Pitch Deck Teardown: Juro’s $23M Series B Deck

Pitch Deck Teardown: Juro's $23M Series B Deck

Come back in January, Natasha covered Juro’s Series B round, which added $23 million to his coffers. Juro aims to end the contract negotiation madness by moving workflows from Microsoft Word and a handful of other crappy tools to an all-in-one web platform for workflow from contract negotiation to signing. Sounds like a great idea. The deck worked; he helped Juro raise a nice stack of dollars. But is his deck good? Let’s take a closer look.

We’re looking for more unique pitch decks to break down, so if you’d like to submit your own, here’s how you can.

Slides in this deck

The company used a deck of 15 slides, which it shared with TechCrunch, making only a few light changes; All the slides are there, but the company has redacted some of its future road map and actual numbers for financials.

  1. Cover the slide
  2. “It takes about 5 tools to process just one contract” – problem slide
  3. “Starting contracts in MS Word files aggravates the pain” – problem slide
  4. “We’re entering into browser-native agreements” — solution slide
  5. “Companies are switching to Juro’s native browser format” — traction slide
  6. “ARR is at over $20M, growing predictably and sustainably” – financial traction slip
  7. “We are the only all-in-one system adopted by legal teams” — competition slide
  8. “We have a repeatable, inbound-driven GTM engine” – customer acquisition slide
  9. “While the attrition rate is trending sharply downwards” – retention slide
  10. “Our champion community boosts growth” – client slide
  11. “Helping us grow ARR with a landing/expansion move” – ​​go-to-market/market expansion slide
  12. “We have an experienced and committed team on board” – team slide
  13. “With a track record of capital efficiency” – financial results and investment partners slip
  14. “And a larger goal to become the default way to agree terms” – product road map slide
  15. Closing slide

Three things to love

There are a lot of really good things about the Juro deck, but the clarity of its history is a particular highlight.

Yes, that’s a problem

[Slide 2] Great description of the problem. Image credit: I swear

Anyone who has dealt with contracts, especially customized or at least flexible contracts for each client, has experienced this problem in one form or another. This presents itself to anyone doing big B2B or corporate business; if you’re negotiating with someone older than you, their in-house legal team is likely to have a capital T thoughts on your contracts and that you will not be able to use your carefully crafted standard contracts in the way you had hoped.

For startups, this shows up in due diligence from time to time; you both need to have contracts with all your customers and suppliers and be able to locate them and show signed versions of them in the due diligence process if required. If your contracts reside in your email or (perhaps) a shared folder (somewhere, hopefully), this can turn into a stressful nightmare.

The extra quirk here is that most VC offerings fall into this category; the terms are often pretty standard, but when the investment paperwork is complete, there’s a lot of custom language that can creep into each contract, which varies from deal to deal. The upshot is that this company was likely going to be a pretty easy sell for a lot of VCs who are looking at this deck: While the company isn’t specific to the startup and VC ecosystem, Juro is, at least in part, solving a problem every VC has. experienced at one time or another.

If your company does something that VCs are very likely aware of, you can use it to your advantage; significantly accelerates the “this is why it’s good” narrative. What a big plus!

Enough product to make sense

[Slide 4] Yessss. This is how we do a product slide. Image credit: I swear

Many startups are tempted to spend too much time talking about their product. The product is important, of course, but rarely as important as the founders think. This is a B-grade deck, and Juro tells the right story here: if you have a lot of customers (and, as you’ll notice shortly, Juro does), you don’t have to spend much time on your Product. Customers love it, they give you money and they stay. For Serie B we are talking about growth. Yes, the product has to be good enough that it doesn’t actively scare away customers, but if you can sign them up and keep them around, you’re at least on the right track.

In this slide, Juro shares enough detail so that investors can get a high-level overview of what the product is and what the benefits are. Very well done, and keeps things up to a high enough standard to make everything easy enough to understand. Well done!

As a startup, what you can learn from this slide is not to get bogged down in the details. Keep it as simple as possible. With my pitch coaching clients, I sometimes challenge them to tell the whole story without mentioning the product once. A bit extreme, of course, but it helps reinforce every other part of the story sufficiently to the point that once you add the product, it takes just the right amount of time and energy into a presentation.

Traction, traction, traction

[Side 5] If you could use a single slide to raise capital, it would look like this. Image credit: I swear

If Juro has “number of signed contracts” as its most important KPI, this chart is great.

Traction is the single most important slide you will have in your pitch deck. If you have it, conduct it as soon as possible. Well, we managed to slide five into Juro’s pitch deck and have already talked about the slides that preceded it. Realistically, this is the first time the company can talk about how well it’s doing. And goodness, is it ever — this is an exponential graph like you’ll see for any startup, and if Juro has “number of deals signed” as its most important KPI, this graph is great.

You may have noticed the “if” in the sentence above. As an investor, I like this chart. I like that the company is expanding rapidly. But there’s a quirk here: According to its pricing page, the company doesn’t directly make more money if it takes on more contracts. Naturally, the two will be strongly correlated, but I would have liked to see a more direct traction metric here. ARR, maybe. Number of paying customers. Leading with a nice graph for a secondary KPI always looks a little fishy. I let them get away with it here because slides 6 and 7 cover the company’s ARR growth, which is the real VCs driven by metric numbers will worry.

The lesson? Be careful what metrics you run. Some are important internally but less important to investors. Some will be valuable to certain aspects of the business (customer support ticket closure time and system uptime, for example, are critical to the customer service and technical operations teams), but it seems curious to see them appear in presentations.

In the rest of this teardown, we’ll take a look at three things Juro could have done better or differently, along with his full deck!

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