Plumbline Series B

Series B pitch deck that proves the machine, not the product

Plumbline raised its Series A on a construction estimating product and is now raising $25M to expand into two new countries. The Series B deck has no problem slide, because the investor is buying the efficiency of the growth engine, so cohorts, magic number and the hiring plan take the space the story used to.

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Confidential

Plumbline

Series B

$18.4M ARR · 61 Staff · 3 Countries

Prepared By

Dana Whitlock, CEO

Date: October 2026

Slide 1 · cover · A report style cover with the three headline facts where a tagline would usually go.

Since the A

Three things changed in eighteen months.

01
Retention leads growth

Net dollar retention is 124%, up from 108% at the Series A, and expansion now brings 40% of new ARR.

02
Payback fell to 11 months

CAC payback fell from 19 to 11 months as inbound and expansion took over the acquisition mix.

03
The playbook ran twice more

New Zealand and the UK launched on the home market playbook, without founder led selling.

02

Slide 2 · takeaway · No problem slide. The deck opens on the three things that changed since the A.

ARR by quarter

From $4.1M at the Series A to $18.4M, with no quarter below 15% growth.

Q4 24
Q1 25
Q2 25
Q3 25
Q4 25
Q1 26
Q2 26
Q3 26
0$M5$M10$M15$M20$M
ARR

03

Slide 3 · metrics · ARR over eight quarters: $4.1M at the A to $18.4M today.

Cohorts keep expanding

Net revenue retention by annual cohort, measured at 12 and 24 months

Annual cohort
NRR at 12 months
NRR at 24 months
Read
2020 cohort, 14 accounts
128%
133%
Compounding
2021 cohort, 31 accounts
124%
131%
Compounding
2022 cohort, 64 accounts
119%
127%
Compounding
2023 cohort, 118 accounts
116%
124%
Compounding
2024 cohort, 205 accounts
111%
119%
Expanding
2025 cohort, 340 accounts
108%
n/a
Too early
Cohorts are grouped by first contract year, and 2025 is too young to read at 24 months.

04

Slide 4 · metrics · The Series B question answered in one table: what do the older cohorts do at 24 months?

EFFICIENCY

The machine

MAGIC NUMBER

1.3

sales efficiency, trailing four quarters

BURN MULTIPLE

0.9

net burn per dollar of net new ARR

GROSS MARGIN

79%

up 4 points since the Series A

CAC PAYBACK

11 mo

blended, down from 19 months

NRR

124%

trailing twelve months, all cohorts

LOGO CHURN

0.7%

per month, enterprise weighted

SALES CYCLE

46 days

median, down from 71 at the A

WIN RATE

31%

of qualified opportunities

05

Slide 5 · metrics · The efficiency wall: eight numbers that describe the machine, not the product.

Now, and with the B

The round buys two country launches and two product lines, run at the efficiency on the last slide. Nothing here is a new motion; it is the same machine with more fuel.

Today

With the Series B

Three countries live, each contribution positive within four quarters of launch

One product line, estimating, carrying all $18.4M of ARR

61 staff and an inbound led sales motion with 14 sales staff

Magic number 1.3 on the current channel mix

Five countries by FY28, each launched with a local success team from day one

Three product lines: estimating, procurement and payments

An enterprise motion beside inbound, growing sales to 32 staff

$60M ARR plan while burn multiple stays under 1.5

06

Slide 6 · comparison · Now against next: the same machine with more fuel, stated as two columns.

Product roadmap

Three lanes. Estimating funds the company while the two new lines reach GA.

Estimating

Live and growing

The core product: takeoffs, quotes and margins for subcontractors.

Enterprise tier

Multi entity accounts and SSO, shipping this quarter.

Benchmark data

Anonymised cost benchmarks by trade, in beta with 120 firms.

Mobile takeoff

On site measuring against plans, GA in Q1.

Procurement

Private beta

Purchase orders raised straight from a won estimate.

Supplier catalogue

Live pricing from four national suppliers under contract.

Three way match

PO, delivery docket and invoice reconciled automatically.

GA target

General availability in Q2 FY27 to the estimating base.

Payments

Design partners

Twelve firms running progress claims through the pilot.

Claim automation

Progress claims generated from the estimate structure.

Licensing scoped

Payment facility licensing mapped in all five markets.

GA target

General availability in Q4 FY27, attach rate priced at 0.4%.

07

Slide 7 · process · The roadmap in three lanes, four cards each, so the two new lines look staffed, not aspirational.

The org plan

Headcount today and in 18 months, function by function. 61 staff grows to 121.

CEO: Dana Whitlock
Founder
Engineering
22 now, 40 in 18 months
Platform
Procurement
Payments
Sales
14 now, 32 in 18 months
Inbound
Enterprise
Customer success
9 now, 18 in 18 months
Onboarding
Renewals
Marketing
5 now, 10 in 18 months
Demand
Content
Operations
7 now, 12 in 18 months
Finance
People
Product
4 now, 9 in 18 months
Design
Research

08

Slide 8 · tree · The org plan as a chart with headcount now and in 18 months, so the use of funds is a hiring plan.

FOOTPRINT

Three live, two next

ARR by live country. Ireland and Canada launch in FY27 with the B.

$14.2M

ARR, Australia

$2.7M

ARR, New Zealand

$1.5M

ARR, United Kingdom

09

Slide 9 · metrics · The map with ARR per live country, and the two FY27 launch countries shaded.

Three paths to 2028

ARR in $M under base, plan and upside assumptions.

H2 26
H1 27
H2 27
H1 28
H2 28
0$M20$M40$M60$M80$M
Base
Plan
Upside

Key takeaway

The base case holds the current mix and still reaches

$48M

The plan adds two countries and two product lines for

$60M

The upside case has enterprise landing a year early at

$74M

All three paths hold the burn multiple under

1.5x

10

Slide 10 · metrics · Three ARR scenarios to 2028, with the takeaway panel naming each endpoint.

THE ASK

Use of funds

$25M

30 months of runway at plan

Category
Amount
%
Purpose
Country launches
$9.0M
36%
Ireland and Canada, launched with local success teams
Enterprise sales
$7.0M
28%
An 18 rep enterprise team beside the inbound engine
Product lines
$6.0M
24%
Procurement and payments through to general availability
G&A
$3.0M
12%
Finance, legal and systems for a 121 person company
Percentages are of the $25M raise and fund 30 months at plan.

11

Slide 11 · investment · The $25M ask as a table that maps one to one onto the org plan and roadmap slides.

Thank you

The cohort file, country playbooks and the full model are in the data room.

Email

dana@plumbline.example

Website

plumbline.example

Social

@plumblinehq

12

Slide 12 · closing · A plain thank you with the diligence file named, because the audience is already modelling.

The structure

What each slide is doing, so you can reuse the order even with different content.

Slide 1cover
A report style cover with the three headline facts where a tagline would usually go.
Slide 2takeaway
No problem slide. The deck opens on the three things that changed since the A.
Slide 3metrics
ARR over eight quarters: $4.1M at the A to $18.4M today.
Slide 4metrics
The Series B question answered in one table: what do the older cohorts do at 24 months?
Slide 5metrics
The efficiency wall: eight numbers that describe the machine, not the product.
Slide 6comparison
Now against next: the same machine with more fuel, stated as two columns.
Slide 7process
The roadmap in three lanes, four cards each, so the two new lines look staffed, not aspirational.
Slide 8tree
The org plan as a chart with headcount now and in 18 months, so the use of funds is a hiring plan.
Slide 9metrics
The map with ARR per live country, and the two FY27 launch countries shaded.
Slide 10metrics
Three ARR scenarios to 2028, with the takeaway panel naming each endpoint.
Slide 11investment
The $25M ask as a table that maps one to one onto the org plan and roadmap slides.
Slide 12closing
A plain thank you with the diligence file named, because the audience is already modelling.

How to adapt this deck

Pre-expansion companies cut the map and the country launch rows and let the roadmap lanes carry the growth story; the cohort table and efficiency wall stay, because they are the round. Against the Series A deck for this same company, the A opens with a problem and one metrics run while the B opens with insights and runs four numbers slides; reading the two side by side is the fastest way to feel the genre shift. A growth equity version pushes further: add a P&L bridge to profitability and drop the roadmap to one slide.

Which pitch deck do you need?

This page completes the stage ladder: pre-seed, seed and Series A examples cover the earlier rounds, with the investor pitch deck example as the hub. Plumbline’s own Series A deck is on this site, so the same company can be read at both stages. For the reporting decks that follow a B, see the investor update and board meeting examples.

What makes this deck work

There is no problem slide

Slide two is three insights: NRR at 124%, payback down to 11 months, and 40% of new ARR from expansion. By the B, the investor already believes the category; opening on what changed since the A turns the whole deck into a progress report, which is the genre a growth investor trusts.

The cohort table answers the 24 month question

Six annual cohorts are shown at both 12 and 24 months, with the 2020 cohort at 133% and 2021 at 131% at the two year mark. Series B diligence lives on whether expansion persists after the land grab, and this table answers it in one grid instead of an appendix of charts.

The use of funds is a hiring plan

The org chart shows headcount now and in 18 months for six functions, 61 growing to 121, and the $25M table then funds exactly those moves: two country launches at 36%, an 18 rep enterprise team at 28%. When the ask reconciles to the org plan, the round has a shape instead of a size.

Questions people ask

What is different about a Series B deck?

The burden of proof moves from the product to the machine. This example replaces the problem slide with three insights, adds a cohort retention table and an efficiency wall, and turns the use of funds into a hiring plan. The story slides that carried the seed and A are simply gone.

Do I still need a problem slide at Series B?

No, and including one can read as a step backwards. An investor writing a $25M cheque has already accepted the category exists. Open on evidence, as this deck does with retention, payback and expansion mix, and let the problem live inside the roadmap slide where new product lines justify themselves.

Which efficiency metrics matter at the B?

Magic number, burn multiple, CAC payback, NRR and win rate. Plumbline prints all eight of its numbers on one dashboard wall: magic number 1.3, burn multiple 0.9, payback 11 months, NRR 124%. One slide, eight numbers, no narrative: growth investors will screenshot exactly this.

How do I show cohort retention?

As a table of annual cohorts with NRR at fixed ages, the way slide four shows six cohorts at 12 and 24 months. Curves look better but tables get audited, and Series B diligence is an audit. Label the young cohorts honestly: the 2025 row here reads n/a at 24 months rather than an extrapolation.

How big is a typical Series B ask?

Recent market data puts most software Series B rounds in the tens of millions, and the deck should justify the number structurally rather than by comparables. Plumbline asks for $25M because the org plan, two country launches and 30 months of runway at plan sum to it, and that arithmetic is on the slides.

Can the org chart be edited after export to PowerPoint?

The org chart artwork exports as a picture with its labels as native text boxes, so names and headcounts stay editable while the tree redraws only in the original editor. The tables and charts around it export as fully native PowerPoint objects in the editable PPTX format.

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Sources

Written and checked by the OneCraft team. Last checked .