Portfolio
The Hidden Metrics We Track in Our Portfolio Companies
Tuesday, May 6, 2025
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Everyone loves a hockey-stick growth chart — but not all progress shows up in revenue. Behind the scenes, we track signals that help us understand whether a startup is just gaining users or actually building something enduring.
Beyond Vanity Metrics
DAUs and MRR are important — but they’re not the whole story. For early-stage companies, some of the most telling indicators are harder to measure, but far more predictive.
Here are three under-the-radar metrics we pay close attention to:
Product velocity: How frequently is the product improving? Are releases driven by real user feedback or internal speculation?
Founder responsiveness: Do the founders answer tough questions directly, take feedback seriously, and act on it quickly?
Customer obsession: Are users sticking around, even if the product isn’t perfect? Do they evangelize it unprompted?
These aren’t always listed in pitch decks — but they’re often what separates momentum from movement.
The Story Behind the Numbers
We once invested in a startup that only had 400 users. On paper, that’s small. But those users were logging in 5+ times a day, spending over 40 minutes per session, and referring friends without being asked.
Today, that company serves over 500,000 users and just closed their Series B.
Point is: quantity matters, but quality tells the real story.
What It Means for Founders
Founders reading this: don’t just chase big numbers. Build deep ones.
Talk to your users weekly.
Ship small, meaningful updates often.
Document learnings.
Track habits, not just headlines.
If your core users are obsessed, growth is just a matter of time.
Our Role as Partners
We bring this lens to every board call, catch-up, and coffee chat. We’re not here just for KPIs — we’re here for clarity, consistency, and conviction.
Because the strongest companies are built from the inside out.
Everyone loves a hockey-stick growth chart — but not all progress shows up in revenue. Behind the scenes, we track signals that help us understand whether a startup is just gaining users or actually building something enduring.
Beyond Vanity Metrics
DAUs and MRR are important — but they’re not the whole story. For early-stage companies, some of the most telling indicators are harder to measure, but far more predictive.
Here are three under-the-radar metrics we pay close attention to:
Product velocity: How frequently is the product improving? Are releases driven by real user feedback or internal speculation?
Founder responsiveness: Do the founders answer tough questions directly, take feedback seriously, and act on it quickly?
Customer obsession: Are users sticking around, even if the product isn’t perfect? Do they evangelize it unprompted?
These aren’t always listed in pitch decks — but they’re often what separates momentum from movement.
The Story Behind the Numbers
We once invested in a startup that only had 400 users. On paper, that’s small. But those users were logging in 5+ times a day, spending over 40 minutes per session, and referring friends without being asked.
Today, that company serves over 500,000 users and just closed their Series B.
Point is: quantity matters, but quality tells the real story.
What It Means for Founders
Founders reading this: don’t just chase big numbers. Build deep ones.
Talk to your users weekly.
Ship small, meaningful updates often.
Document learnings.
Track habits, not just headlines.
If your core users are obsessed, growth is just a matter of time.
Our Role as Partners
We bring this lens to every board call, catch-up, and coffee chat. We’re not here just for KPIs — we’re here for clarity, consistency, and conviction.
Because the strongest companies are built from the inside out.
