Case study · SaaS
Extending runway from 9 to 21 months ahead of a Series B
A Series A vertical SaaS company went from 9 to 21 months of runway, closed an $18M Series B in 11 weeks and cut its monthly close from 24 days to 6.
Series B closed in 11 weeks
Monthly close, down from 24
Months of runway, by quarter
Client
Series A vertical SaaS · 70 employees
Revenue
$5–15M
Engagement
7 months
The company sold scheduling and billing software to a single vertical and had grown to about 70 people after its Series A. Revenue was growing, but finance was one bookkeeper and a part-time controller. The close took 24 days, so each month’s numbers reached the CEO three weeks late and the board pack was rebuilt the night before every meeting.
Runway was the real problem. The CEO’s spreadsheet showed about 14 months, but it treated annual prepayments as recurring cash and left out two approved hires. Rebuilt from bank data, the figure was 9 months. The Series B was planned to open within two quarters, and existing investors had asked for a credible plan before they would commit to it.
The team also had three versions of ARR in circulation: one in the deck, one in the billing system and one in the board pack.
Maren Stavely led the engagement, supported by our FP&A and reporting team. The work ran in three phases.
Weeks 1–3. A diagnostic, one ARR definition tied to billing and a rebuilt forecast. The 13-week cash forecast went live in week two and was updated every Monday from then on.
Months 2–3. A new close calendar with the bookkeeper and controller, accruals and deferred revenue reconciled monthly, and a shorter board pack. We priced every runway lever: annual prepay terms at renewal, vendor terms moved from net 15 to net 45, and two hires timed to cash.
Months 3–7. Raise preparation. We built the investor model from the same drivers, stocked the data room and answered financial diligence requests, usually within one business day.
The company’s counsel handled the term sheet and closing documents. In month seven we helped hire a full-time VP Finance and handed over the model, close calendar and board pack. We still review the forecast with that team once a quarter.
Runway rose from 9 to 14 months while the round was being prepared, mostly from prepay terms and hire timing. The $18M Series B closed 11 weeks after the first investor meeting. Measured at the burn in the new hiring plan, runway stood at 17 months at the next quarter end and 21 months a quarter later, as new ARR brought net burn down. The chart shows runway at each quarter end, from the quarter we started through our quarterly reviews after handover.
The monthly close fell from 24 days to 6, and the board receives its pack three days before each meeting. The CEO says meetings that ran three hours now take about forty minutes.
Figures are from a demo engagement and are illustrative. Past results do not predict future outcomes.
Maya K.
CEO, Series A vertical SaaS
Client, people and figures are fictional demo content. Past results do not predict future outcomes. Disclaimer
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