How Finro Builds Financial Models That Founders Trust and Investors Rely On?
By Lior Ronen | Founder, Finro Financial Consulting
Startup founders don’t just need a spreadsheet.
They need a tool that reflects how their business actually works—today and six months from now. A model that lets them test pricing, map headcount, forecast runway, and tell a story investors can trust.
But most startup models fall short.
They’re either overbuilt by finance pros with no context or hacked together by founders juggling product, hiring, and fundraising.
The result? Fragile spreadsheets that break when you add a new product line. Forecasts that mislead more than they guide. And decks that raise more questions than capital.
At Finro, we approach financial modeling differently.
We work directly with founders to translate how the business really runs into structured, flexible, investor-grade models. No templates. No fluff. Just clear logic, tailored assumptions, and a model you can actually use to run your company—not just pitch it.
Below are five founder stories that show how a solid financial model can shift the conversation from “what are your numbers?” to “when can we invest?”
Founders don’t need more templates. They need clarity, structure, and support they can trust—especially when raising capital, setting prices, or mapping out growth. That’s where deep expertise matters. The right financial model isn’t just a spreadsheet—it’s a decision-making tool, a fundraising asset, and a shared language for the team and investors. What makes the difference is experience: knowing what investors expect, how real-world businesses actually operate, and how to translate messy complexity into clean logic. That’s what drives better outcomes—and it’s what Finro consistently delivers.
- WAAS: Building a model as dynamic as the business
- Spaceling: From complex model to investor-grade clarity
- Princap: Providing clarity and conviction in complex tech sectors
- OxyCarbon: Turning a static model into a living tool
- Darvis: Structuring the financial foundation for AI-powered growth
- Summary
- Key Takeaways
- Answers to The Most Asked Questions
WAAS: Building a model as dynamic as the business
Founder: Mik Vidak
Company: WAAS (Workspace-as-a-Service)
Stage during the project: Preparing for Series A
Model Type: B2B4C hybrid — combining hardware, software, and services
WAAS wasn’t a typical SaaS company. Their business combined smart hardware, subscription-based software, and on-site service components — all under a B2B4C model targeting shared spaces, startups, and enterprises. They needed a model that could support investor discussions, guide growth planning, and handle real-world complexity without breaking.
But like many fast-growing startups, their existing spreadsheet couldn’t keep up. Revenue was modeled as a flat line. Costs were averaged. Hardware depreciation wasn’t tracked. And integrating new locations or offerings required hours of manual cleanup.
That’s where Finro stepped in.
Over the course of a few weeks, we worked closely with Mik and the WAAS team to reframe the business logic from the ground up. We mapped how units were deployed, how pricing scaled, how headcount flexed, and how different revenue streams layered together. We then built a financial model that captured it all—modular, intuitive, and ready for investor scrutiny.
“Lior quickly understood the complexity of the WAAS ecosystem — our B2B4C rental model combining hardware, software, and service components — and translated it into a clear, scalable financial framework.”
— Mik Vidak, Founder, WAAS
The new model became more than a spreadsheet. It became the team’s internal planning tool—used to support pricing discussions, team planning, cash management, and Series A investor calls.
“The result is a robust, investor-proof model that truly reflects how our business operates and grows.”
Spaceling: From complex model to investor-grade clarity
Spaceling was preparing to raise its Seed round. But before reaching out to investors, the team knew they needed to get their financials investor-ready. The model was substantial but hard to follow, the valuation logic wasn’t fully aligned with market expectations, and the supporting materials weren’t structured for scrutiny.
They didn’t need someone to rebuild everything from scratch. They needed an expert to refine what they had, stress-test the key assumptions, and translate it all into something investors would trust.
That’s where we came in.
Over the course of three weeks, we worked closely with Capt. Michael Sperling to streamline the model, sharpen the growth story, and build a complete due diligence and valuation package. The deliverables included a clean Excel model, a detailed valuation report, and a concise deck to share with investors.
“Lior has an impressive understanding of early-stage venture finance… and delivered a complete suite of documents that was highly impressive.”
— Michael Sperling, CEO, Spaceling
The final package helped Spaceling present a more structured and credible case to investors — and ensured that tough questions could be answered confidently, with evidence to back it up.
“When you need a safe pair of hands to scrutinize your model and provide a sound, logical valuation, Finro is who you call.”
Princap: Providing clarity and conviction in complex tech sectors
Investor: Mick Carolan
Company: Princap (Venture Capital)
Stage: Pre-revenue tech company assessment
Project Type: Valuation analysis and investment strategy support
Princap was evaluating a high-potential tech startup. The product was still in development, the business was pre-revenue, and the market was evolving fast. For the investment team, this meant navigating a flood of data, unproven assumptions, and a valuation that needed more than just comps.
They didn’t need a pitch. They needed clarity.
That’s where Finro added value.
We worked with Mick and the Princap team to build a defensible, forward-looking valuation grounded in relevant market benchmarks and sector-specific comps. We structured the financial logic, flagged gaps in the assumptions, and synthesized everything into actionable insights the investment committee could rely on.
“Lior’s foresight in identifying pivotal trends and disruptions has delivered real value… particularly for a pre-revenue company.”
— Mick Carolan, General Partner, Princap
Our analysis helped Princap refine its investment thesis and pressure-test key assumptions—while gaining a clearer picture of where the real upside (and risk) lay.
“If you’re navigating complex sectors, Finro brings both the sharpness and strategic thinking you want on your side.”
OxyCarbon: Turning a static model into a living tool
Founder: Michael McCabe
Company: OxyCarbon US
Stage: Early growth
Model Type: Complex environmental model with valuation, KPI tracking, and balance sheet automation
OxyCarbon had already built a large, detailed spreadsheet to support its carbon capture platform. The problem? It was rigid, hard to update, and required constant manual work to keep projections, KPIs, and valuation aligned. It looked advanced on the surface—but behind the scenes, it was slowing the team down.
They didn’t need a new spreadsheet. They needed a tool that could evolve with the business.
That’s where Finro made the difference.
We worked closely with Michael and the OxyCarbon team to streamline the structure, automate key calculations, and turn the model into a dynamic engine. The new version automatically updated KPIs, recalculated the valuation, and synced with a projected balance sheet. No more backtracking, patchwork formulas, or rework every time a variable changed.
“Lior is a machine… He took our unwieldy financial model and turned it into a dynamic tool we can adjust and refine.”
— Michael McCabe, CEO, OxyCarbon US
What emerged wasn’t just a cleaner file—it was a smarter model that freed up time, improved internal decision-making, and made the team’s funding discussions much easier.
“His experience and advice contributed to a great (ongoing) result.”
Darvis: Structuring the financial foundation for AI-powered growth
Founder: Simon Reid
Company: Darvis UK
Stage: Growth
Model Type: AI-powered SaaS with pricing, cash flow, and investment planning
Darvis was scaling fast, using AI to optimize operational efficiency across hospitals and logistics. But as the product evolved and client traction grew, the financial infrastructure lagged behind. Forecasts were scattered. Pricing lacked structure. Cash planning relied too much on gut instinct.
They needed to build a serious financial foundation to support both growth and fundraising.
That’s where Finro became a strategic partner.
We worked closely with Simon and the Darvis leadership team to organize their forecasting logic, rework pricing structures, align cash flow with operations, and build a model that could support investment conversations without back-and-forth patchwork.
“Lior is always insightful, responsive, professional and resourceful… exactly what fast-paced companies need.”
— Simon Reid, Co-Founder & Managing Director, Darvis UK
The result wasn’t just a model—it was a management tool that gave Darvis clarity on burn, headcount, growth planning, and the financial runway required to secure their next stage of funding.
“Lior is really effective at helping organizations develop the tools needed to grow and attract new investment.”
Summary
You don’t need to take our word for it. Across industries and stages — from Seed to Series A, from AI to carbon tech — founders, CEOs, and investors keep turning to Finro when it matters most.
Not because we’re the biggest firm, but because we consistently deliver models and valuations that hold up under pressure.
What these stories highlight isn’t just technical skill — it’s the ability to translate complex businesses into clear, scalable financial narratives. To make investor conversations simpler, pricing more defensible, and hiring decisions less risky.
At Finro, we don’t just build models. We help founders move forward with confidence.
Key Takeaways
Financial models must reflect how the business actually works—across pricing, hiring, revenue, and cost—not just impress investors.
Templates break. Custom models built by experts reduce risks and drive better fundraising, planning, and internal decision-making.
Investor-grade models aren’t just about polish—they’re about logic, defensibility, and clarity under scrutiny.
Founders gain leverage when their model becomes a shared truth across investors, cofounders, and teams.
Finro builds models that stand up in the room—built fast, tailored deeply, and trusted by investors and founders alike.
Answers to The Most Asked Questions
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A model is investor-ready when it clearly shows how the business works, includes realistic assumptions, and supports valuation with logic, transparency, and growth forecasting.
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Templates often break under pressure. Hiring an expert ensures your model reflects your actual business, supports fundraising, and helps guide internal decisions.
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Detailed enough to capture your pricing, costs, hiring, and growth—yet simple enough to update and explain to investors in one sitting.
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Because a solid model shows you’re serious. It gives investors visibility, trust, and clarity on how their capital turns into outcomes.
