We design the models, dashboards, and funding structures that make your business understandable to investors, scalable for growth, and clear to you at every stage. The financial foundation — built before you need it.
Most founders we meet aren't missing ambition. They're missing the system underneath it — the one that tells them what they can afford, what's working, and what the next 12 months actually look like at this burn rate.
Source — Startup Genome ProjectWe design the financial systems that sit underneath the business — the models, controls, and reporting that let founders operate with clarity, grow without chaos, and walk into any investor conversation fully prepared.
We don't build a financial model in isolation. We connect it to how your business actually runs — revenue drivers, cost structures, and operational metrics linked into one coherent system. When one number moves, the whole picture updates.
Going into a raise is not the time to figure out your numbers. We build the models investors interrogate — capital requirements, deployment schedules, and return scenarios across multiple structures — so you walk in knowing your business cold.
Equity, convertible notes, revenue-share, debt — we model the structure of the deal before you sign it. You see the outcomes across scenarios before they become commitments you have to live with.
Every engagement includes a dashboard that brings the model to life — surfacing the metrics that matter, readable at a glance by you, your team, and your investors. Not a static spreadsheet. A living system you actually open.
What does the business look like if growth comes in 40% below plan? What if a key client leaves? We build the scenarios so you have answers before the questions get asked — by investors, your board, or yourself at 2am.
Some founders want the system and run with it. Others want a financial partner in the room on an ongoing basis. We offer both — one-off model builds and ongoing advisory that scales with where you are in the journey.
The financial system we build is always specific to the business — the model, the stage, the decisions in front of the founder. Here is what that has looked like in practice.
A full-service marketing studio operating at the intersection of luxury and automotive. Their client roster includes Max Mara, Mercedes-Benz, and Infiniti — brands where creative precision and financial discipline are equally non-negotiable.
One of the most decorated drone show operators in the world. Holder of 6 Guinness World Records, with a fleet of over 21,000 drones — the undisputed #1 operator across the MENA region. Raised institutional capital to scale across new geographies.
An automotive group running three separate business units: technical service, leasing, and rental. Built a single dashboard that unified all three — plus bots that log every income and expense entry and post it straight into the master financial model.
A digital asset fund managing $30M in AUM, operating structured crypto positions with institutional-grade LP governance. Required a fund model that could hold up in front of sophisticated investors.
A cryptocurrency exchange operating across Eastern Europe. The owners required an independent valuation to support a structured and defensible company sale.
The #1 nightclub in its home region — a format strong enough to franchise into two new regions. Built the full fundraising models for both new venues and supported investors through the raise, plus an operational dashboard across all three — margins and seasonality at a glance.
We work with founders across any industry, at the stage where financial architecture matters most. The industry doesn't matter. The stage does.
Every model is built from scratch for your business. These are the structures we work from — each one a living system, not a static template.
| Income Statement | Units | Historical | Projected | |||||
|---|---|---|---|---|---|---|---|---|
| FY1 | FY2 | FY3 | FY4 | FY5 | FY6 | FY7 | ||
| Revenue | $M | 70.0 | 125.0 | 200.0 | 275.0 | 375.6 | 507.6 | 675.8 |
| Revenue Growth | % | — | 78.6% | 60.0% | 37.5% | 36.6% | 35.1% | 33.1% |
| Cost of Sales | $M | 20.0 | 25.9 | 28.3 | 30.1 | 39.2 | 51.1 | 66.5 |
| Gross Profit | $M | 50.0 | 99.1 | 171.7 | 244.9 | 336.4 | 456.5 | 609.3 |
| Gross Margin | % | 71.4% | 79.3% | 85.9% | 89.1% | 89.6% | 89.9% | 90.2% |
| Operating Expenses | ||||||||
| Research & Development | $M | 39.8 | 40.1 | 48.6 | 72.7 | 131.2 | 177.3 | 236.0 |
| Sales & Marketing | $M | 26.4 | 27.4 | 30.2 | 38.6 | 51.7 | 69.2 | 91.1 |
| General & Administrative | $M | 12.0 | 13.0 | 13.7 | 19.1 | 49.7 | 64.1 | 85.7 |
| Total Operating Expenses | $M | 78.2 | 80.5 | 92.5 | 130.4 | 232.6 | 310.6 | 412.8 |
| EBITDA | $M | (28.2) | 18.6 | 79.2 | 114.5 | 103.8 | 145.9 | 196.5 |
| EBITDA Margin | % | –40.3% | 14.9% | 39.6% | 41.6% | 27.6% | 28.7% | 29.1% |
| Net Income / (Loss) | $M | (35.3) | 8.2 | 56.8 | 84.1 | 75.1 | 106.3 | 142.4 |
| Balance Sheet | Units | Historical | Projected | |||||
|---|---|---|---|---|---|---|---|---|
| FY1 | FY2 | FY3 | FY4 | FY5 | FY6 | FY7 | ||
| Assets | ||||||||
| Cash & Equivalents | $M | 42.0 | 43.0 | 88.9 | 162.6 | 219.6 | 308.2 | 432.7 |
| Accounts Receivable | $M | 14.2 | 26.0 | 41.7 | 57.3 | 78.2 | 105.8 | 140.8 |
| Prepaid & Other Current | $M | 6.4 | 9.8 | 14.2 | 19.6 | 26.4 | 35.5 | 47.2 |
| Total Current Assets | $M | 62.6 | 78.8 | 144.8 | 239.5 | 324.2 | 449.5 | 620.7 |
| PP&E & Capitalised Software, net | $M | 50.0 | 50.0 | 52.0 | 55.2 | 62.4 | 67.3 | 69.6 |
| Total Assets | $M | 112.6 | 128.8 | 196.8 | 294.7 | 386.6 | 516.8 | 690.3 |
| Liabilities & Equity | ||||||||
| Accounts Payable | $M | 8.2 | 12.4 | 18.6 | 25.4 | 34.2 | 46.1 | 61.2 |
| Deferred Revenue | $M | 10.2 | 16.0 | 24.0 | 34.0 | 46.0 | 62.0 | 82.0 |
| Long-term Debt | $M | 20.0 | 18.0 | 15.0 | 12.0 | 8.0 | 4.0 | — |
| Total Liabilities | $M | 38.4 | 46.4 | 57.6 | 71.4 | 88.2 | 112.1 | 143.2 |
| Shareholders' Equity | $M | 74.2 | 82.4 | 139.2 | 223.3 | 298.4 | 404.7 | 547.1 |
| Cash Flow | Units | Historical | Projected | |||||
|---|---|---|---|---|---|---|---|---|
| FY1 | FY2 | FY3 | FY4 | FY5 | FY6 | FY7 | ||
| Operating Activities | ||||||||
| Net Income / (Loss) | $M | (35.3) | 8.2 | 56.8 | 84.1 | 75.1 | 106.3 | 142.4 |
| Depreciation & Amortisation | $M | 7.1 | 8.4 | 8.2 | 9.4 | 7.6 | 12.5 | 18.5 |
| Changes in Working Capital | $M | (4.2) | (5.2) | (5.9) | (4.2) | (6.9) | (8.8) | (11.6) |
| Cash from Operations | $M | (32.4) | 11.4 | 59.1 | 89.3 | 75.8 | 110.0 | 149.3 |
| Investing Activities | ||||||||
| Capital Expenditure | $M | (6.2) | (8.4) | (10.2) | (12.6) | (14.8) | (17.4) | (20.8) |
| Cash from Investing | $M | (6.2) | (8.4) | (10.2) | (12.6) | (14.8) | (17.4) | (20.8) |
| Financing Activities | ||||||||
| Repayment of Debt | $M | (2.0) | (2.0) | (3.0) | (3.0) | (4.0) | (4.0) | (4.0) |
| Cash from Financing | $M | (2.0) | (2.0) | (3.0) | (3.0) | (4.0) | (4.0) | (4.0) |
| Net Change in Cash | $M | (40.6) | 1.0 | 45.9 | 73.7 | 57.0 | 88.6 | 124.5 |
| Key Metrics | Units | FY1 | FY2 | FY3 | FY4 | FY5 | FY6 | FY7 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $M | 70.0 | 125.0 | 200.0 | 275.0 | 375.6 | 507.6 | 675.8 |
| YoY Growth | % | — | 78.6% | 60.0% | 37.5% | 36.6% | 35.1% | 33.1% |
| Gross Profit | $M | 50.0 | 99.1 | 171.7 | 244.9 | 336.4 | 456.5 | 609.3 |
| Gross Margin | % | 71.4% | 79.3% | 85.9% | 89.1% | 89.6% | 89.9% | 90.2% |
| EBITDA | $M | (28.2) | 18.6 | 79.2 | 114.5 | 103.8 | 145.9 | 196.5 |
| Net Income | $M | (35.3) | 8.2 | 56.8 | 84.1 | 75.1 | 106.3 | 142.4 |
| Closing Cash | $M | 42.0 | 43.0 | 88.9 | 162.6 | 219.6 | 308.2 | 432.7 |
| DCF Valuation (WACC 14%) | Units | Historical | Projected | |||||
|---|---|---|---|---|---|---|---|---|
| FY1 | FY2 | FY3 | FY4 | FY5 | FY6 | FY7 | ||
| Free Cash Flow Build | ||||||||
| EBITDA | $M | (28.2) | 18.6 | 79.2 | 114.5 | 103.8 | 145.9 | 196.5 |
| Less: CapEx | $M | (6.2) | (8.4) | (10.2) | (12.6) | (14.8) | (17.4) | (20.8) |
| Less: Changes in NWC | $M | (4.2) | (5.2) | (5.9) | (4.2) | (6.9) | (8.8) | (11.6) |
| Unlevered Free Cash Flow | $M | (38.6) | 5.0 | 63.1 | 97.7 | 82.1 | 119.7 | 164.1 |
| Discounting — valuation date: end of FY3 | ||||||||
| Discount Factor (14%) | × | — | — | — | 0.88 | 0.77 | 0.67 | 0.59 |
| PV of Free Cash Flows | $M | — | — | — | 86.0 | 63.2 | 80.2 | 96.8 |
| Terminal Value & Equity Bridge | ||||||||
| Sum of PV — Forecast FY4–7 | $M | 326.2 | ||||||
| Terminal Value (Gordon Growth, g = 3.5%) | $M | 1,617.6 | ||||||
| PV of Terminal Value | $M | 954.4 | ||||||
| Enterprise Value | $M | 1,280.6 | ||||||
| Equity Value (Implied) | $M | 1,354.5 | ||||||
| Company | EV/Rev | EV/EBITDA | P/E | Rev Growth | Gross Margin | EBITDA Margin |
|---|---|---|---|---|---|---|
| Peer A | 6.2× | 18.4× | 32.1× | +42% | 82% | 28% |
| Peer B | 5.8× | 19.1× | 28.4× | +44% | 79% | 24% |
| Peer C | 7.4× | 21.0× | 38.6× | +51% | 85% | 31% |
| Peer D | 4.6× | 14.8× | 24.2× | +29% | 76% | 20% |
| Peer E | 8.1× | 23.6× | 44.1× | +58% | 88% | 35% |
| Median | 6.2× | 19.1× | 32.1× | +44% | 82% | 28% |
| Implied Valuation (applying median) | ||||||
| Based on Revenue (FY4) | $1,705M | |||||
| Based on EBITDA (FY4) | $2,187M | |||||
| Equity Bridge | Units | Bear Case | Base Case | Bull Case |
|---|---|---|---|---|
| Enterprise Value (DCF) | $M | 1,001.0 | 1,280.6 | 1,795.0 |
| Add: Net Cash (end FY3) | $M | +73.9 | +73.9 | +73.9 |
| Equity Value | $M | 1,074.9 | 1,354.5 | 1,868.9 |
| Diluted Shares Outstanding | M | 48.2 | 48.2 | 48.2 |
| Implied Share Price | $ | 22.30 | 28.10 | 38.77 |
| vs. Last Round ($24.00 / share) | % | –7.1% | +17.1% | +61.5% |
| EV Sensitivity | Terminal Growth Rate → | ||||||
|---|---|---|---|---|---|---|---|
| WACC ↓ | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% | 4.5% | 5.0% |
| 10% | 1,788 | 1,890 | 2,008 | 2,143 | 2,301 | 2,488 | 2,712 |
| 11% | 1,575 | 1,654 | 1,742 | 1,842 | 1,956 | 2,088 | 2,242 |
| 12% | 1,406 | 1,467 | 1,536 | 1,612 | 1,698 | 1,795 | 1,906 |
| 13% | 1,268 | 1,317 | 1,371 | 1,431 | 1,497 | 1,572 | 1,655 |
| 14% | 1,153 | 1,193 | 1,237 | 1,281 ★ | 1,337 | 1,396 | 1,460 |
| 15% | 1,056 | 1,089 | 1,125 | 1,164 | 1,207 | 1,253 | 1,305 |
| 16% | 973 | 1,001 | 1,031 | 1,063 | 1,098 | 1,136 | 1,178 |
| Funding Plan | Units | Value |
|---|---|---|
| Current Position | ||
| Cash on Hand | €K | 500 |
| Net Burn (base case) | €K/mo | (27) |
| Runway, Standalone | mths | 18.5 |
| The Round | ||
| Target Raise | €K | 1,500 |
| Instrument | Priced equity | |
| Pre-Money Valuation | €K | 6,000 |
| Basis: scenario EV triangulation €5.8–8.6M | ||
| Post-Money | €K | 7,500 |
| New Investor Ownership | % | 20.0% |
| Use of Funds | ||
| Product & Engineering (45%) | €K | 675 |
| Go-to-Market (30%) | €K | 450 |
| Ops & Compliance (15%) | €K | 225 |
| Contingency Reserve (10%) | €K | 150 |
| Total | €K | 1,500 |
| Post-Raise | ||
| Cash at Close | €K | 2,000 |
| Planned Burn (scaled team) | €K/mo | (85) |
| Funded Runway | mths | 23.5 |
| Milestone: Series A Readiness | €5M ARR run-rate | |
| Round Sizing | Units | Lean | Plan | Max |
|---|---|---|---|---|
| Round Size | €K | 1,000 | 1,500 | 2,000 |
| Pre-Money Valuation | €K | 6,000 | 6,000 | 6,000 |
| Post-Money | €K | 7,000 | 7,500 | 8,000 |
| New Investor Ownership | % | 14.3% | 20.0% | 25.0% |
| ESOP Refreshed To (post-round) | % | 10.0% | 10.0% | 10.0% |
| Founders After (from 72.0%) | % | 60.3% | 55.6% | 51.5% |
| Existing Angels After (from 18.0%) | % | 15.4% | 14.4% | 13.5% |
| What the Money Buys | ||||
| Cash at Close | €K | 1,500 | 2,000 | 2,500 |
| Funded Runway (€85K burn) | mths | 17.6 | 23.5 | 29.4 |
| Raise Again By | ~M12 | ~M18 | ~M23 | |
| Scenario Analysis | Units | Bear Case | Base Case | Bull Case |
|---|---|---|---|---|
| Key Assumptions | ||||
| Revenue Growth Assumption | % | +35% YoY | +60% YoY | +90% YoY |
| Gross Margin | % | 55% | 63% | 68% |
| OpEx as % of Revenue | % | 63% | 45% | 37% |
| Churn Rate | % | 3.8% | 2.0% | 1.2% |
| Year 3 Outcomes | ||||
| Revenue | €M | 3.2 | 5.4 | 8.7 |
| EBITDA | €M | (0.26) | 0.97 | 2.70 |
| EBITDA Multiple (growth-adjusted) | × | n/m | 6.0× | 8.0× |
| Implied EV | €M | 1.2 (asset floor) | 5.8 | 21.6 |
| Cash Runway (current cash) | mths | 7.4 | 18.5 | ∞ |
| Equity Value (EV + Year-3 net cash €0.4M) | €M | 1.6 | 6.2 | 22.0 |
| Probability Weight | % | 25% | 50% | 25% |
| Probability-Weighted EV | €M | 8.60 | ||
| Cash Runway Model | Units | Bear | Base | Bull |
|---|---|---|---|---|
| Opening Cash Balance | €K | 500 | 500 | 500 |
| Monthly Revenue | €K | +42 | +68 | +95 |
| Monthly Opex | €K | (110) | (95) | (82) |
| Monthly Net Burn | €K | (68) | (27) | +13 |
| Estimated Runway | mths | 7.4 | 18.5 | ∞ |
| Next Raise Required | Urgent | Q3 next yr | Optional |
| Unit Economics | Units | Historical | Projected | ||||
|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q5 | Q6 | ||
| Acquisition | |||||||
| Customer Acquisition Cost (CAC) | € | 820 | 740 | 680 | 610 | 560 | 510 |
| New Customers Acquired | # | 42 | 38 | 51 | 64 | 78 | 92 |
| Retention & Lifetime Value | |||||||
| Average Contract Value (ACV) | €/yr | 2,400 | 2,400 | 2,600 | 2,800 | 3,000 | 3,200 |
| Avg. Customer Lifespan | mths | 18 | 20 | 21 | 22 | 24 | 26 |
| Lifetime Value (LTV, revenue basis) | € | 3,600 | 4,000 | 4,550 | 5,133 | 6,000 | 6,933 |
| Efficiency Ratios | |||||||
| LTV / CAC (revenue basis) | × | 4.4 | 5.4 | 6.7 | 8.4 | 10.7 | 13.6 |
| LTV / CAC (contribution basis) | × | 1.0 | 1.8 | 2.9 | 4.3 | 6.6 | 9.6 |
| CAC Payback Period | mths | 17.5 | 11.2 | 7.2 | 5.1 | 3.7 | 2.7 |
| Contribution Margin per Unit | € | 562 | 796 | 1,140 | 1,443 | 1,840 | 2,263 |
| CAC by Channel | Units | Paid Search | Organic | Referral | Outbound | Blended |
|---|---|---|---|---|---|---|
| Customers Acquired | # | 24 | 18 | 12 | 6 | 60 |
| Channel Spend | €K | 22.4 | 4.8 | 2.4 | 6.8 | 36.4 |
| CAC per Channel | € | 933 | 267 | 200 | 1,133 | 607 |
| Channel Efficiency | ||||||
| LTV / CAC by Channel (revenue basis) | × | 4.5× | 15.7× | 21.0× | 3.7× | 6.9× |
| Recommendation | Rebalance | Scale | Invest | Review | — | |
Most financial advisors have studied companies from the outside. Michael has built one from the inside.
As Co-Founder and CEO of AlphaGuilty, he led the company from a blank page to 500,000 active users and 200+ B2B clients in under two years — making every difficult financial call founders face along the way: runway, pricing, investor conversations, and scaling under pressure.
That founder instinct sits alongside rigorous financial training. As Portfolio Manager at PMP Berlin, Michael actively manages a €1M portfolio using academic research, outperforming the benchmark by 2% with a Sharpe ratio above 3.
Today, he brings both sides of that experience to small and mid-sized companies that need financial architecture built for where they are going — not just where they have been.
Every engagement starts with understanding your business — not just your books.
A focused 30-minute conversation to understand where you are, what decisions are in front of you, and whether we are the right fit. No pitch. No commitment. Just a clear read on whether the work makes sense for you.
A thorough review of your current state — models, cash position, burn rate, and structure — so we know exactly what we are building on. The audit alone often surfaces decisions that should have been made months ago.
We design the infrastructure: integrated models, dashboards, scenarios, and controls — built to your business, your stage, and the decisions ahead. Delivered as a living system you actually use, not a deck you file away.
Monthly strategy sessions, real-time advisory, and financial support that evolves as your company grows and new challenges emerge. Optional — many founders take the system and run with it.
If the answer is not a clear yes — that is exactly where we start. We work with founders across any industry, at the stage where financial architecture matters most.
If you are running a small or mid-sized company and your financial system is not keeping up — we want to hear about it. The industry does not matter. The stage does.