Make the commercial engine visible
Build from customers, contracts, usage, price, retention or another relevant driver. A top-down market share assumption alone does not explain how the forecast will be achieved.
Series A Financial Modelling | Consult EFC
Connect customers, delivery costs, hiring and cash to a funding plan you can explain and challenge.
Consult EFC builds Series A financial models for founders preparing an investor conversation. We work across technology, AI, data, software and other growth businesses, shaping the model around your economics and the questions the funding needs to answer.
The brief
A Series A financial model connects an early growth plan to its operational drivers, cost base, cash requirement and funding assumptions. It should distinguish historical evidence from assumptions, explain the use of funds and show what changes if growth or funding timing differs.
The investor question
Build from customers, contracts, usage, price, retention or another relevant driver. A top-down market share assumption alone does not explain how the forecast will be achieved.
Show when roles, product work, implementation capacity and other commitments are needed. Link the use of funds to operational milestones rather than a generic allocation chart.
Connect trading, collections, working capital and investment to runway. Distinguish the cash requested from the date it is assumed to become available.
Build for your economics
For recurring software, the model may separate new customers, retention, expansion, billings and recognised revenue. For AI or usage-based businesses, delivery costs, compute, implementation effort and customer behaviour can be material. Hardware, services and marketplace models need their own drivers.
We identify which assumptions are supported by current evidence, which are management targets and which need further work. A clear source and assumption register makes the discussion more useful than presenting every forecast line with equal confidence.
The agreed scope can include integrated financial statements, a hiring plan, funding scenarios, KPI outputs and a walkthrough. Tax, accounting policy, legal terms and specialist areas require the appropriate advisers and scope.
Explore the detail
Simplified illustration: post-money equity value = pre-money equity value + new primary cash investment. Investor percentage = new investment ÷ post-money equity value. Runway = starting cash plus investment ÷ entered constant monthly net burn. Excludes fees, debt, option-pool changes, convertibles, preferences, secondary sales, future growth and timing differences. Not a valuation, cap table or funding recommendation.
Prepare for questions
Explain the historic baseline, customer definitions, pricing, conversion, delivery capacity, churn and collection assumptions relevant to the business.
Test lower sales, slower collections, higher delivery costs, delayed funding or a different hiring sequence. Document what changes and which assumptions remain fixed.
Make sure the investor deck, management information, model and use-of-funds schedule use compatible definitions and periods. Investigate differences rather than patch totals.
Support through the discussion
The handover should explain inputs, checks, scenarios and the relationship between the commercial plan and cash. We can support model questions and updates during an investor process where that work is agreed.
Model preparation does not guarantee a funding outcome or independently verify every business assumption. Valuation, share terms, option pools, convertibles and investment documentation require separate consideration.
For broader preparation, explore fundraising and investor readiness. If you need an independent report on value, see business valuation services.
Your deliverables
01
An agreed forecast horizon, historic baseline, customer or operating drivers, cost structure and integrated outputs where included.
02
Use of funds, cash requirements and timing assumptions, with relevant scenarios and checks.
03
The agreed financial summaries, KPIs and supporting schedules, aligned with the model rather than disconnected presentation numbers.
04
Assumption notes, update instructions, scenario controls and a walkthrough. Investor Q&A and continuing updates are separately scoped.
How we work
Clarify your objective, audience, information, deadlines, deliverables, responsibilities, fee and VAT treatment.
Assess the records, definitions and assumptions. Identify gaps and any accounting, tax, legal or specialist input required.
Complete the agreed work, document important judgements and review outputs with the relevant people.
Explain checks, limitations, ownership and updates. Additional work and recurring support are agreed separately.
Your questions
The content depends on the business and funding question. A scope can include customer drivers, revenue, delivery costs, hiring, operating costs, working capital, funding and integrated financial statements, with scenarios and checks.
No. We are sector agnostic and work with technology, AI, data, software and other growth businesses. The model should reflect the actual customer, delivery and cash economics.
We agree the horizon and level of detail for the intended use, business maturity and investor process. A longer forecast is not automatically more reliable, and distant assumptions need appropriate context.
Yes, subject to a review of its structure, checks, assumptions and source information. A targeted review, rebuild and ongoing support are different scopes.
A simple funding scenario can be included. Legal share terms, option pools, convertibles and preferences can materially change the outcome and need their own inputs and advisers.
No. Investors decide whether and on what terms to invest. A model helps explain the plan and its assumptions, but cannot establish commercial viability or guarantee funding.
Available accounts, management information, customer or usage data, existing plans, hiring assumptions, funding objectives and any investor deadlines. We identify gaps before agreeing the scope and timetable.
We consider the business model, information, complexity, outputs, scenarios and support required. A defined proposal sets out the fee, VAT treatment, responsibilities and realistic milestones.
Work directly with Kishen
Tell us the objective, where things stand and any important date. A short outline is enough to start.
Kishen Patel is an ICAEW Chartered Accountant with experience across Big Four audit, investment banking and corporate advisory. Consult EFC has advised 100+ businesses and remains sector agnostic.
We agree scope, information, responsibilities, fee, VAT treatment and timing before work begins. An introductory call does not commit you to an engagement.
Prefer to explore first? Use the relevant assessment tool for an immediate planning result and downloadable action plan. It is not professional advice.