A perspective for founders preparing to fundraise
When founders think about fundraising, many focus on narrative, vision, and ambition. These matter – but when you sit across from an investor, your financials unequivocally become the backbone of the conversation. Confidently presenting your financials is about understanding the story your numbers already tell, and taking ownership of that story.
Oxx co-founder and General Partner Richard Anton joined a Boardwave Masterclass on how to present your financials with confidence, alongside Glen Waters (HSBC Innovation Banking) and Sean Williams (AutogenAI). Below, we have distilled some key learnings from that session.
SPEAKING ABOUT THE PAST
Show clear evidence of product–market fit
When we speak with a founder, we do so when they have found product-market fit (PMF). So when looking at a company’s financials, the starting point is simple: does customer behaviour prove PMF? The cleanest signals of this come from retention metrics – not vanity metrics, but economic indicators:
- Gross retention
- Net retention
- Upsell and downsell performance
- Cohort behaviour across multiple renewal cycles
Look at multiple cohorts across at least one or two renewal cycles – investors lean heavily on these because they’re the truest behavioural proof of product–market fit.
These proof points show that customers value your product enough to stay, expand, and recommend it. These fundamentals must be solid before there can be any meaningful discussion about scaling.
Once your numbers demonstrate PMF, ensure the metrics match the narrative of your company’s evolution. What that means is that you should tie your retention story to the history of the business. Product releases, improvements, and repositioning efforts should all be reflected in the data. Cohorts that joined under today’s product should behave differently from those who joined years ago. Your narrative should explain that evolution with clarity.
SPEAKING ABOUT THE PRESENT
Show that your go-to-market engine actually works
Once retention is clear and your story checks out, the next question is: can the business acquire customers efficiently and predictably? Here, look at the unit economics of acquisition:
- CAC payback
- LTV to CAC ratio
- Magic number
The engine doesn’t need to be perfect, but it does need to be grounded in reality. Rapid step changes rarely hold up under scrutiny. Investors can immediately tell when a plan assumes sudden leaps in efficiency or productivity. Early signs of a repeatable, scalable motion matter far more than overly optimistic projections, and this will form the foundation of a productive discussion about future scaling.
SPEAKING ABOUT THE FUTURE
Avoid “everything goes right” plans
A financial model must reflect how companies actually operate, not how we wish they operated. It may be tempting to present the ideal scenario, but those are easy to see through for investors.
Common red flags include:
- CAC payback magically collapsing from years to months
- Headcount doubling in a single quarter with no operational plan
- Unrealistic hiring or onboarding assumptions
- Spend profiles that ignore the real complexity of scaling
Of course, growth plans must be ambitious, but they also need to be believable. Investors don’t expect perfection, but they do expect coherence. Realistic plans also signal maturity on the part of the leadership team, which helps build trust. So founders, check your plan carefully – if anything you’re sharing feels unrealistic, revisit it.
Treat the model as the numerical version of your strategy
By now, you should see that the financial plan isn’t separate from your story, it is your story, expressed in numbers. Looking at the past, your numbers underline your company’s growth narrative, and the same should go for the future. If you plan to hire 10 salespeople, then your model should reflect:
- Time to hire
- Ramp periods
- Expected productivity
- Contribution to ARR over time
Your financials should feel like a natural extension of the strategy you describe verbally. When they diverge, credibility is lost.
PRO TIP
Build a finance function before you think you need one
Once a company has cash in the bank, the greatest risk is no longer scarcity, it’s careless spending. Once you have meaningful cash on the balance sheet, that’s actually the most dangerous time because spending can become automatic rather than intentional. A strong finance partner helps you:
- Evaluate every spend as an investment
- Understand the economic drivers of your business
- Build discipline into decision-making
- Translate operational reality into financial clarity
This doesn’t necessarily mean hiring a full-time CFO on day one. Many founders start with a fractional partner and scale up. What matters far more is mindset: financial stewardship is not optional. It’s part of building a durable business, and will help you when presenting your company and financials to investors.
MEETING EXECUTION
Practise until the story flows naturally and focus on what creates conviction
We don’t invest in historic numbers, but in what those numbers signal is possible in the future. The signals that create conviction include:
- Strong retention and upsell
- Attractive customer unit economics
- Repeatable, scalable acquisition patterns
- A management team that understands, and embraces, its metrics
- A plan that marries ambition with operational realism
Founders don’t need to be fluent in every acronym from day one (but if you’re uncertain about any terms, check out our glossary here). What they do need to care about is the underlying dynamics. Dismissing the numbers as “someone else’s job” is a red flag. Engaging deeply with them is a sign of leadership.
When it comes to the actual discussion, confidence comes from repetition, not improvisation. Dry-run your pitch end-to-end, financials included, with people who know your business and care enough to challenge you. Let them ask the uncomfortable questions, address the gaps, and iterate. Like any skill, clarity in presenting financials is built through practice, not through talent alone.
The bottom line
Founders sometimes think investors are looking for a perfect model. We’re not. We’re looking for proof that you understand how your business works and how it can scale.
Retention shows the product is resonating.
Unit economics show the motion can scale.
Financial discipline shows the team can steward capital responsibly.
And a well-told financial story shows you’re ready to build something enduring.
If you understand your business deeply, the numbers become your ally, not an obstacle.
Watch the full conversation embedded below.For more information about metrics, dive into our Go-to-Market Fit toolkit here:
https://www.oxx.vc/go-to-market-fit/
