that are the customer it describes as the target.
    Partly
    Anything between: it says most customers fit the target, with no figure.
    Not done
    Nothing on how many of its customers are the target customer.

The mistakes investors see most

  • A top-down number from a report, where a year of selling should give you counts and contract values of your own.

  • New segments or new products added into one market total with the market you sell to today.

11. Competition

Shows where you win and lose in real deals, against every alternative.

What investors read here

  1. The alternatives a buyer has, with what each does well and where you win: other products, building it in-house and carrying on as before.

    The test for each mark
    Done
    The deck names at least one other product or company and at least one way a customer copes without buying, and says for each what it does well and where you win.
    Partly
    Anything between: alternatives are named with nothing on what each does well, or products only.
    Not done
    No alternative is named.

  2. Wins and losses from real deals: how many, and against which named competitors.Sold by a sales team

    The test for each mark
    Done
    The deck gives the number of deals won and lost, and how many of them were against at least one named competitor.
    Partly
    Anything between: wins against a competitor are named with no count, or a win rate with no competitor named.
    Not done
    No wins or losses from deals are shown.

  3. What new customers used before they chose you, and what customers who cancel move to, with counts.Bought self-serve

    The test for each mark
    Done
    The deck gives, with counts, what new customers used before and what cancelled accounts moved to.
    Partly
    Anything between: one of the two, or both with no counts.
    Not done
    Nothing on what customers used before or moved to.

  4. Why you lose, by reason.

    The test for each mark
    Done
    Lost deals (for a product bought self-serve, cancelled accounts) are grouped by reason, with a count for each reason.
    Partly
    Anything between: reasons for losing are named with no counts.
    Not done
    Nothing on why you lose.

The mistakes investors see most

  • A matrix where you have every tick and everyone else has none.

  • "We have no competitors."

12. The AI and the moat

Shows the measured advantage customers get, what is yours, and why it gets harder to copy.

For software companies that are not AI companies, the slide is titled "The product and the moat".

What investors read here

  1. A measured advantage on the numbers the customer cares about, on live work.

    The test for each mark
    Done
    The deck gives a measured result from customers' live work and says what it is compared with: the alternative, or the way the job was done before.
    Partly
    Anything between: a figure with nothing to compare it with, or from a test and not from live work.
    Not done
    No measured advantage.

  2. What is yours: data, integrations, a workflow the customer depends on. And what happens if the model provider changes its price or its terms.AI only

    The test for each mark
    Done
    The deck names what the company holds itself (which data, which integrations or which workflow), and says which models it runs on or what happens if a provider changes its price or its terms.
    Partly
    Anything between: one of the two.
    Not done
    Neither.

  3. What is yours: data, integrations, a workflow the customer depends on.Not AI

    The test for each mark
    Done
    The deck names what the company owns (which data, which integrations or which workflow) and says how a customer comes to depend on it.
    Partly
    Anything between: it says "data" or "integrations" without saying which, or names what is owned with nothing on how a customer comes to depend on it.
    Not done
    Nothing is named as owned.

  4. What gets harder to copy with every customer.

    The test for each mark
    Done
    The deck says what grows with each customer and gives a figure for how far it has grown.
    Partly
    Anything between: it says what grows with each customer, with no figure.
    Not done
    Nothing on what gets harder to copy.

The mistakes investors see most

  • "Proprietary AI" with no evaluation set and no number.AI only

  • One third-party model the product cannot run without, and no fallback.AI only

  • "Proprietary technology" with no measured advantage behind it.Not AI

  • A moat that is only a head start: features an incumbent could add in a quarter.Not AI

13. Trust

Shows what a large customer's security and purchasing teams will check, and that some have already said yes.

What investors read here

  1. Security certification and where it stands: held, or under way with a date, and the last penetration test.

    The test for each mark
    Done
    The deck names a security certification (SOC 2 or ISO 27001) and says whether it is held or when it is due, or gives the date of its last penetration test (an outside attempt to break in, done to order).
    Partly
    Anything between: a certification or a test is named with no status and no date.
    Not done
    No certification and no penetration test is named.

  2. Whether enterprise buyers have already said yes: how many procurement or security reviews you have passed.Sold by a sales team

    The test for each mark
    Done
    The deck gives the number of procurement or security reviews it has passed.
    Partly
    Anything between: it says reviews have been passed, with no number.
    Not done
    Nothing on reviews by buyers.

  3. How the AI is governed: where the company stands on a policy, monitoring for drift (results getting worse over time) and incidents, an audit trail of outputs, and the right to any customer data used for training.AI only

    The test for each mark
    Done
    The deck says where it stands on all four: in place, under way with a date, or not yet.
    Partly
    Anything between: it covers one, two or three of the four.
    Not done
    None of the four.

  4. How customer data is handled: an agreement with each customer on how their data is processed, a published list of the suppliers who touch it, and how long it is kept.Not AI

    The test for each mark
    Done
    The deck says where it stands on all three: in place, under way with a date, or not yet.
    Partly
    Anything between: it covers one or two of the three.
    Not done
    None of the three.

The mistakes investors see most

  • "Enterprise-grade security" with no certificate, no date and no test behind it.

14. Team and organisation

Shows the organisation and not only the founders: who leads what, hiring against the plan, and how many people do what.

What investors read here

  1. Who leads sales, product and engineering, founders included, and since when.

    The test for each mark
    Done
    The deck names who leads each of sales, product and engineering (a founder may) and says when each started or will start. For a product bought self-serve, growth stands in for sales.
    Partly
    Anything between: leaders for one or two of the three, or leaders with no dates.
    Not done
    The deck does not say who leads any of the three.

  2. Hiring against the plan: the roles planned for the last twelve months and the roles filled.

    The test for each mark
    Done
    The deck sets the hires made in the last year beside the hires planned.
    Partly
    Anything between: hires made or headcount, with no plan to set them against.
    Not done
    Nothing on hiring.

  3. The organisation today: how many people, in which functions.

    The test for each mark
    Done
    The deck gives headcount split by function.
    Partly
    Anything between: a total headcount with no split.
    Not done
    No headcount.

The mistakes investors see most

  • Founder biographies only, as at seed.

  • Advisors listed as if they were the team.

15. The financial plan

Shows the plan on one page, what it burns for what it adds, and how good past forecasts have been.

What investors read here

  1. The plan on one page: revenue, spending and cash over the life of the round, with the three or four assumptions it rests on.

    The test for each mark
    Done
    The deck shows planned revenue or ARR and planned spending or cash for the period the round funds, and states the assumptions they rest on as numbers.
    Partly
    Anything between: planned revenue with no spending or cash, or a plan with no assumptions stated.
    Not done
    No financial plan is shown.

  2. How much cash is burned for each pound of net new ARR.

    The test for each mark
    Done
    The deck gives cash burned and net new ARR for the same past period, or the ratio between them.
    Partly
    Anything between: both are given but for different periods, or one of the two only.
    Not done
    Neither is given.
    The bar it leans on
    Capital efficiency

  3. How good your forecasts have been: a past forecast set against what happened, for revenue or for cash.

    The test for each mark
    Done
    For at least one past quarter the deck sets a forecast beside what happened, for revenue or for cash.
    Partly
    Anything between: it says forecasts were met, with no figures.
    Not done
    No forecast is set against what happened.

The mistakes investors see most

  • A steep curve with no assumptions on the slide.

  • A plan whose starting numbers do not match the revenue slides.

16. The ask

States the amount, what it buys and how long it lasts, and shows that money is what is holding growth back.

What investors read here

  1. The amount, as one figure. Where part of it is already committed, say how much.

    The test for each mark
    Done
    The deck states one amount for the round, not a range.
    Partly
    Anything between: the amount is a range.
    Not done
    No amount is stated.

  2. What the money buys, by hire and by route to market, and the milestones it reaches before the next round, each with a number and a date.

    The test for each mark
    Done
    The deck says what the money buys, by hire or by route to market, and gives at least one milestone it reaches, with a number and a date.
    Partly
    Anything between: uses by category only, or milestones with no number or no date.
    Not done
    No use of funds.

  3. Runway from the close: how long the money lasts.

    The test for each mark
    Done
    The deck gives the runway the round buys, in months or to a date.
    Partly
    Anything between: spend a month is given with no runway.
    Not done
    Nothing on how long the money lasts.

  4. Whether the deck shows that money is what is holding growth back.

    The test for each mark
    Done
    The deck says what limits growth today and how the round removes that limit.
    Partly
    Anything between: it says the round will speed growth, with nothing on what limits it today.
    Not done
    Nothing on what holds growth back.

The mistakes investors see most

  • "Sales and marketing: 40%" with no roles and no channels behind it.

  • A valuation or other terms of the round printed in the deck.

Appendix

Slides kept behind the main deck, for the questions it will raise.

Retention tables
Revenue kept and added, by the quarter customers signed.
The ARR bridge
Month by month: opening, new, expansion, contraction, churn and closing.
Pipeline and forecast
The open pipeline by stage, and the forecast against what happened in the last two quarters.
The eighteen-month model
The profit and loss, cash and headcount behind slide 15, with its assumptions.
Use of funds in detail
The hires and the spending behind slide 16, by quarter.
Cap table and round history
Who holds what today, and each round so far.
Customer stories
Two or three customers, each with its numbers before and after.
Questions you have been asked
One slide for each question an investor has asked more than once.

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