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The first CFO in a venture-backed business arrives to a finance function that does not exist yet, and has to have it ready for the next raise. HMN Capital runs CFO searches for venture-backed businesses across the UK and Europe, from the first institutional hire to the CFO who takes the business to exit.
Recent mandate: the first dedicated CFO for a VC-backed software business, 65 days from brief to offer
The trigger is usually the board and the next raise, more than headcount. These are the patterns we see most often.
Before Series A
A finance manager and an external accountant usually carry the numbers, and the founder handles the investors.
Series A to Series B
Investor reporting and the next raise outgrow that set-up. Many businesses make their first institutional CFO hire here.
Series B and growth
Acquisitions, international entities and board-ready monthly packs. The CFO who built the function may need a stronger team beneath them, or a successor.
Pre-exit or IPO
A CFO who has run a sale process or a listing and can build and defend the equity story.
Investor reporting
Board packs and KPIs the investors trust, and a model that holds up in diligence.
The next raise
A data room, a forecast the founder can defend, and a working relationship with the lead investor.
Runway and cash
Burn, runway and scenario planning owned in finance, out of the founder’s head.
A finance team that can grow
Controllers, FP&A and systems built ahead of the business, so finance does not become the constraint at the next stage. Roles we place
Stage before CV
We settle first whether the business needs a builder or a CFO who has already been to exit. A builder hired for an exit, or an exit CFO hired to build, is hired for the wrong job.
Packages and equity
We benchmark salary, bonus and equity for the seat against live market data, so the offer reflects what the seat pays in the market today.
Interim cover
If the seat empties before the round closes, we can place an interim CFO while the permanent search runs.
Headline mandate
CFO, CRO, CPO and COO for one VC-backed business
Four C-suite appointments for the same venture-backed company as it scaled, plus the people and commercial hires beneath them.
Chief Financial Officer
VC-backed enterprise software. First dedicated senior finance appointment in a founder-led business after two acquisitions: group consolidation across three jurisdictions and board-ready packs for a US VC investor.
65 days, brief to offer
Non-Executive Director
Growth-equity-backed SaaS, UK. An independent NED to chair the audit and risk committee and lend financial rigour ahead of the next funding round and enhanced investor diligence.
Audit and risk chair placed
Further reading: The first institutional CFO
When should we hire our first CFO?
Usually once investor reporting and the next raise need more than a finance manager and an external accountant can give. Many businesses make the hire between Series A and Series B.
Do we need a CFO or a Finance Director?
If the job is investor reporting, the next raise and the board, it is a CFO seat. If it is month-end, controls and payroll, a Finance Director or Financial Controller may be the right first hire, and we run those searches too.
Do you advise on equity for a CFO hire?
Yes. We benchmark salary and options for the stage against live market data and help shape an offer the candidate and the board can both accept.
Can you run the search confidentially?
Yes, including while the incumbent is still in the seat. Discretion is part of every search we run.
