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

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

Back in January, Natasha covered Juro’s Series B round, which added $23 million to its coffers. Juro aims to put an end to contract negotiation madness, moving the workflows out of Microsoft Word and a handful of other sub-par tools to an all-in-one, web-based platform for contract negotiation-to-signature workflow. It seems like a great idea. The deck worked; it helped Juro raise a fine stack of dollars. But is it any good? Let’s take a closer inspection.


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Slides in this deck

The company used a 15-slide deck, which it shared with TechCrunch, making only some light redactions; all the slides are there, but the company blurred out part of its future road map and the actual numbers for the financials.

  1. Cover slide
  2. “It takes ~5 tools to process just one contract” — problem slide
  3. “Initiating contracts in MS Word files compounds the pain” — problem slide
  4. “We’re making contracts browser-native” — solution slide
  5. “Companies are switching to Juro’s browser-native format” — traction slide
  6. “ARR is at $XXm , growing predictably and sustainably” — financial traction slide
  7. “We’re the only all-in-one system adopted by legal teams” — competition slide
  8. “We have a repeatable GTM engine, driven by inbound” — customer acquisition slide
  9. “While churn is trending strongly downwards” — retention slide
  10. “Our community of champions compounds growth” — customer slide
  11. “Helping us grow ARR with a land/expand motion” — go-to-market/market expansion slide
  12. “We have an experienced team on board and engaged” — team slide
  13. “With a track record of capital efficiency” — financial highlight and investment partners slide
  14. “And a wider aim to become the default way to agree terms” — product road map slide
  15. Closing slide

Three things to love

There are many great things about the Juro deck. But the most notable is the clarity of its story.

Yup, that’s a problem all right

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

Anyone who’s had to deal with contracts, especially contracts that are custom or at least flexible to every customer, has experienced this problem in one form or another. This shows up for everyone who does large B2B or corporate deals; if you’re negotiating with someone bigger than you, it’s likely that their in-house legal team has capital-T thoughts about your contracts, and that you won’t be able to use your lovingly crafted boilerplate contracts 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 and show the signed versions of them in the due diligence process if prompted. This can lead to a stressful nightmare if your contracts are stored in your email or in a shared folder (somewhere), hopefully.

An extra cool thing about VC deals is that they tend to fall under this category. While term sheets can be fairly standard, once the investment documents have been completed, there’s a lot of custom language that can be sneaked into each contract. This varies from deal to deal. This company would have been a great sell to a lot VCs who are looking at this deck. While Juro isn’t specifically designed for startups and VC ecosystems, it solves a problem that every VC has encountered at one point or another.

If your company does something that VCs are likely to be familiar, you can use it to your advantage. It speeds up the “this why this is useful?” narrative significantly. This is a great perk

Juuust enough product to make sense

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

A lot of startups fall for the temptation to spend way too much time talking about their product. While the product is important, it is not as important as founders believe. This is a Series B deck and Juro tells a compelling story. If you have many customers (and Juro does), then you don’t need to spend a lot on your product. Customers love it, they give you money, and they will stay. We are talking about growth for Series B. While the product must be good enough not to actively scare customers away from it, if you can get them to sign up and keep them there, you are on the right track.

In this slide, Juro gives investors a high-level overview about the product and its benefits. It’s very well done and the information is kept high enough to be easy to understand. Well done!

As a startup, the most important thing you can take away from this slide is not to get too involved in the details. Keep it as simple and straightforward as possible. Sometimes, I challenge my clients who are in the pitch coaching business to tell the whole story without mentioning the products once. It’s a bit extreme, but it strengthens every other part of your story enough that once you add product back in, it takes the proper amount of time and energy to pitch.

Traction, traction, traction

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

This graph is extraordinary if Juro considers ‘number signed contracts’ its most important KPI.

Traction is the single most important slide you will have in your pitch deck. If you have it you should lead with it as soon as possible. We’ve reached slide five in Juro’s pitch deck. And we’ve already discussed the slides that preceded it. This is the first time the company can talk about how it is doing. It’s amazing! This graph is as exponential as any startup graph, and even if Juro considers “number of signed contracts” its most important KPI, it is extraordinary.

You’ll have noticed that the “if” is in the sentence. This graph is appealing to me as an investor. The company is growing rapidly. But there’s a quirk here: According to its pricing page, the company doesn’t directly make more money if it deals with more contracts. Although the two are likely to be closely related, I would have liked to see a more direct measure of traction. ARR, perhaps. Number of customers who pay. A secondary KPI is a beautiful graph. This makes it seem a little suspect that the leader is using this graph. I’m letting them get away with it here because slides 6 and 7 cover the company’s ARR growth, which is the real metric numbers-driven VCs will care about.

The lesson? Careful about which metrics you use to lead. Some metrics are more important internally than they are for investors. Some will be important to certain aspects of business (e.g., time to close customer support tickets and system uptime are critical to customer service and technical operations teams), but others may not be as valuable. It is interesting to see them in pitch decks.

In the rest of this teardown we’ll look at three things Juro could do better or differently along with its pitch deck!

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