“What milestones will this round get you to?”

What they're really asking

Will you be fundable next time? Investors rarely care about the question on its own. They're testing whether you know your numbers cold, whether your assumptions are honest, and whether you can explain them simply.

How to answer, step by step

1. Name 3-4 measurable milestones with dates.
2. Tie them to what next-round investors expect.
3. Show them in the model.

An example answer

About $1.5M ARR, 280 customers and churn below 2.5% a month, 18 months after closing: the profile we see Series A investors look for.

Figures are from Loopdesk, the fictional SaaS company in our sample files. Swap in your own numbers and keep the structure.

The answer that loses trust

Where the proof lives

Before the meeting, find the number behind your answer. In our workbooks it lives in: Raise Planner - Milestones, Use of Funds - Milestones. If you can open that tab and point to it, the follow-up question is easy.