2 min - Aug 22, 2022

The SaaS Metrics that Matter Most with Pablo Srugo, Mistral

Mistral is a seed-stage firm investing across Canada. They invest in software-based startups across all verticals, including B2B SaaS, marketplaces, and consumer. They look for founders they believe in and ideas they have deep conviction in. They have invested in over 30 startups, including:

Symend – A science-driven engagement platform that transforms the way enterprises engage and retain financially at-risk customers.  

Ritual – A consumer focused mobile application, which recreates the suburban drive-through experience within the urban core. 

CloudCheckr – Delivering total visibility in a cloud management platform, CloudCheckr makes the most complex cloud infrastructures easy to manage. 

In terms of key metrics that seed-stage CEOs should track on a dashboard, Mistral Ventures Partner, Pablo Srugo, has 8 top picks. One that’s especially revealing is the North Star KPI metric.

Pablo describes a company’s North Star KPI as a proxy for the value and utility a company delivers to its customers. This metric is unique to each company and should get to the heart of the company’s value proposition.  

For a company like Symend that engages with financially at-risk customers, the number of customers treated is an ideal North Star KPI. For a company like Ritual, offering the suburban drive-through experience in the urban core, the number of orders processed on the platform is an ideal proxy for value. 

The other key metrics Pablo recommends seed stage companies track are:

Monthly Recurring Revenue / Annual Recurring Revenue

Monthly Revenue Growth Rate

Number of Customers


Net Burn

Gross Churn

Net Churn

About SaaSCan

SaaSCan was created to bring deep experience in customer-centric growth and SaaS metrics to Canada’s growing SaaS ecosystem. 

SaaSCan for Startups services were born in the early days of COVID-19 to help Canadian SaaS companies understand COVID’s impact on churn and retention. We have expanded to provide enablement for SaaS startups on SaaS metrics and benchmarks.

SaaSCan for Early Stage Growth services emerged from the need startups have to adopt a customer-centric approach as they grow, so they can deliver ongoing value to existing customers and optimize key SaaS retention, expansion, and efficiency metrics.

SaaSCan for Later Stage Growth services empower SaaS companies to be customer-centric and metrics-savvy at scale, further optimizing customer retention, SaaS metric performance, and company valuation.


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