Founded in 2010, Sphere Fluidics is an established Life Sciences company, who have so far developed 40 patented products – instruments, biochips and specialist chemicals – which are assisting over 200 customers globally with their research.
In 2015, Sphere Fluidics were aiming to raise a funding round. They were using a local accountancy company who were completing basic management accounts for them. In order to be successful in their new funding round, Frank Craig, CEO, identified a need for more sophisticated accounts and improved financial modelling in an investor-friendly format.
Frank undertook a search for a part time FD who:
• would be able to support the company in the financial modelling project
• had experience of the sector and of fund-raising projects
• would be able to produce more sophisticated, investor-friendly accounts
• would be flexible to the company’s requirements – available during the project and for any additional projects that might arise in the future.
Five companies were interviewed during the search and Numitas stood out as being “more strategic and business orientated”. The team of part time FDs working for Numitas are professionals who have worked in industry, who are used to the corporate-business environment and who understand the application of financial models and how investors would need to use them. Frank saw this as being ideal for his needs, rather than someone who only had bookkeeping or financial experience through accountancy firms as the other providers he looked at offered.
The Engagement
Sphere Fluidics engaged with a senior Finance Director on a part time engagement. The FD was highly experienced not only in the Life Sciences sector, but also in raising funding rounds and in M&A projects. During the course of the project, our part time FD generated a slick financial model which included:
• Top level metrics
• Stress testing for investors
• KPIs, financial metrics, useful investment ratios, useful comparison data against Sphere Fluidics’ competitors
• Industry-specific metrics, due to our part time FD’s experience from the Life Sciences sector.
In 2016, our part time FD was asked to return to Sphere Fluidics to support the company with ongoing financial model updates and improvements, adding in new areas and updating existing ones.
Outcomes
Our part time FD helped Sphere Fluidics to be successful in their funding round to raise £4.8 million in investment. This was due to the forecast provided to the investors being more appealing and accessible than Sphere Fluidics’ previous accounts:
• The financial models were more strategic and polished, helping to communicate the potential of the business to investors
• The financial accounts were investor and acquisition company friendly–helping to forecast and communicate to potential investors about how the business was planning to perform
• The models generated were much more concise than the previous accounts and provided more relevant high-level information for potential investors.
Overall they built investors’ confidence in Sphere Fluidics. Frank also benefitted from working with Numitas as the part time FD used his previous experience in M&A to support Sphere Fluidics in planning for the future. Frank was advised by our part time FD on how to outline the financial profile as well as being given strategic advice on what areas to invest in and when.
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For example, its work with automotive firms BMW and Aston Martin and with aerospace giant Airbus, enables specific components and tooling to be located and supplied automatically to a manufacturing location, using state of the art, ultra-wideband radio technology.
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