For traditional SaaS companies with consumer and/or SME customers. There is no model like this on the internet. Features highly granular revenue forecasting with monthly cohort level modeling. Choose from 3 built in pricing models, professional services, as well as expansion revenue. A full stack of marketing options from paid to channel sales, drive leads/registrations for consumer and SME customers. 3 years (36 months) of detailed P&L for actual, forecast and combined, as well as cash based analysis. Manually plan out your hiring of staff and automate sales and support staff depending on how you scale. Charts, KPIs, all your COGS mapped out. Unique source and use sheet illustrates your plan for your pitch deck. And a lot more…
Are you a SaaS company with monthly and/or annual customers?
Do you automatically onboard customers, or use a sales team to support the conversion of leads to trials? Do you have consumer/SME offerings to disparate customers?
As the CEO or CFO (or sole founder…) are you wondering how the hell you can model all this for your fundraising?
You should be concerned… because it’s hard as hell. Trust me. Sure, you might find a free template (I’m happy to send you links to the free models online), but something actually complete and useful that just works? Forget it.
I know, because I had to do it myself.
I was raising for one of my SaaS companies and there just wasn’t anything out there good enough. So I blew a few weeks and made something it turns out others think is fairly nifty.
“How long did it take you to build this? It’s incredible!”
Investor at Insight Venture Partners, USA
“OMG, thank you! This model is amaaaaazing!”
Mitch Harris, Napalm Death band member and to-be founder, USA
“You’re really good.”
Dan, founder of I-Inside, France
I’m an ex-M&A banker and VC, and I’ve literally spent months of 100 hour weeks modelling to be able to make this model available to you. Feel free to ask your M&A buddy to build something for you for a few grand. I’ve been sent those models (as I’ve been asked to make a new one after). They’re not terrible, but they don’t make sense as they don’t understand how startup works.
I don’t build these models for kids. There are a granular assumptions and you need to understand high-level details of your business. But if you know what your pricing is, what you think a reasonable churn rate is… you don’t have to code one formula! And you get a serious result.
This is the only model on the internet which can serve all your needs SaaS needs. If someone had built it before, I sure as hell would not have taken the very deep pain to do so.
The 50Folds consumer and SME SaaS financial model is the most comprehensive and powerful fundraising excel model available for SaaS founders. Nothing else comes close. If you are looking to impress investors with a thoughtful plan, this is it.
If you truly want to understand your operations in detail, then download it now.
Are you growing like a rocket and don’t have the time to fill out the model, but want the results? No stress. We’ll build it for you.
This model comes with 20 minutes of consulting to help you get the most out of it.
Below we will look at the high level features of the model, screen shots on each sheet, there’s a video on each of the sheets (Note: Model has been updated with some new features and sheets such as for sales staff) and some further descriptions. There is also a benchmark on SlideShare I have added on all your key metrics.
Kindly note this price is low just for founders raising. If you need models for a professional reason, please reach out regarding licensing at [email protected]
If you have questions about the model, feel free to ask.
Details on the model
Fast forward many years and I’ve learnt a thing or two. I’ve raised for myself and many others. But, I didn’t have a good SaaS model. I was raising for the first SaaS company I cofounded and needed something to get the cash we needed.
I searched, and nothing was really useful. I called friendly founders and VCs and no one had anything. Fine. Let’s learn how to do SaaS models.
Over the course of a month, I pulled all the cool stuff I had coded before, analysed the models I have, studied the pros and I built this model. Figuring out how to do multi-month calculations with a lot of variables was almost enough to make me quit…
Whether you’re raising for your SaaS startup, or needing to develop an operational plan to understand how you are going to grow and not run out of cash, you need an excel model. The problem is that they’re really hard to build. You don’t have time to spend 2 months building one, you need to be executing like I wish I had. Sure, maybe you have an expensive, smart CFO, but they’re still running your company, and the RoI on their time to replicate what I am doing is ignorant. For the cost of a an hour of their time (or mine), you skip months of development and get straight into inputing your actuals and forecasts. This is a no brainer.
Resent buying a model, and feel better paying someone to build a model for you? Sure, paying someone smart to build something sort of usable can cost $10k+. You won’t even get what you want. I’ve seen the models ex-bankers build. They don’t get startup. They think like bankers.
Want to find a free one? Sure. Chris Janz did a fab job making a nice, simple model, but it’s great for learning, or the basis to build something you can actually use (If you know how…). David Skok’s blog and metric templates are the best around to learn, but there is no model. I found around 5 others which weren’t bad, but just really limited in terms of functionality and only deal with SME business models. These don’t solve the problem of just having something which just works and gets you back to building your ARR (Which actually matters).
This is the model I wish existed. I literally built it for you. I only build new things which add value to founders, not copy others.
We’ve drawn on our years of experience operating startups at early and growth stage to create something that just works. There is not a needless level of detail, nor a sparsity of assumptions to illustrate a depth of logic and insight. Everything included has been considered as to whether it adds value and if investors will “want to know and ask.” The structure also enables founders to change the model to fit the exact needs of their startup (particularly in revenue forecasting).
This model is literally months of 100 hour weeks.
This model is for all SaaS companies that have a non-enterprise business model. If you charge monthly or annually through scalable means, do auto-onboard or sales supported lead to trial conversion, you are good to go.
If you are an enterprise companies with ARPA in the tens of thousands, closing customers with an external sales force, then you should get the enterprise model.
- Right timeline for your stage: 36 months of forecasting with 3 annual summaries
- Flexible for actuals and forecasts: Actual and forecasts with sheets which combine your numbers into a combined P&L to the exact month magically
- Staff: Manual and automated forecasting of staff. For most staff you can decide the month your staff will join (Such as developers or a CFO) and the month they are terminated. Furthermore you can set a date and salary increase (such as post-series-A/B/C) and salaries will increase on that date, and adjusted for bonus and payroll taxes and benefits. For support, recruitment and channel sales staff, your staff requirement flexes as you scale automagically to your desired assumptions
- Expenses: Granular assumptions to rapidly forecast your G&A, S&M, R&D and CAPEX. COGS expenses have their own sheet for payments and hosting expenses
- Cohort approach to forecasting: A truly incredible cohort based forecasting model without the work. Input a few assumptions and you can get monthly cohorts for customers and all forms of your revenue, for both MRR and Bookings/Billings
- Annual and monthly revenue: Many SaaS companies offer a discount for purchasing one year upfront, whilst also allowing customers to pay monthly. The calculations to make this work are complicated because of renewal periods and differences between your accounting and your cash position. The model allows you to add simple assumptions of monthly vs annual customers and does all the heavy lifting with incredible accuracy. It’s as simple as adding your high-level assumptions and sitting back to look at the results
- 3 pricing packages for consumer/SME: Basic, Premium and Pro with granular assumptions for each. Each package is calculated individually
- Comprehensive marketing plan to drive consumer/SME leads: Forecast your entire marketing plan across paid, organic, email, blog and social media channels with no heavy lifting. All the relationships between the channels are deeply integrated so social rebroadcasts will result in newsletter sign-ups
- Channel sales: An easy to use schedule to forecast customers from both CPL and CPA partners. Channel Sales staff scale to your number of leads they can handle each month
- Detailed KPI sheets: Full dashboard of all your KPIs for both general operations and all your SaaS metrics
- Charts: Breadth of beautiful charts to graphically explain your business
- Full blown P&L: Detailed, logical P&L explaining your business model step by step
- Summary P&L: Easily copy and paste your summary P&L into your pitch deck
- Sources and uses: Get insight into your fundraise requirements. Three beautiful charts to copy paste into your pitch deck
- Fully integrated and automated model: Get insights from KPIs if your assumptions make sense so you look like a pro with a plan
- Standardised structure on each sheet: Every monthly calculation in the SaaS financial model starts in the same column which makes it easy to audit
- Consistent: Consistently colour coded cells for formulas, links and assumptions applying best practice from global, top-tier investment banks. All cells are perfectly aligned
- Comments: Comments on all assumptions so you know what to input and why
- No hard coding: No hard coded numbers in any formulas
- Open editing: Model is not locked, you are free to restructure as much as you like!
- Clear linking: Links to each sheet are always at the top of each sheet to track and understand where assumptions come from and what sheets are driving another one
- Separate actuals and forecasts in your P&L: Easily update your model monthly during your fundraise without fuss. Combine months by simply adding a date of your choice
- Dynamic year end: Set your year end at a month of your choosing. All annual adjustments are made automatically with powerful formulas
- Accounting: Cash and revenue accounting
- Forecast period: 36 months of forecasting with 12 month summaries for each forecast year
- Change assumptions every month: Make the SaaS financial model assumptions as simple or complicated as you like. Every assumption is mapped out on it’s own row. For example, any month you want to increase your Basic package price, simply change that month. If you want to keep your assumptions linear, the formulas support that decision automatically and by standard
You don’t have to do ANY modelling to use this model. You just need to be able to fill in the assumptions boxes. Only if you need to restructure the model due to you having a special business model will you need to be advanced level.
The ideal user:
- Building a complex or simple SaaS company, with consumer (automitically onboarded) and/or SME (Sales supported) customers. Every variation is covered
- Is comfortable with numbers and wants to have control over their model with fairly granular assumptions, or rather the ability to change pricing every few months if they wanted to…
- Is at seed to scaling stage of fundraising. The model doesn’t present years of historical data, which may not be perfect for later stage companies. You could easily add this though. The focus is on 3 years of forecasts and the year to date actuals. A new model will come with advanced accounting functionality soon
- Likes to impress and enjoys a beautiful model!
- Wants to show investors they applied a very vigorous, logical approach to their forecasting and operations
- Wants a model that runs rings around hotshot bankers without the crazy cost
- Needs a logical, consistent model they can use customize for their own purposes (Ideal)
- If you don’t know how to use a (SUM) function you may find it overwhelming if you need to understand every detail. Every line has been broken up to be logical to understand, so with a little diligence anyone can be a total boss.
- If you don’t really understand SaaS, it might be too much
- If you don’t do enterprise, get the standard SaaS model.
- If you don’t understand how marketing works (such as what CTR is), then this model may have too much detail for you to handle.
- There are a number of additions which could have been added to this model and have purposefully not included. If you have seen models with other frills, trust there are reasons why they have not been included. Let’s go through some of these so you understand:
- Traditional cash flow statement and balance sheet: There is a cash based accounting section to understand your actual cash burn. Investors don’t really care about your BS and CFS sheets like a PE company would. They care about the logic of your model to show it is thoughtful. They care how much revenue you will generate to size the market opportunity (how they will get rich) and how ambitious you are. The BS and CFS are useful at growth stage companies when there is a line of sight on meaningful forecasts- early stage you don’t really have many reliable numbers so they serve to create information overload
- Cap table: It is best to have this separately so it is a distinct conversation rather than bundling it with your forecasts
- DCF and valuation: Having a DCF at early stage is totally ridiculous, particularly as the assumptions don’t make sense (What’s your discount rate? Show me how to do your WACC…). A DCF is also not how VCs value early stage companies. Including a DCF or multiples is not how you want to approach a valuation discussion with investors and I think can actually harm you in negotiations. I recommend not putting a valuation in the model
- Complicated paid marketing assumptions: We want to show logic not needless complexity. There is some very smart logic in calculations for emails and the like, but we try keep the number of assumptions down so you can discuss what’s important (Like CPC and budget, not keyword volumes)
- Growth modelling: If you are at growth stage, you will have a lot more visibility on your actuals and have more historic reporting. This is not the best approach to modelling and fundraising for you. But the cool thing is, if you know basic excel, it’s easy to add columns for your actuals if you like. We’re happy to add those for you
- Startup is hard and fundraising is a total nightmare. It takes up so much time and it can be far easier to execute if you have the right tools to hand.
- When we started Delivery Hero I spent far too much time figuring out how to build a good fundraising and operation model and it was infuriating. I wished I had something that just worked, or a base I could use to fiddle with and get the result I wanted (Meaning, getting back to executing). We’re making these models so you don’t have the same painful, long nights and weeks, not executing like I wished I could have.
- The model is provided as is
- Every effort has been made to ensure there are no errors. Given the size and impressive depth it is impossible to ensure there are none. If you find an error, please reach out so it can be fixed for everyone! We are happy to help you fix any errors free of charge
- If you need support building your model we offer a consulting service dependent on your bespoke needs
- You need Excel. Google Sheets is never to be used for a fundraising model as the functionality is limited. It might work in Sheets, but I can’t warrant it will work. I highly recommend using a PC and Excel
- This works on both Mac and PC and was built on both (But Mac sucks)
- You should install the ‘Solver Add-in’ and ‘Analysis TookPak’ if you do not have it installed already. These are free and standard Microsoft add-ins. I don’t require it, but it’s worth having
- We do not have circular references so there is no need for ‘iterations’ in this model, but in case, turn them on in your calculation settings, especially if you fiddle.
- This is not needed, but if you want to be a boss in Excel, download http://www.asap-utilities.com/. There are some really useful tools if you need to build models. It only works on PC though (as do the other cool tools).
Profit and loss (Actual, forecast and combined) + Depreciation and tax
KPI Sheets (General and SaaS) + Source and Use Analysis
General, Sales and Support Staff
Expansion Revenue and Professional Services
Core SaaS Pricing and Revenue Forecast Calculations
Marketing (All paid and organic channels)
MRR Analysis and Charts
The sheets in the model
|Formatting||Input your model start dates and basic formatting assumptions|
|P&L Forecast||Detailed forecast P&L of your startup. Output of all your assumptions|
|P&L Actual||This is the P&L of your actual numbers. Put in your actuals and they get represented in your combined P&L|
|P&L Combined||This combines the forecast and actual sheets together|
|D&A – Tax||Calculate your depreciation (there is no amortisation) and your tax simply|
|P&L for Deck||This combines the summary forecast and actual sheets together for the first 12 months and for 3 years annual to insert in your pitch deck|
|KPI||A detailed summary of all your KPIs|
|Source and Use||Use this to figure out how much to raise and to present your ‘sources and use’ of money you raise in your ‘ask’ slide|
|Charts-General||Summary of charts from across sheets other than SaaS metrics|
|Charts-SME SaaS||Charts of SaaS metrics. All the ones David Skok (Matrix) recommends are in it|
|Staff||Forecasts for all staff (Other than customer support related staff), and all the related staff and G&A costs|
|Expense calcs||Calculates your customer care related and technology costs, which aren’t calculated directly in the Staff sheet|
|SME – Support Staff||Calculates for internal engineering, customer support & success staff automatically on the basis of customer forecasts|
|Sales Staff||Forecasts your sales staff requirement automatically on the basis of your sales forecasts|
|SME – Expansion Revenue||Calculate the expansion revenue using either by an additional seats, or new modules basis|
|SME Prof Services||If you have professional services, calculate the cost and revenue. Can use if you want to have onboarding costs alternatively|
|SME Pricing||Input your pricing assumptions for revenue. Pick from different business models|
|MRR & Cust Summary||A summary of your MRR and Customer calculations (The calculations in the monthly and annual sheets are long)|
|SME Conversion assump||All the assumptions that drive your for SME revenue calculations|
|SME Calcs – Monthly||Calculate the normal, monthly portion of your MRR/Bookings for SME revenue|
|SME Calcs – Annual||Calculate the annual, up-front payment portion of your MRR/Bookings for SME revenue|
|Marketing||Centralises the marketing data and applies conversion rates to create ‘trial users’ of your site (Which then buy). This is only for SME revenue. There is no link to enterprise revenue per se|
|Paid & organic||Organic growth and paid traffic to the site. Feeds to the traffic build in ‘Marketing’|
|Calculates the sign ups to your email database. Feeds to the traffic build in ‘Marketing’|
|Blog & Social||Calculates the traffic that comes from promotion activities by blogging and social media. Feeds to the traffic build in ‘Marketing’|
|Channel Sales||Calculates the leads from channel partners and supporting staff costs. Feeds to the traffic build in ‘Marketing’ under leads and in the staff costs|
|Benchmarks||Some publicly available SaaS metrics to use to benchmark your assumptions as an FYI|
Video training course
There is a video on every sheet of the model to explain how it works and to fill it in.
To reduce the length of this sheet I’ve put them on a separate page.
Benchmarking for your financial model
This is a fantastic presentation to use when forecasting in your financial model and making sure your metrics are in line with reality. Flick through the deck as you work through each section of the model and check you are trending towards these numbers. It’s perfectly ok for your numbers to look a little crazy in the early days (When you have a few customers and little revenue, no metrics/ratios will make sense). What matters is how you evolve.