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Financial Modelling
Series A investors will take your model apart assumption by assumption. If your revenue build cannot be traced to real cohort data, if your unit economics do not reconcile, or if your downside scenario still shows hockey-stick growth, the deal will slow — or stop.
Consult EFC builds Series A financial models to the standard that UK and European VC firms expect — three-way integrated, scenario-tested, and built from first principles by Kishen Patel, ICAEW ACA, Big Four trained.
Get your model scoped
Kish reviews every enquiry personally
What Is Included
Series A diligence is not a pitch deck review — it is a line-by-line interrogation of your assumptions. The model needs to hold up to every question before you are in the room.
Fully linked P&L, balance sheet, and cash flow that reconcile automatically. Change any assumption and all three statements update. Built to Big Four audit standards.
Customer acquisition by channel, conversion rates, contract values, and churn — built from your actual cohort data, not a top-down percentage growth assumption.
CAC, LTV, CAC payback period, gross margin by segment, and contribution margin per customer — reconciled to the statutory P&L so investors can trace every number.
Three fully built scenario cases with a single toggle switch. Each scenario has its own revenue assumptions, headcount plan, and runway output — so investors can stress-test without rebuilding the model.
A month-by-month breakdown of how Series A capital will be deployed — hiring, product, go-to-market, infrastructure — showing exactly when each pound is spent and what it is expected to produce.
Month-by-month cash balance under each scenario, with clear runway dates and burn rate visibility — the first thing every VC checks and the number your board needs to trust.
Why Models Fail Investor Scrutiny
A VC's finance team will spend two to four weeks examining your model. These are the four points of failure that consistently slow or kill deals — and that a professionally built model eliminates before you enter the room.
Projecting revenue as "we capture 1% of a £10bn market" is the fastest way to lose credibility in a VC meeting. Series A models must build revenue from the bottom up — channels, CAC, conversion rates, ACV, and churn — traceable to real pipeline data.
If the LTV/CAC ratio in the investor deck cannot be traced to line items in the P&L, investors will discount every number you present. Every unit economics metric must reconcile to the statutory financial statements.
A downside scenario that still shows consistent growth is not a downside scenario. Investors want to see what happens if acquisition is 40% slower, churn is 50% higher, and a key hire takes three months longer. If the business runs out of cash in the downside, they need to know before they commit capital.
If hiring fifty people in year two does not clearly link to specific revenue-generating activities, investors will question whether management understands what drives growth. Every headcount assumption should be justified by a specific commercial or operational outcome.
What VCs specifically check
Typical Series A timeline
Most founders begin serious fundraising conversations six to nine months before they need the capital. The model should be investor-ready at least four weeks before first VC meetings begin — which means starting the build at least eight to twelve weeks before you plan to be in market.
How It Works
Every Series A model engagement is led personally by Kish. No junior analysts, no handoffs.
Free 30-minute call to understand your business model, stage, and what the model needs to achieve for investors. Fixed fee agreed before work starts.
We collect your historical actuals, management accounts, cohort data, CAC data, and pipeline metrics. Structured data request keeps the burden on your team minimal.
We build the model and present v1 for your review. Typically one to two rounds of iteration to refine assumptions and scenario logic. Kish is available throughout for questions.
Final model delivered with a written assumptions document and an optional board-ready dashboard. Ongoing support available during investor conversations and diligence.
Common Questions
If your question is not below, book a free call with Kish.
Book a free callGet Started
Kish will review your situation personally and respond within one working day.
Kish Patel ACA
ICAEW Chartered Accountant • Founder, Consult EFC
"The question that breaks most Series A models is always the same — which assumption changes if your best sales hire takes three months longer to close their first deal? The model needs to answer that question before the VC asks it."
ICAEW Regulated
Professionally indemnified and bound by the ICAEW Code of Ethics on every engagement.
Fixed Fee — Agreed Upfront
Full cost confirmed before work starts. No hourly billing, no scope creep.
Kish Leads Every Engagement
No junior analysts. The person who scopes the model builds and delivers it.
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