Portfolio benchmark · April 2026.

What we'd push on Tessera and Jetty are running hot at the late-stage end — both meaningfully above plan and pulling the portfolio average up. Hartwell, Solene, and Marlow are the three to act on. Hartwell missed plan with the largest absolute dollar gap ($172K shortfall); Marlow's miss is the deepest as a percentage and pairs with the worst pipeline-created result (see section 02).

Read across sections 01 and 02 Plyrr is the most interesting story this month. They missed bookings (87%) but built pipeline aggressively (132%) — that's a forward-leaning set-up, not a problem. Marlow and Solene missed both — pipeline is the leading indicator and it's already broken at the top of the funnel. Those two don't need a sales intervention; they need a demand-gen one.

What we'd push on Marlow at 56% outbound and 5% expansion is dangerously concentrated — they're a Series A so expansion is naturally smaller, but partner-sourced at 8% says they have no compounding leverage outside of cold prospecting. Compare to Jetty's 31% expansion and 22% partner at the same revenue scale — that's what a healthy Series C book looks like. Tessera and Bramble's 30%+ partner contribution is worth a portfolio cross-pollination conversation.

Reading the coverage flag Tessera's 2.4x coverage is a non-issue this quarter — they've already crushed the early-quarter bookings, so they need less open pipe to land plan. The model flags it; context resolves it. Solene at 2.1x and Marlow at 1.9x is the real concern — those are quotas they're not going to cover, and the forecasts ($185K and $245K) confirm an end-of-quarter miss is already baked in unless something changes in May.

Where the funnel actually breaks Plyrr's MQL→SQL at 28% is fine for Series A — what's killing them is SAL→Won at 18%. They're getting opportunities qualified and accepted by sales, then losing late. That's a sales-execution conversation, not a top-of-funnel one. Marlow and Solene are leaking at every stage — fix the top first; bottom-of-funnel improvement won't matter without it. Tessera and Jetty's late-stage conversion (29-31%) is best-in-class for Series C — outside-market benchmark sits at ~24%.

Velocity story Marlow's 138-day cycle is 45% longer than the portfolio average — combined with their 1.6% overall conversion (section 05), every dollar of pipeline takes nearly twice as long to convert at half the rate. Tessera at 71 days is the velocity outlier; their late-stage discipline (the 31% SAL→Won rate) compounds with cycle compression. There's a worthwhile cross-portfolio playbook conversation here.

Distribution > average Plyrr's 92% average is one rep carrying three. 1 of 4 at quota means the team isn't a team yet — that's a Series A hiring/ramp conversation, not a quota conversation. Solene at 0/3 above plan is the single sharpest people signal in the portfolio this month — the existing team isn't going to recover this quarter without intervention. Tessera and Jetty's 67–71% above quota means they likely need to raise the bar — average is being depressed by what the model already knows is over-performing math.

The compounding signal Marlow at 96% NRR is actively contracting — they're not just under-selling new business, they're shrinking the existing book. That's the most expensive number on this entire page. Jetty's $186K of gross churn looks scary in absolute terms but is 95.4% GRR on a $48M ARR base — context matters; the percentage is healthy. Solene's GRR at 92.8% is the second-quietest red flag on the page — small dollars now, but it predicts the next 12 months.