Growth Metrics Framework

This document defines the key performance indicators (KPIs) for measuring Equa’s growth across acquisition, activation, retention, revenue, and referral dimensions (AARRR pirate metrics). Each KPI includes a definition, formula, data source, and target placeholder for operational tracking. This is a measurement framework only — no actual metrics are included. Populate the target and actual columns as data becomes available.

Framework Overview

1. Acquisition

How new users and organizations discover and sign up for Equa.

KPI	Definition	Formula	Data Source	Target
New Sign-ups	Users who complete registration	Count of new `Users` records per period	`equa-server/modules/persistence` — Users entity	X/month
New Organizations	Organizations created per period	Count of new `Organizations` records per period	`equa-server/modules/persistence` — Organizations entity	X/month
Landing Page Conversion Rate	Percentage of landing page visitors who sign up	(New sign-ups / Landing page unique visitors) x 100	Web analytics + Users table	X%
AI Onboarding Starts	Users who submit an initial prompt to Equanaut	Count of Equanaut onboarding sessions initiated	`equa-web/src/modules/equanaut/` session tracking	X/month
Channel Mix	Distribution of sign-ups by source (direct, organic, referral, paid)	Percentage breakdown of sign-up attribution	Web analytics UTM tracking	—

2. Activation

The “aha moment” when a new user gets first value from the platform.

KPI	Definition	Formula	Data Source	Target
AI Onboarding Completion Rate	Percentage of Equanaut sessions that result in a fully configured workspace	(Completed setups / Onboarding starts) x 100	`equa-server/modules/agent/` — agent session outcomes	X%
Time to First Cap Table	Median time from sign-up to first shareholder added	Median(first_shareholder_created_at - user_created_at)	Users + Shareholdings timestamps	X hours
Organizations with Holders	Percentage of organizations that add at least one holder	(Orgs with holders > 0 / Total orgs) x 100	`getHolderCount()` from `equa-server/modules/billing/src/writing.ts`	X%
Document Upload Rate	Percentage of organizations that upload at least one document	(Orgs with documents / Total orgs) x 100	`equa-server/modules/data-room/` file records	X%
ESOP Plan Creation Rate	Percentage of organizations that create at least one equity incentive plan	(Orgs with plans / Total orgs) x 100	Plans entity in `equa-server/modules/persistence/`	X%

3. Retention

Whether users continue to use the platform over time.

KPI	Definition	Formula	Data Source	Target
Monthly Active Organizations	Organizations with at least one login or API call per month	Count of distinct organizations with activity per month	`equa-server/modules/activity/` activity records	X/month
Cap Table Update Frequency	Average cap table modifications per active organization per month	Total cap table events / Active organizations	Activity records filtered by cap table events	X/org/month
30-Day Retention Rate	Percentage of organizations active in month N that are still active in month N+1	(Active orgs in month N+1 that were active in month N / Active orgs in month N) x 100	Activity records	X%
Feature Breadth Score	Average number of distinct feature modules used per active organization	Count of distinct module categories used per org (equity, docs, finance, etc.)	Activity records by module	X/5 categories
Data Room Session Frequency	Average data room views per organization per month	Total data room access events / Organizations with data rooms	`equa-server/modules/data-room/` access logs	X/org/month

4. Revenue

How effectively the platform converts users to paying customers and grows revenue.

KPI	Definition	Formula	Data Source	Target
Monthly Recurring Revenue (MRR)	Total recurring revenue normalized to a monthly figure	Sum of (annual subscription amounts / 12) for all active subscriptions	Chargify subscription data via `equa-server/modules/billing/`	$X/month
Average Revenue Per Organization (ARPO)	Average monthly revenue per paying organization	MRR / Count of organizations with active subscriptions	Chargify + Organizations table	$X/org/month
Holder Expansion Rate	Rate at which paying organizations add new holders (expanding their subscription)	(New holders added to paying orgs per month / Total holders in paying orgs) x 100	`updateSubscriptionMemberCount()` in `equa-server/modules/billing/src/writing.ts` (lines 275-294)	X%/month
Free-to-Paid Conversion Rate	Percentage of START organizations that upgrade to GROWTH	(START orgs that purchased GROWTH in period / Total START orgs at start of period) x 100	Chargify subscription creation events	X%/month
Churn Rate (Revenue)	Percentage of MRR lost to cancellations per month	(MRR lost to cancellations in month / MRR at start of month) x 100	Chargify cancellation events via `cancelOrganizationSubscription()`	X%/month
Lifetime Value (LTV)	Predicted total revenue from an average paying organization	ARPO / Monthly churn rate	Derived from ARPO and churn	$X
LTV:CAC Ratio	Ratio of customer lifetime value to customer acquisition cost	LTV / CAC	LTV calculation + marketing spend tracking	X:1
Equa Cash Redemption Rate	Percentage of earned Equa Cash that is redeemed	(Equa Cash redeemed / Equa Cash earned) x 100	`Referrals.equaCash` and `Transactions` in `equa-server/modules/billing/src/writing.ts` (lines 195-209)	X%

5. Referral

How effectively existing users bring new users to the platform.

KPI	Definition	Formula	Data Source	Target
Referral Rate	Percentage of active organizations that generate at least one referral	(Orgs with referrals / Active orgs) x 100	`equa-server/modules/referral/` referral records	X%
Viral Coefficient	Average number of new users each existing user brings	(Referral invites sent x Invite conversion rate) per user	Referral tracking + sign-up attribution	X
Equa Cash Earned per Organization	Average credits earned through referral program	Total Equa Cash distributed / Organizations with referrals	`Referrals` table `equaCash` field	$X/org
Referral-to-Paid Conversion	Percentage of referred sign-ups that become paying customers	(Referred users who upgrade to GROWTH / Total referred sign-ups) x 100	Referral attribution + Chargify subscriptions	X%

Equity-Platform-Specific KPIs

These metrics are unique to equity management platforms and track the core value delivered.

KPI	Definition	Formula	Data Source
Total Holders Managed	Cumulative shareholders/members across all organizations	Sum of `getHolderCount()` across all orgs	Billing member component
Securities Issued	Number of electronic securities created on the platform	Count of Shareholdings records	Persistence layer
Agreements Generated	Legal documents generated through doc-gen	Count of generated agreements	`equa-server/modules/doc-gen/`
Transfers Executed	Share transfers processed through the platform	Count of transfer transactions	Captable module activity
Options Exercised	Stock options exercised by holders	Count of exercise events	ESOP module
Cap Table Accuracy Score	Self-reported accuracy of cap table data (via periodic survey)	Survey average (1-10 scale)	External survey tool
Data Room Documents Stored	Total documents stored across all data rooms	Count of files in data rooms	`equa-server/modules/data-room/`

Dashboard Design Recommendations

Executive Dashboard (Weekly Review)

Section	Metrics	Visualization
Funnel Overview	Sign-ups, activation rate, conversion rate, MRR	Horizontal funnel chart
Revenue	MRR trend, ARPO, churn rate, LTV	Line chart (12-month trend)
Growth	New organizations, holder expansion, referral rate	Bar chart (month-over-month)
Platform Health	Active organizations, feature breadth, retention	Gauge charts

Operational Dashboard (Daily)

Section	Metrics	Visualization
Today’s Activity	New sign-ups, onboarding completions, support tickets	Counter cards
Billing	New subscriptions, cancellations, Equa Cash redemptions	Table with daily counts
Engagement	Cap table updates, documents uploaded, data room sessions	Activity stream

Board/Investor Report (Monthly)

Section	Metrics	Format
Headline Numbers	MRR, total organizations, total holders, LTV:CAC	Single-number cards with month-over-month delta
Cohort Analysis	Retention by sign-up month	Cohort heatmap
Unit Economics	ARPO, CAC, LTV, payback period	Summary table
Product	Feature adoption rates, AI onboarding success rate	Horizontal bar chart

Measurement Implementation Notes

Data Sources

Source	What It Provides	Access Method
PostgreSQL (equa-server)	User, organization, holder, activity records	Direct database queries or read replicas
Chargify	Subscription, billing, payment data	Chargify API via `equa-server/modules/billing/`
Web Analytics	Traffic, conversion funnels, channel attribution	Google Analytics or equivalent
Activity Module	Feature usage, event tracking	`equa-server/modules/activity/`
Referral Module	Referral chains, Equa Cash balances	`equa-server/modules/referral/`

Recommended Tooling

Tool Category	Purpose	Options
BI/Dashboard	Visualization and reporting	Metabase (open-source), Looker, or Retool
Data Warehouse	Historical metric storage	PostgreSQL read replica or BigQuery
Alerting	Threshold-based notifications	Grafana alerts or custom webhooks
Cohort Analysis	Retention and LTV modeling	Amplitude, Mixpanel, or custom SQL

Implementation Priority

Phase 1: Revenue metrics (MRR, ARPO, churn) — available immediately from Chargify data
Phase 2: Acquisition and activation metrics — requires activity tracking instrumentation
Phase 3: Retention cohort analysis — requires 3+ months of activity data
Phase 4: Referral and viral metrics — requires referral attribution tracking
Phase 5: Board-ready dashboards with automated reporting

Platform Architecture

Compliance & Security

Feature Specifications

Releases

Developer Onboarding

Business

Reference & Templates

Growth Metrics Framework

Growth Metrics Framework

Framework Overview

1. Acquisition

2. Activation

3. Retention

4. Revenue

5. Referral

Equity-Platform-Specific KPIs

Dashboard Design Recommendations

Executive Dashboard (Weekly Review)

Operational Dashboard (Daily)

Board/Investor Report (Monthly)

Measurement Implementation Notes

Data Sources

Recommended Tooling

Implementation Priority

​Growth Metrics Framework

​Framework Overview

​1. Acquisition

​2. Activation

​3. Retention

​4. Revenue

​5. Referral

​Equity-Platform-Specific KPIs

​Dashboard Design Recommendations

​Executive Dashboard (Weekly Review)

​Operational Dashboard (Daily)

​Board/Investor Report (Monthly)

​Measurement Implementation Notes

​Data Sources

​Recommended Tooling

​Implementation Priority

Growth Metrics Framework

Framework Overview

1. Acquisition

2. Activation

3. Retention

4. Revenue

5. Referral

Equity-Platform-Specific KPIs

Dashboard Design Recommendations

Executive Dashboard (Weekly Review)

Operational Dashboard (Daily)

Board/Investor Report (Monthly)

Measurement Implementation Notes

Data Sources

Recommended Tooling

Implementation Priority