White Lake Strategic Advisory Group is a company registered in England and Wales under Sustainable Alpha LtdCompany Number: 07659237 VAT no: 156 6291 9

Virtual CFO Subscription ServiceBuild your company while we take care of the financial detailsFROM ACCOUNTING TO RAISING VENTURE CAPITAL, WE HAVE A RANGE OF OPTIONS FOR YOUR STARTUP

White Lake is a team of financial experts with vast experience in accounting, managing venture capital and institutional investment. We’ve worked with a wide range

of businesses looking to take that next step.

And we’ve been on the other side of the

table, as fund managers deciding which

businesses to invest in.

Our experience gives us a profound insight into the priorities of VCs – which we

combine with our operational knowledge to

guide entrepreneurial businesses through

critical transactions. Furthermore, because

we understand the pressures early-stage

companies face, we structure our pricing to

reflect business cash flow.

OUR PLAN BENEFITSWe are re-inventing the way financial services companies work with emerging start-ups and early stage companies.

Choose from our 3 month, 6 month and yearly subscription services to access our full range of financial services to serve your company needs.

Option of waiving broker fees in fundraising, instead we ask for a 4% equity stake in your company.

VIRTUALCFOLONDONS

PR

ING

201

5

www.whitelake-group.comemai

l: in

fo@

whi

tela

ke-g

roup

.co

mte

l: +

44 (0

) 772

6 30

2025

PackageCustom-tailored

Startup Packageincludes Financial modeling, Business plan review, Strategic advice,Fundraising*

Early Stage Packageincludes a selection of Core Accounting & Core CFO services specific for your company

SubscriptionServices

Start-Up 3 Month: 1,800 pmFinancial Control +Strategy Review

6 Month: 1,600 pmFinancial Control +Strategy Review +Fundraising*

Annual: 1,500 pmCore Accounting Services + Fundraising*

SubscriptionServices

Early Stage3 Month: 3,500 pmCore Services +Strategy Review

6 Month: 3,300 pmCore Services+Strategy Review +Fundraising*

Annual: 3,000 pmAll Services Inclusive

*Option of waiving broker fees, instead we ask for a 4% equity stake in your company

White Lake Strategic Advisory Group is a company registered in England and Wales under Sustainable Alpha LtdCompany Number: 07659237 VAT no: 156 6291 9

You have raised angel funding – made good progress and now you need a larger cheque to supercharge your growth. You also need the expertise and professional experienced Board a VC investor will bring. Brokers and their terms of engagement are many and varied – so what to do? And are their cheaper alternatives? We recently ran a beauty parade for an early stage company to run a fundraising with VCs so have considered this area carefully. Do you need a broker? NO if: 1. You have a CFO who has run fundraisings before – who can build a quality financial model and prepare materials and also is adept in deal-making and negotiation AND 2. You have a Board with deep and high-level contacts into many VCs AND 3. Your exec team has the time and expertise to run a fundraising project WHILST keeping the business on its growth trajectory. If you cannot say “Yes” to those three questions then most likely you need an advisor/broker in one form or another. What criteria am I looking out for when picking a broker? 1. A track record of raising capital in your sector at the size you wish. It goes without saying – no point using a broker who has a history of £2-3m capital raisings for cleantech if you are looking for £10m for a SAAS business. Investment bankers are by their nature chameleons and can change sectors quickly (and will talk a good game around doing this –  a good banker is a good

salesperson) – however past performance is often indicative of future success. Hence pick a broker with deep sectoral expertise in your area. 2. Ability to sell – you will be able to gauge from meeting a broker whether they are good salesfolks or not. Raising capital is a sophisticated sales job – simply put. Perseverance, charm, knowing what the other side is thinking, making a process competitive – all attributes which a good banker has. If they can sell you to hire them – maybe they can sell your company. 3. Ability to present well - I always ask to look at examples of previous financial modelling work and presentations they have made. Most likely under NDA.

What sort of deal to strike? (contd on next page)

"White Lake’s input assisted us to improve the way we managed finance and performance.They worked with us to define relevant KPIs to support our growth strategy, and ensure the Board had the right information via relevant dashboards to monitor progress. They also provided invaluable support on budgeting- aligning departmental budgets with targets." CEO, Tech Sector

The Start-Up Fundraising AdvisorThe How-To GuideBy John Rowland and Sierra Choi

VIR

TUA

LCFO

LON

DO

N S

PR

ING

201

5

CORE ACCOUNTING

*Debt Collection*Bank Negotiation*Debt, overdraft, factoring*Contract Negotiation Advice*Sales, Purchases*Accounts accuracy*R&D tax credits*VAT etc

CORE CFO

*Financial Oversight & control*Fundraising** & investor contacts*Investment process management & negotiation*Strategic Advice*Strategy review, pricing, go-to-market*Revenue model generation*KPI setting & monitoring*Financial Modelling

**Option of waiving broker fees, instead we ask for a 4% equity stake in your company

PACKAGESERVICES

Startup Packageincludes Financial modeling, Business plan review, Strategic advice,Fundraising**

Early Stage Company Packageincludes Core Accounting & CoreCFO services

John Rowland, Managing Partner, Whitelake Group

White Lake Strategic Advisory Group is a company registered in England and Wales under Sustainable Alpha LtdCompany Number: 07659237 VAT no: 156 6291 9

What sort of deal to strike? Retainer – any broker who values themselves will charge a retainer and I would advise paying one. Here’s why:  If you don’t – you will get commitment only until a better deal comes their way or things get a little hard and the deal is looking tough to close. They see commitment from you and feel an onus to deliver. You get what you pay for. Success only transactions – if they don’t work quickly and easily – will not work. Retainers for raises of £5-10m can vary from £5k to £20k for a top-tier broker. £5-10k is acceptable however make sure you set clear deliverables for this retainer. I personally prefer a broker who charges for time spent on preparation in a transparent manner (X for a model, X for a presentation) as opposed to a flat monthly fee. Terms – A tail fee is typical – try and negotiate it to be as short as possible (by tail-fee I mean that when a broker is let go – they still get success fees on any deal which is done by a party they introduced for a period thereafter – I’ve seen some push for two years – or take a another fee should parties they

introduced subsequently invest again in subsequent rounds). Be firm on this  9 -12 months can work. Fees – 5% seems typical in the market – anything above is extortionate and will make the deal seem in jeopardy from the start i.e the broker thinks it is so hard to do they are charging a huge fee. There can be more economical alternatives – which we ourselves White Lake offer whereby a fundraise can be run in-house, project managed and use the contacts of the board and thus have less fees overall – success and retainer. This model works if you have the right people executing. So the above are some simple tips. Always remember – the best brokers/bankers will be in demand and have the best VC relationships and they could essentially will be picking you. The best brokers will not take on high-risk raises projects where they have not high confidence in completing. Anyway if possible – Start-ups should invest in their core product, not in broker fees.

The Start-Up Fundraising Advisor: The How-To Guide (cont'd)By John Rowland and Sierra Choi

"WhiteLake has helped us in a number of ways, from building a comprehensive financial model to supporting the board and management team in key decision-making, strategy and finance. At all times, I have been impressed with their knowledge, experience and enthusiasm."

CEO/ Co-Founder, Motor Industry

VIR

TUA

LCFO

LON

DO

N S

PR

ING

201

5

Sierra Choi, Director of Marketing

Previous Clients

Ashok Parekh, Director of Investment Services