For investorsVC · Family offices · Corporate

The numbers behind
the deck.

Independent financial due diligence on tech targets, run by the same senior team that runs finance inside startups.

Live working file FIG. 01
Project Atlas: ARR bridge.xlsx
ARR bridgeRed-flag review · Project Atlas Anonymised
CAD 8.4M Reported ARR
− 0.7M Services,
non-recurring
− 0.4M One-time
uplift
CAD 7.3M Recurring ARR

We rebuild the number management reports.

−13%did not recur

01Mandates Four mandates, pre-IC to close.

Pick the depth the decision needs. Fixed fee, scoped to the deal.

M1 2–3 days
Red-flag review What would kill the deal, or reprice it.
5-page memoGo / no-go
Before the IC
M2 5 days
Rapid screening A condensed FDD, for conviction.
ARR bridgeRev. recognitionCohortsUnit economics
Before the term sheet
M3 3–5 weeks
Full buy-side FDD What the investment committee needs to decide.
QoE & ARRCAC by channelBurn & runwayCap tableQ&A tracker
Confirmatory
M4 Monthly · quarterly
Portfolio monitoring An ongoing read on the companies you hold.
KPI dashboardCovenantsVariance to planEarly warnings
After close

Tell us the question and the timeline. We come back with a scope, a team and a fee. We can deliver under your fund's name.

Investment committee reviewing findings
Reported ARRCAD 8.4M Non-recurring(1.1M) 13% NRR · trailing 12m104% vs 118% claimed CAC payback19 mo blended VerdictReprice
We sit as CFOs inside tech companies. We know what gets adjusted before a raise, and where to look.
Findings

What the memo said, in five lines.

A red-flag review delivered in three days. The fund proceeded, at a lower entry price.

02How we read a target The metrics that price the deal differ by business.

Software & SaaS
Recurring revenue
Net dollar retention · by cohortM0 → M36
Q1 '23100%96%92%90%Q2 '23100%93%86%81%Q3 '24100%91%79%Q4 '24100%88%
01 Quality of ARRWhat is truly recurring, versus services and one-time uplift.
02 Retention, tied to cohortsNet revenue retention and logo churn, not a blended average.
03 CAC payback by channelUnit economics where the money is actually spent.
04 Concentration and durabilityTop-10 customers, contract terms, cohort decay.
Deep tech & hardware
Pre-revenue · first units
Gross margin · per unit batchB1 → B4
-12%+8%+22%+34%
Batch 1Batch 2Batch 3Batch 4
01 Margin rampDoes gross margin improve as more units are built.
02 Backlog qualityFirm orders, or letters of intent.
03 Milestones to cashDoes each technical milestone unlock a payment or a grant.
04 Capital intensityHow much capital each step of scale locks up.

03Working with us How a mandate runs, and what we commit to.

Week one, from kickoffRed-flag review · 5 working days
D01 Framing Your thesis and the red-flag zones, agreed together.
D02 Reading Data room cleaned and reconciled to the books.
D03–04 Review Deal-breakers and repricing items, tested against source.
D05 Memo Findings delivered as a live working file, not a PDF.

A full FDD follows the same rhythm over three to five weeks.

Fixed fee, no success fee.

Priced on scope, quoted within 48 hours of the brief, agreed before kickoff. We have no stake in whether the deal closes.

Scope changes are re-quoted, never billed by the hour.
Quote · within 48h
ScopeRed-flag review FeeFixed Success feeNone
Agreed before kickoff
Confidential. White-label if you need it.

Your NDA, our wall. The target never learns who commissioned the work, and we never advise both sides of the same deal.

Conflict check before we accept any mandate.
You Knows the mandate
NDA
? Target never learns
A memo the IC reads in ten minutes.

Go, no-go or reprice on page one. Behind it, the live model, the Q&A tracker and one partner on call through close.

Excel, not a locked PDF.
Memo · page 110 min
Go No-go Reprice
Live model Q&A tracker Partner on call

Request a scoping call.

Talk to us Founder? See how we work

Sector, stage, timeline and the question. We come back with a scope, a team and a fee.