Series B Financial Modelling | Consult EFC
Your Series B model.
Show how growth
becomes a stronger business.
Connect revenue quality, delivery capacity, investment and cash to the next stage of scale.
Consult EFC helps management teams build financial models for Series B planning and investor discussions. We bring the commercial and financial drivers together, with evidence, scenarios and outputs that explain both the growth opportunity and the cash required to pursue it.
The brief
What should this work
help you decide?
A Series B model should explain how a larger operating plan translates into revenue, margin, resources, investment and cash. It normally needs a clearer link to historic cohorts, delivery capacity and management information than an early-stage top-down plan. The appropriate detail depends on the business and intended use.
Scale changes the question
Growth is a result.
Explain the engine behind it.
Understand revenue quality
Separate the sources of growth, retention, expansion, pricing, customer concentration and contracted versus assumed demand where relevant. A single growth percentage can hide very different economics.
Test delivery capacity
Connect sales to implementation, support, compute, production, inventory or service capacity. Growth can consume resources before it produces the expected cash.
Explain operating leverage
Distinguish variable, fixed, step and investment costs. A margin improvement assumption needs a reasoned link to the way the business operates.
A connected planning system
The financial model
should agree with the operating plan.
We work through the historic baseline, business units, entities, customer segments and key cost drivers. The model architecture should make it possible to understand differences between performance groups without creating unnecessary complexity.
For software, AI and usage-based businesses, recurring revenue, gross margin and compute or service delivery may require more detailed definitions. For hardware, commerce and services, inventory, project timing, capacity and collections may be central. The business model determines the analysis.
A clear reconciliation between management information, model and investor materials helps the team explain what changed. Model controls, source references and ownership matter as much as the presentation.
Explore the detail
Test the relationship
between growth and margin.
Illustrative revenue after growth
Illustrative EBITDA-style result
Illustration only: revenue × (1 + entered growth) × entered gross margin, less operating costs and additional operating investment. Costs are entered directly; they do not automatically scale with revenue. The result assumes these operating costs exclude interest, tax, depreciation and amortisation. Excludes working capital, capital spending and financing. It does not show cash runway or constitute a full financial model.
Challenge the plan
A credible base case.
Visible alternatives.
Revenue and retention sensitivities
Test the assumptions that materially affect the plan, rather than lower every line by an arbitrary percentage. Explain how pricing, usage, renewal, expansion or conversion changes flow through.
Margin and investment sensitivities
Review cost-to-serve, implementation, capacity, hiring and expansion. Some spending changes in steps; some costs cannot be removed immediately when sales slow.
Funding and timing sensitivities
Connect the funding date, cash required, working capital and investment milestones. A positive EBITDA line does not establish positive cash or available liquidity.
Useful beyond the round
A model the team
can keep using.
The agreed handover can support budgeting, reforecasting and board reporting after the investor process. We define who owns assumptions, how actuals are incorporated and when the plan should be revisited.
Additional fundraising support, scenario updates, diligence questions and ongoing financial leadership can be agreed separately. The model is a planning tool built around its scope and inputs; it is not an assurance opinion or a guarantee of investment.
Explore FP&A services for an ongoing planning cycle, or management reporting for a consistent performance and cash pack.
Your deliverables
Useful outputs.
Clear responsibilities.
01
A scalable model structure
The agreed drivers, segments, entities, periods and integrated outputs, with a historic baseline and model checks.
02
A margin and cash narrative
Clear links between revenue, delivery costs, operating investment, working capital and funding requirements.
03
Scenarios and investor outputs
The agreed cases, financial summaries, KPIs and supporting schedules, with assumptions and limitations visible.
04
An ownership and update routine
Input owners, actuals updates, scenario controls and a walkthrough, with continuing support agreed separately.
How we work
A defined brief.
A practical working process.
Agree the decision and scope
Clarify your objective, audience, information, deadlines, deliverables, responsibilities, fee and VAT treatment.
Review the information
Assess the records, definitions and assumptions. Identify gaps and any accounting, tax, legal or specialist input required.
Build, challenge and explain
Complete the agreed work, document important judgements and review outputs with the relevant people.
Handover and next steps
Explain checks, limitations, ownership and updates. Additional work and recurring support are agreed separately.
Your questions
Series B Financial Modelling,
explained.
How is a Series B model different from a Series A model?
A later-stage model often needs more historic evidence, segment or cohort detail, capacity analysis and links to operating performance. The funding label alone does not determine the model; the business and intended decisions do.
Can you model multiple products or geographies?
Yes, where the scope and information support it. We agree segmentation, entities, currencies, cost allocation and reconciliation rather than add complexity without a decision purpose.
Do you cover AI and usage-based businesses?
Yes. The relevant scope can consider pricing, usage, compute, implementation, support and cost-to-serve. Definitions and evidence need to reflect the actual contracts and delivery model.
Does positive EBITDA mean the company has enough cash?
No. Working capital, capital expenditure, tax, debt, funding timing and other movements can make cash materially different. The model needs a separate cash analysis.
Can you challenge our margin assumptions?
We can examine the relationship between assumptions and the operating evidence within the agreed scope. A model review is not an audit or independent assurance of every input.
Can we use the model for board reporting after the raise?
That can be planned into the design, with a defined update routine and responsibility for actuals and assumptions. Ongoing reporting, model maintenance and leadership support require an agreed scope.
Will the model secure Series B funding?
No. Investors make their own decisions. The model can explain the plan and sensitivities, but it does not guarantee a raise, valuation or investment terms.
How do you agree the fee and timetable?
We assess the existing model, records, segmentation, outputs, scenarios and support required. Scope, fee, VAT treatment, responsibilities and realistic milestones are agreed before work begins.
Work directly with Kishen
Bring your next decision.
We will help define the work.
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.