Revenue & Gross Margin Trend
MRR Movement (Mar)
| Opening MRR | €134.9k |
| + New business | +€9.5k |
| + Expansion | +€4.0k |
| − Contraction | −€2.2k |
| − Churn | −€4.4k |
| Closing MRR | €142.8k |
Net new MRR €6.9k · churn ticking up, flagged in Risk Register.
Revenue by month (€k): actuals to Mar, forecast after
P&L: H1 2025 (€k)
| Account | Jan | Feb | Mar | Apr | May | Jun | FY total |
|---|---|---|---|---|---|---|---|
| SaaS platform (ARR) | 120 | 125 | 130 | 135 | 142 | 148 | 1,830 |
| Implementation | 15 | 20 | 18 | 22 | 25 | 23 | 300 |
| Professional services | 8 | 10 | 9 | 12 | 11 | 17 | 160 |
| Total revenue | 143 | 155 | 157 | 169 | 178 | 188 | 2,290 |
| Cost of goods sold | −48 | −48 | −51 | −51 | −53 | −55 | −657 |
| Gross profit | 95 | 107 | 107 | 119 | 125 | 134 | 1,634 |
| Gross margin | 66% | 69% | 68% | 70% | 70% | 71% | 71% |
| Operating expenses | −360 | −360 | −375 | −381 | −395 | −405 | −4,232 |
| EBITDA | −265 | −253 | −268 | −262 | −270 | −271 | −2,598 |
Reviewed and signed off by a senior CFO. EBITDA negative by design at this stage. The watch item is runway, not profitability.
Board / Investor Deck
Auto-assembled from Juliette's data, reviewed and signed off by a senior CFO before it leaves the building.
In the live product, export to PDF or PPTX. Each figure traces back to the underlying model.
Governance Overview
Cap table, organisation and the calendar that keeps you compliant.
Cap table
| Holder | Class | % |
|---|---|---|
| Founders (×2) | Ordinary | 52% |
| Westbridge Ventures (Series A) | Pref. | 28% |
| ESOP pool | Options | 12% |
| Angels & advisors | Ordinary | 8% |
| Total | 100% |
Post-money €18M at Series A (2024). Fully-diluted.
Key recurring dates
| VAT return | Monthly |
| Payroll & social | Monthly |
| Board meeting | Quarterly |
| Corporate tax filing | Annual |
| Annual report | Annual |
| AGM | Annual (May) |
Organisation: 24 FTE
| Department | Headcount | Lead |
|---|---|---|
| Management | 3 | CEO |
| Engineering | 7 | Lead Engineer |
| Product | 4 | VP Product |
| Sales & Marketing | 7 | VP Sales |
| G&A | 3 | CFO |
DD-Readiness Review
How ready Juliette is if due diligence started tomorrow: 6 of 8 areas ready.
| Area | Status | Notes |
|---|---|---|
| Financials (P&L, BS, CF) | Ready | FY model, forecast and history reconciled. |
| Cap table & SHA | Ready | Cap table current; shareholder agreement on file. |
| Supplier contracts | Ready | Cloud and key vendor agreements collected. |
| Data room structure | Ready | Folder taxonomy set up to VDR standards. |
| Customer contracts | In progress | Top accounts in, long tail still being gathered. |
| Compliance & GDPR | In progress | DPA register being completed. |
| Board minutes | Missing | Last two quarters not yet signed. |
| IP & trademarks | Missing | Trademark filing not yet started, see Action Tracker. |
Stakeholder Map
Customers and suppliers: terms, renewals and where dependency risk sits.
Top customers
| Account | ARR | Renewal | Risk |
|---|---|---|---|
| Aldova Bank | €144k | Feb 2026 | Concentration |
| Brightwell Retail | €120k | Jan 2026 | Stable |
| Verdano Health | €108k | Apr 2026 | Stable |
| Meridian Logistics | €84k | Jan 2026 | Stable |
Top 3 accounts ≈ 22% of ARR, with concentration tracked in the Risk Register.
Key suppliers
| Supplier | Spend / yr | Category | Risk |
|---|---|---|---|
| Cloud hosting (primary) | €251k | Cloud infrastructure | Single-vendor |
| Data & API services | €76k | Tooling | Low |
| Customer-support partner | €330k | Customer success | Low |
Risk Register
Red flags across Juliette's documents, rated by severity.
| Risk | Severity | Area | Detail |
|---|---|---|---|
| Cash runway | High | Liquidity | At €213k/mo net burn, cash (€2.85M) covers ~13 months, below the 18-month board threshold. Drives the Series B timing decision. |
| Rising churn | Medium | Revenue | Gross churn €4–5k/mo and trending up; net new MRR still positive but thinning. |
| Customer concentration | Medium | Revenue | Top 3 accounts ≈ 22% of ARR; a single loss would dent the run-rate. |
| Hiring vs burn | Medium | Cost | Planned Q3 hires increase monthly burn; re-sequencing recommended until the raise is underway. |
| IP not protected | Medium | Governance | Trademark filing not started, a gap for due diligence. Tracked as an action. |
| Cloud cost growth | Low | COGS | Infrastructure cost rising ~€1k/mo; watch its drag on gross margin. |
Scenarios: what if…?
Ask in plain language. Selo models the impact on Juliette's live numbers; a senior CFO adds the recommendation.
Cash forecast: base case vs scenario (€M)
Board room
Q3 board meeting · Thursday 14:00 · pre-read published. Board members read and ask questions here, no account needed.
Q3 Board Pack: pre-read
Drafted by Selo from live data · edited by the CEO · signed off by a senior CFO.
Questions from the board
Churn is up two quarters in a row. What's driving it, and is it in the forecast?
Churn is concentrated in small month-to-month accounts (€4–5k MRR/month); the top three accounts are stable. The forecast assumes churn stays at today's level; the retention playbook launching in May targets a 30% reduction.
What's the downside plan if the round takes longer than six months?
See the "Series B slips six months" scenario: freezing non-critical hires and renegotiating cloud costs saves ~€40k/month and extends runway to ~16 months.
Thanks, clear summary. No questions.
Board members
After the meeting
Investor room
Quarterly updates for shareholders and, when the raise starts, the due-diligence room, already in order.
Q3 investor update: draft
Questions from investors
When do you plan to start the Series B process?
Preparation starts this quarter, with the process launching in Q3, leaving a six-month buffer before runway drops below 12 months.
Due-diligence room
Linked to the DD-Readiness Review: open it to an investor with one click when the raise starts.
Access
Juliette is growing steadily (~5% MoM) with margins improving toward 70%+, but cash runway is now the decision that matters most.
Senior-CFO summary · period ending March 2025
- ARR €1.71M, growing ~5% MoM
- Gross margin 68%, up from 66%
- Cash €2.85M; net burn ~€213k/mo
- ~13 months runway
- 24 FTE across Eng, Product, Sales, G&A
- Runway below the 18-month threshold, the binding constraint.
- Churn creeping up (€4–5k/mo).
- Top-3 customer concentration.
- IP not yet protected.
- Start Series B prep now. A raise takes ~6 months; 13 months runway leaves little buffer. Recommended.
- Re-sequence Q3 hires to protect 2–3 months of runway.
- Push expansion/pricing to lift net retention above 100%.
Action Tracker
Findings turned into owners and deadlines.
| Action | Owner | Due | Status |
|---|---|---|---|
| Start Series B preparation | CEO | Q2 2025 | In progress |
| Re-sequence Q3 engineering & sales hires | CFO | Apr 2025 | Open |
| Launch retention playbook to curb churn | VP Sales | May 2025 | Open |
| Start trademark / IP filing | Legal | Q2 2025 | Open |
| Tighten cloud cost monitoring | CTO | Apr 2025 | In progress |
| Sign off last two quarters' board minutes | CEO | Apr 2025 | Open |
| Refresh board pack before each meeting | CFO | Recurring | Recurring |
Source Library
What we've received, what's missing, with DD-readiness tracked over time.
| Document | Status | Last updated |
|---|---|---|
| P&L FY2025 | Received | Mar 2025 |
| Cash flow forecast | Received | Mar 2025 |
| Cap table | Received | Feb 2025 |
| Shareholder agreement | Received | 2024 |
| Org chart | Received | Mar 2025 |
| Customer contracts | Partial | Mar 2025 |
| Board minutes (last 3) | Partial | n/a |
| IP / trademark register | Missing | n/a |