February 8, 2023

Money News PH

The Premier Blog Where Money Talks

Juro’s $23 Million Deck • TechCrunch

Already in January Natasha covered Juro’s Series B round, which netted $23 million in his coffers. Juro aims to put an end to the madness of contract negotiation by shifting workflows from Microsoft Word and a handful of other underperforming tools to an all-in-one web-based contract negotiation-to-signing workflow platform. It seems like a very good idea. The deck worked; it 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 tear-off pitch decks. So if you want to submit your own, here’s how to do it.

slides in this deck

The company used a 15-slide deck it shared with TechCrunch and only did some light redaction; All the slides are in place, but the company has blurred some of its future roadmap and actual financial numbers.

Title slide “It takes ~5 tools to edit just one contract” — Problem slide “Initiating contracts in MS Word files increases the pain” — Problem slide “We make contracts browser-native” — Solution slide “Companies are moving to Juro browser-native format – Traction Foil “ARR is over $XXM and growing predictably and sustainably” – Financial Traction Foil “We are the only all-in-one system adopted by legal teams” – Competition Foil “We have a repeatable GTM engine, powered Through Inbound” — Customer Acquisition Slide “While Churn Is Trending Sharply Down” — Customer Retention Slide “Our Community Of Champions Amplifies Growth” — Customer Slide “Help Us Increase ARR With A Land/Expansion Move” — Go- To-Market / Market Expansion Slide “We have an experienced and dedicated team on board” – Team Slide “With a track record of capital efficiency” – Financial Highlight and Slide for Investit ion partner “And a broader goal of becoming the standard method for agreeing on terms” – Produkt Straßenkartenschieber Schließschieber e

three things to love

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

Yes, that’s a problem

[Slide 2] Excellent problem description. Photo credit: Juro

Anyone who has had to deal with contracts, especially contracts that are individual or at least flexible for each customer, has experienced this problem in one form or another. This is evident for anyone doing large B2B or corporate deals; If you’re dealing with someone taller than you, chances are their in-house legal team is thinking big about your contracts and you’re not getting the use of your lovingly crafted sample contracts in the way you hoped.

For startups, this shows up from time to time in due diligence; You must both have contracts with all your customers and suppliers and be able to locate and produce the signed versions of them in the due diligence process when asked to do so. If your contracts are stored in your email or (maybe) in a shared folder (hopefully somewhere), this can become a stressful nightmare.

The particularly cool quirk here is that most VC deals fall into this category; The term sheets are often fairly standard, but by the time the investment documents are ready, there are a number of custom terms that can creep into each contract that vary from deal to deal. The bottom line is that this company probably would have been a pretty easy sell for many VCs looking at this deck: While the company isn’t specifically geared towards the startup and VC ecosystem, Juro at least partially solves a problem every VC has experienced one time or another.

If your company is doing something that VCs are likely to be familiar with, you can use that to your advantage; it greatly speeds up the “Therefore this is useful” narrative. What a great benefit!

Just enough product to make sense

[Slide 4] Yesss. This is how we make a product slide. Photo credit: Juro

Many startups succumb to the temptation to spend way too much time talking about their product. The product is of course important, but rarely as important as founders think. This is a Series B deck, and Juro is telling the right story here: if you have a lot of customers (and Juro does, as you’ll discover in a moment), you don’t need to spend a lot of time on your product. Customers love it, they give you money and they stay. With Series B we are talking about growth. Yes, the product has to be good enough not to actively deter customers, but if you can attract and keep them, at least you’re on the right track.

On this slide, Juro shares just enough detail for investors to get a high-level view of the product and benefits. Very well done, and it keeps things high enough to be pretty easy to understand. Well done!

What you as a startup 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 ask them to tell the whole story without even mentioning the product. A bit extreme, of course, but it helps reinforce every other part of the story enough, to the point that once you add the product back in, it takes the appropriate amount of time and energy in a pitch.

Traction, traction, traction

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

When Juro has “Number of Contracts Signed” as its most important KPI, this chart is exceptional.

Traction is the most important foil you will have in your pitch deck. If you have it, lead with it as early as possible. Well, we’ve made it to slide five in Juro’s pitch deck and we’ve already talked about the slides that preceded it. Realistically, that’s the earliest the company could start talking about how well it’s doing. And thank goodness – this is as exponential a chart as you will see with any startup, and when Juro has “number of contracts signed” as their top KPI, this chart is exceptional.

You will have noticed the “if” in the sentence above. As an investor, I like this chart. I like that the company is expanding quickly. But there’s a quirk here: According to its pricing page, the company doesn’t directly make more money as it closes more deals. Of course, the two will be closely related, but I would have liked to have seen a more direct traction metric here. AR maybe. number of paying customers. Leading with a nice chart for a secondary KPI always seems a little suspicious. I’ll let them get away with it because slides 6 and 7 cover the company’s ARR growth, which are the real numbers that VCs will care about.

The lesson? Pay attention to the metrics you’re leading with. Some are important internally but less so for investors. Some will be valuable to certain aspects of the business (time to close customer support tickets and system uptime are critical for customer service and technical operations teams, for example), but it seems odd to see them appearing in pitch decks.

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