The Mattermark Series A deck is characterized by its extreme transparency and reliance on granular operational data. Rather than relying on high-level vision statements, the deck uses specific charts for weekly active users, newsletter open rates, and quarterly revenue projections to demonstrate a repeatable sales motion. The inclusion of a 'Lessons Learned' slide provides a rare look at the company's internal pivots regarding trial conversions and churn management. While the deck lacks a traditional competitive matrix in the provided slides, it effectively benchmarks its potential against ma…
Key takeaways
- The deck uses a specific problem statement focused on the inefficiency of repetitive data queries and reporting (Slide 2).
- Revenue projections are broken down by 'Subscription' and 'Enterprise' tiers, targeting a 33% quarterly growth rate for self-service (Slide 3).
- The company benchmarks itself against financial data giants, citing Thomson Reuters' $13.3B and Bloomberg's $7.9B 2012 revenues as the market ceiling (Slide 4).
- User engagement is tracked via Weekly Active Users (WAU) as a percentage of unexpired accounts, showing a peak of approximately 44% (Slide 5).
- Newsletter readership is used as a top-of-funnel metric, boasting a 51% open rate by December 2013 (Slide 6).
- A 'Lessons Learned' slide explicitly states that trial accounts without upfront credit card info 'rarely close,' showing operational honesty (Slide 7).
- The hiring plan is explicitly tied to a $2M ARR goal and details specific headcount additions like '+1 data scientist' and '+1 full stack marketer' (Slide 8).
- The deck omits a standard 'Team' slide with biographies, instead using an org chart to show future reporting structures (Slide 8).
Mattermark Series A: A Data-Driven Narrative
The Mattermark Series A deck is a departure from the high-concept, design-heavy decks often seen in Silicon Valley. It is functional, transparent, and heavily focused on the mechanics of a SaaS business. The deck was produced in late 2013 and early 2014, a period when the 'lean startup' methodology was transitioning into a 'scale at all costs' environment. Mattermark’s approach here is to prove they have found a repeatable engine of growth.
Slide 1: Title and Vision
The cover slide is minimalist, featuring the yellow square logo and the tagline: "organizing the world’s business information." This is a direct nod to Google’s mission statement, signaling the company's ambition to be the search and discovery layer for the private markets. The footer notes the deck is from 2014 and is marked as privileged and confidential.
Slide 2: The Problem of Repetition
Slide 2 identifies the core pain point: "asking & re-asking the same questions." It highlights the inefficiency of re-writing queries and re-running reports. This frames Mattermark not just as a data provider, but as a productivity tool for investors and sales teams who are tired of manual data entry and fragmented research processes.
Slide 3: Quarterly Revenue and Projections
This slide provides a clear look at the company's financial trajectory. It shows actual revenue for Q3 '13 and Q4 '13, followed by projections through Q4 '15. The plan is explicit: grow self-service subscriptions by 33% quarterly and add enterprise accounts at a steady cadence (1 per quarter initially, moving to 2 per quarter in Q2 2015). By Q4 '15, they project quarterly revenue exceeding $1.2 million. The distinction between 'Subscription' and 'Enterprise' is crucial, as it shows a diversified revenue model.
Slide 4: Market Benchmarking
Under the header "finance is just the beginning," Slide 4 lists the annual revenues of established data giants. The figures are specific: Morningstar at $658M, S&P Capital IQ at $1B, and Thomson Reuters at a staggering $13.3B. By placing their early-stage revenue in the context of these giants, Mattermark is defining their Total Addressable Market (TAM) through the realized success of incumbents.
Slide 5: Weekly Active Users (WAU)
Slide 5 is perhaps the most honest slide in the deck. It tracks Weekly Active Users as both a raw number and a percentage of all unexpired accounts. The data shows volatility—a dip in late December (likely due to the holidays) followed by a sharp recovery to over 225 active users by January 12. This level of granularity proves to investors that the founders are obsessed with retention, not just acquisition.
Slide 6: Content as a Growth Lever
Mattermark was well-known for its daily newsletter, and Slide 6 quantifies its impact. It shows a 51% email open rate in December '13, with free subscriptions growing steadily. This slide validates their low-cost customer acquisition strategy. By building a massive audience of free readers, they created a proprietary funnel for their paid SaaS product.
Slide 7: The 'Lessons Learned' Pivot
Slide 7 is a rare inclusion in a Series A deck. It lists four hard truths learned from six months of sales. Most notably, it states that "trial accounts w/out credit card info up front rarely close." This shows that the team is not just blindly spending capital but is actively refining their unit economics and sales tactics. It demonstrates a level of maturity that reassures investors the team can handle the complexities of scaling.
Slide 8: The 12-Month Org Chart
The final slide in this set outlines the hiring plan to reach $2M ARR. It names the existing leadership—Danielle (CEO), Kevin (CTO), and Andy (Ops)—and identifies the need for a Head of Sales and Head of Growth. The plan is highly specific, calling for exactly 26 total employees, including new roles in data science, security, and mobile. This connects the funding request directly to human capital requirements.
What Works in This Deck
Granular Transparency: By showing the WAU fluctuations and the newsletter open rates, Mattermark proves they have a deep handle on their data. They aren't hiding behind 'cumulative' charts that only go up; they are showing the week-to-week reality of their platform.
Operational Honesty: The 'Lessons Learned' slide is a masterclass in building founder-investor trust. It signals that the founders are analytical and willing to kill darlings (like no-CC trials) to improve the business.
Clear Benchmarking: Instead of a vague 'market size' slide with a giant circle, they list actual competitors and their actual revenues. This makes the $10B+ opportunity feel grounded in reality rather than theory.
What Is Missing
The 'Ask': In the provided slides, there is no mention of how much money is being raised or the specific terms of the round. While this may have been in the remaining 24 slides, its absence here leaves the narrative without a conclusion.
Unit Economics: While revenue and growth are discussed, there is no mention of Customer Acquisition Cost (CAC) or Lifetime Value (LTV). For a Series A SaaS company, these metrics are usually mandatory to prove the business is scalable.
Competitive Matrix: While Slide 4 lists incumbents, it doesn't explain why Mattermark is better or different. A feature-by-feature comparison or a 'Why Now' slide regarding the shift in data processing would have strengthened the case against Bloomberg or Capital IQ.
What Founders Should Copy
The Hiring Roadmap: Founders should emulate Slide 8. Don't just say you are 'hiring engineers.' Show the org chart, identify the leadership gaps, and tie the headcount directly to a revenue milestone (like the $2M ARR target). It shows you have a plan for the money.
Engagement Over Totals: Instead of showing 'Total Registered Users,' show 'Weekly Active Users as a % of Total.' It is a much harder metric to move and much more impressive to sophisticated investors.
The Newsletter Funnel: If your company uses content marketing, track it as a formal part of your traction. Showing that you own your distribution channel (as seen on Slide 6) is a massive competitive advantage that reduces reliance on paid ads.
Frequently asked questions
- How does Mattermark define its market opportunity?
- Mattermark positions itself within the broader business information sector. On Slide 4, they list massive incumbents such as Morningstar ($658M), Gartner ($1.6B), and Thomson Reuters ($13.3B). By stating 'finance is just the beginning,' they suggest their data-driven approach to tracking startups can eventually scale to compete with these multi-billion dollar financial intelligence platforms.
- What is unique about Mattermark's approach to traction slides?
- Unlike many decks that only show 'up and to the right' revenue, Mattermark includes granular engagement data. Slide 5 shows Weekly Active Users (WAU) with significant volatility, and Slide 6 tracks newsletter opens and clicks. This suggests they view their content marketing and user retention as primary drivers of their subscription growth.
- What operational insights did the founders share with investors?
- Slide 7, titled 'Lessons Learned,' is highly unusual for a pitch deck. It admits that 30-day trials do not equal a 30-day close cycle and that failing to collect credit card information upfront leads to poor conversion. This transparency builds trust by showing that the founders are actively optimizing their sales funnel based on real-world friction.
- How is the hiring plan structured in the deck?
- Slide 8 presents a 12-month organizational roadmap. It identifies the CEO (Danielle), CTO (Kevin), and Ops lead (Andy) while highlighting vacancies for a Head of Sales and Head of Growth. It lists exactly how many reps, marketers, and engineers are needed to reach a specific target of $2M ARR, providing a clear link between capital and milestones.
- Does the deck include a clear exit strategy or acquisition targets?
- No, the provided slides do not mention an exit strategy. Instead, the focus is entirely on growth and market displacement. By listing the revenues of companies like Dow Jones and S&P Capital IQ on Slide 4, they imply that the company is building toward becoming a major pillar of the financial data industry rather than seeking a quick flip.
