Thrive Growth Case Study
THE RIGHT CFO FOR EV STARTUP RIGHTCHARGE
The founder of Rightcharge originally contacted us for strategic advice related to a funding round. They were a first-time founder who had no prior fundraising experience - although had learned how to do financial modelling. They asked if we could provide our insight and guidance so that when they spoke to investors they were prepared and supported during investor negotiations.
Industry: Sustainability; Electric Vehicles
We discussed Rightcharge's business model and plan in detail with the client, followed by reviewing the investment desk and financial model. We also helped Chris form a view on valuation, dilution, and the overall amount to raise.
We identified gaps between what we discussed about the business model and what was in the financial model.
We suggested ways the business model could evolve to generate further revenue opportunities.
We fixed spreadsheet errors in the financial model, e.g. the cashflow forecast was not working correctly.
We identified areas around market size, traction and further growth opportunities which had not been fully detailed in the investment deck and, in turn, not covered in the financial model.
We noticed various data sources had not been referenced.
We pointed out various government policies and forms of support which will help grow the market over the next decade.
On the investment deck we changed the running order of the slides, added new ones, combined others, made some more concise.
Rakesh helped take a lot of the stress out of our first funding round. His experience was vast and his advice was clear throughout the entire process. I felt much more confident going into the investment discussions.
Charlie Cook, Founder
Rightcharge successfully closed the Seed round, raising £100k - double the amount they had originally planned. We also helped increase the valuation by 45%, resulting in less dilution for the Founder.