Burn Multiple by SaaS Stage: Benchmarks and How to Improve It

Burn multiple is net burn divided by net new ARR, and David Sacks’ published scale runs from under 1x amazing to over 3x bad. No current large-sample survey publishes a per-stage matrix, so the honest benchmarks are Lighter Capital’s 1.12x median across 83 private B2B SaaS companies and CRV’s 2026 Series A tiering. Indinero builds the ARR waterfall and operating burn figure underneath the number inside monthly close and fractional CFO reporting, with continuous operations since 2009.