Investors look for a continuum of evidence. At a minimum, they want demand validation. This means early users or customers tried the product, loved it, and provided testimonials or showed a willingness to pay. These signs indicate initial traction and market interest.

If you have a few months of data, investors want to see proof of increasing usage. They look for patterns where users keep coming back, either returning to buy again or expanding their use of the product.

In the best-case scenario, you can show signs of expansion. This means users not only love and continue using your product but also increase their engagement over time. Investors value seeing cohorts of users who stick around and grow in number.

On a financial level, investors focus on your gross revenue retention (GRR) and net revenue retention (NRR). GRR measures how much revenue you retain from existing customers without considering upsells or expansions. NRR includes upsells and expansions, showing overall growth from your current customer base.