Independent M&A and strategic-finance advisory for founder-led industrial companies in Italy and Europe.
We help owners choose the right route, prepare the company, execute the transaction and maintain financial control before, during and after closing - we provide an embedded CFO.
We help owners choose the right route, prepare the company, execute the transaction and maintain financial control before, during and after closing - we provide an embedded CFO.
Your embedded CFO already serves clients across Europe
We are headquartered in Milan, Italy and delivered 50+ projects across Europe
Our firm is an embedded Finance Partner, we become hands-on part of your team and help grow your technology business.
Our CFO-level solution is best for those who would like to grow with a finance leader but are not ready to hire a six-digit permanent position
We leverage our 20+ years of CFO experience, follow industry standards of ACCA/ CFA/ FMVA methodology.
We leverage our 20+ years of CFO experience, follow industry standards of ACCA/ CFA/ FMVA methodology.
- You always know how much runway is really left, which scaling path best supports the next round, and where margin is leaking.
- Investor questions get answered before they are asked.
- You walk into the new round with a valuation you can defend, and you save up to 30% of the time you used to lose to spreadsheets and chaotic payments.
- Your investors trust our numbers, which means less time defending data and more time building the product.
We build the bridge from chaos in numbers to clarity in value
In year one, the spreadsheet was enough. In year two, the accountant handled tax and filings and you thought that you were all set.
Now your revenue is €2–30M per year and growing, payroll is heavier, investors ask sharper questions, and the Board wants monthly numbers.
Suddenly, you need answers:
- What is the real runway?
- What is the burn?
- Where is margin leaking?
- When can the next hires be afforded?
- What happens if fundraising takes three months longer?
- Are the investor numbers actually reliable?
- How to automate the model updates with numbers from ERP?
This is the moment finance has to change.
When teams bring us in?
- You are growing, but feel losing control of cash and margin
- Revenue grows but profitability is falling and no one can tell you why
- You have an accounting/tax consultant, but still cannot get clarity about the numbers
- You make decisions based on gut feelings
- You want a strategic thinking support
- You do not know what products or business areas bring you most profit
- You are not sure what return you get on, for example, marketing campaigns or launching a new line of your product
- You have to deal with Google Sheets or Excel files instead of focusing on business strategy/ team/ product development
Some of our cases
Plant in recycling of composites, Switzerland
Summary: VC-backed, founder-led, a Swiss company in recycling of composites, needed CFO services, started with a fundraising pack and a detailed bottom-up operating model for its MVP plant and a scalable template for next plants in Europe. Over the first two months a critical part of the work was modeling three revenue streams in one coherent structure: recycling income, thermolysis oil sales, and reclaimed fiber sales to downstream manufacturing customers in sectors such as boating and automotive. We helped to prepare a sound fundraising pack for the pitch at Davos, as a result the company secured financing.
What was wrong before:
The existing economics were too high-level for fundraising and did not fully capture plant-level operating drivers, output yields, or the interaction between recycling revenues and downstream product sales.
What was delivered:
A detailed bottom-up operational and financial model for the current plant, built to scale across future facilities. The model integrated throughput, recovery yields, OPEX, CAPEX, three revenue streams, and investor-ready outputs for management and fundraising use.
Outcome:
A clear investor-grade model that the founder used to raise the financing needed, while also creating a reusable modeling framework for the European rollout.
What was wrong before:
The existing economics were too high-level for fundraising and did not fully capture plant-level operating drivers, output yields, or the interaction between recycling revenues and downstream product sales.
What was delivered:
A detailed bottom-up operational and financial model for the current plant, built to scale across future facilities. The model integrated throughput, recovery yields, OPEX, CAPEX, three revenue streams, and investor-ready outputs for management and fundraising use.
Outcome:
A clear investor-grade model that the founder used to raise the financing needed, while also creating a reusable modeling framework for the European rollout.
Biomethane | Multiple Plants | €25–30m per plant | USA, Italy
Summary: Biomethane - biogas plants | Multiple Projects | €25–30m per plant. A biogas portfolio of several plants. Delivered CFO services over several years, built several investor-ready financial models that scaled correctly across projects, incorporated government incentives and debt financing, and supported fundraising.
What was wrong before:
The existing models did not scale properly across plants, contained CAPEX discrepancies, and relied on weak operating drivers. It also lacked robust treatment of incentives, debt financing, tax calculations, SPV structure, and equity waterfall logic.
What we delivered:
A rebuilt integrated model covering plant-level assumptions, corrected CAPEX and operating drivers, incentive mechanics, debt structuring, tax calculations, SPV-level forecasting, and equity waterfall sections.
Outcome:
We delivered CFO governance, and a bankable investor-grade model that helped the sponsor secure investor funding. Two plants were built.
What was wrong before:
The existing models did not scale properly across plants, contained CAPEX discrepancies, and relied on weak operating drivers. It also lacked robust treatment of incentives, debt financing, tax calculations, SPV structure, and equity waterfall logic.
What we delivered:
A rebuilt integrated model covering plant-level assumptions, corrected CAPEX and operating drivers, incentive mechanics, debt structuring, tax calculations, SPV-level forecasting, and equity waterfall sections.
Outcome:
We delivered CFO governance, and a bankable investor-grade model that helped the sponsor secure investor funding. Two plants were built.
Solar PV, 40 MWp | Fundraising Models for a Founder-Led EPC in Italy, Cyprus, Bermuda
Summary: A late-stage greenfield solar PV project with a 20-year PPA/offtake, expected COD after financing, and a full data room including EPC, interconnection, independent engineering, and a lender term sheet needed an investor-ready model to assess bid value, debt sizing, and sponsor returns. The asset was structured as 25 MWdc / 20 MWac with a 30-year life and production cases built around P50 / P75 / P90 energy yield.
What was wrong before:
Key commercial, technical, and financing inputs sat in separate workstreams. There was no integrated view of COD, PPA pricing, merchant tail, degradation, CAPEX build-up, DSRA, DSCR covenant headroom, or tax / depreciation treatment, which made it difficult to underwrite downside cases or size the capital stack with confidence.
What the sprint delivered:
An integrated solar project finance model covering MWdc / MWac sizing, PPA revenue, post-PPA pricing, production and degradation, EPC and interconnection costs, O&M, reserve accounts, debt sizing, taxes, levered and unlevered IRR, and sensitivity analysis across PPA price, production, capital costs, and financing terms. Outputs included sources & uses, cash flow, covenant testing, and lender / investor-ready charts.
Outcome:
We delivered a bankable underwriting model that allowed the sponsor to test leverage, benchmark returns against hurdle-rate and lender thresholds, and move into a investment decision with a clear view of the project’s risk and return profile.
What was wrong before:
Key commercial, technical, and financing inputs sat in separate workstreams. There was no integrated view of COD, PPA pricing, merchant tail, degradation, CAPEX build-up, DSRA, DSCR covenant headroom, or tax / depreciation treatment, which made it difficult to underwrite downside cases or size the capital stack with confidence.
What the sprint delivered:
An integrated solar project finance model covering MWdc / MWac sizing, PPA revenue, post-PPA pricing, production and degradation, EPC and interconnection costs, O&M, reserve accounts, debt sizing, taxes, levered and unlevered IRR, and sensitivity analysis across PPA price, production, capital costs, and financing terms. Outputs included sources & uses, cash flow, covenant testing, and lender / investor-ready charts.
Outcome:
We delivered a bankable underwriting model that allowed the sponsor to test leverage, benchmark returns against hurdle-rate and lender thresholds, and move into a investment decision with a clear view of the project’s risk and return profile.
BESS, Switzerland | Investor-Ready Model
Small EPC and O&M team evaluating its first serious storage growth move. The team needed a model that could compare merchant, floor, and contracted revenue cases.
What was wrong before:
The existing file had rough revenue assumptions but no serious treatment of degradation, augmentation, availability, reserve accounts, or funding structure.
What the sprint delivered:
A scenario-based BESS model with revenue cases, up&downside sensitivities, funding logic, and lender PE investor outputs.
Outcome:
The sponsor ruled out a weaker commercial path early, focused on the more defensible structure, and used the model to frame discussions with financing and revenue counterparties.
What was wrong before:
The existing file had rough revenue assumptions but no serious treatment of degradation, augmentation, availability, reserve accounts, or funding structure.
What the sprint delivered:
A scenario-based BESS model with revenue cases, up&downside sensitivities, funding logic, and lender PE investor outputs.
Outcome:
The sponsor ruled out a weaker commercial path early, focused on the more defensible structure, and used the model to frame discussions with financing and revenue counterparties.
AI/ SaaS Logistics Platform for Cargo -Drone Operations, Germany/Switzerland
Summary: Venture-backed, founder-led AI SaaS logistics platform for autonomous drone operations combining proprietary flight-control software, in-house R&D and production needed CFO services and an investor-grade financial architecture to support fundraising and scaling. As a result CFO-level governance was provided, the VC obtained transparent regular reports, the founders felt confident in strategic decisions.
What was wrong before: An internal model existed but lacked integrity across revenues, R&D, production, and logistics operations. It did not include valuation logic, WACC, ARR and churn metrics, or unit-economics analysis by route. Forecasts were difficult to reconcile with ERP (Odoo) accounting numbers, and maintaining consistent versions in the dataroom became increasingly difficult as investor questions grew.
What we delivered: CFO governance, a fully integrated model covering ARR build-up, churn, CAC/LTV, route-level unit economics, and scenario analysis for commercialization. R&D spending was structured with capitalization under IAS 38 (IFRS), and the model included valuation, WACC, and sensitivity of valuation to growth, margin, and risk assumptions.
Outcome: We cleaned the numbers, integrated the Odoo system with the reworked financial model, provided KPI structure and hiring plan. The founders moved from defending spreadsheets to controlling the narrative with faster Q&A, clean dataroom management, and a model that stayed current as accounting data updated. As a result, they unlocked PE financing.
What was wrong before: An internal model existed but lacked integrity across revenues, R&D, production, and logistics operations. It did not include valuation logic, WACC, ARR and churn metrics, or unit-economics analysis by route. Forecasts were difficult to reconcile with ERP (Odoo) accounting numbers, and maintaining consistent versions in the dataroom became increasingly difficult as investor questions grew.
What we delivered: CFO governance, a fully integrated model covering ARR build-up, churn, CAC/LTV, route-level unit economics, and scenario analysis for commercialization. R&D spending was structured with capitalization under IAS 38 (IFRS), and the model included valuation, WACC, and sensitivity of valuation to growth, margin, and risk assumptions.
Outcome: We cleaned the numbers, integrated the Odoo system with the reworked financial model, provided KPI structure and hiring plan. The founders moved from defending spreadsheets to controlling the narrative with faster Q&A, clean dataroom management, and a model that stayed current as accounting data updated. As a result, they unlocked PE financing.
AI/ SaaS Longevity MedTech Platform for preventive monitoring, Italy
Summary: Venture-backed, founder-led AI-based SaaS startup, needed CFO services to preserve their runway, establish ERP system and budgeting. We started with preparing a complete pack with several financial models for M&A, fundraising and subsequent operations in Europe.
What was wrong before: Only internal Excel files existed, built for operational use rather than institutional fundraising. They did not translate the business into core SaaS and MedTech metrics. They also could not support transaction work - no valuation logic, no merger mechanics, no post-merger integration view, and no dedicated fundraising model tied to use of proceeds.
What we delivered: Our model included cohort retention, CAC by each acquisition channel, LTV, payback period, recurring vs non-recurring revenue mix, gross margin by service layer, scaling efficiency by site type.
Outcome: The company moved from internal spreadsheets to a PE-grade capital-raising package that explained not just growth, but the quality of growth. The result was a pack, including a model founders could defend, investors could diligence, and the company raised private equity capital.
What was wrong before: Only internal Excel files existed, built for operational use rather than institutional fundraising. They did not translate the business into core SaaS and MedTech metrics. They also could not support transaction work - no valuation logic, no merger mechanics, no post-merger integration view, and no dedicated fundraising model tied to use of proceeds.
What we delivered: Our model included cohort retention, CAC by each acquisition channel, LTV, payback period, recurring vs non-recurring revenue mix, gross margin by service layer, scaling efficiency by site type.
Outcome: The company moved from internal spreadsheets to a PE-grade capital-raising package that explained not just growth, but the quality of growth. The result was a pack, including a model founders could defend, investors could diligence, and the company raised private equity capital.
SaaS EdTech, Italy & US| AI-based Career Development Platform
Summary: PE-backed, founder-led AI EdTech platform focused on career development, skills mapping, and employability pathways needed CFO governance, and an investor-grade financial model to support fundraising and scaling. We inserted the CFO-level governance, implemented QuickBooks, as a result the founder obtained full transparency of the numbers and started taking decisions based on sound forecasts.
What was wrong before: Internal spreadsheets existed, but they did not translate the business into core SaaS and EdTech metrics. There was no clear logic for ARR build-up, churn, CAC by acquisition channel, or revenue split between recurring subscriptions and non-recurring services. The model also lacked valuation logic and a clear view of how commercialization pace affected runway and funding needs.
What we delivered: CFO governance, a fully integrated model covering ARR, churn, CAC/LTV, cohort retention, payback, gross margin by service layer, and unit economics by learner / enterprise client segment. We added scenario analysis for commercialization pace, cash runway, fundraising needs, and sensitivity of valuation to growth, margin, and risk assumptions.
Outcome: The founder moved from generic planning files to an investor-ready finance pack that made the growth story measurable, defensible, and easier to explain in fundraising discussions.
What was wrong before: Internal spreadsheets existed, but they did not translate the business into core SaaS and EdTech metrics. There was no clear logic for ARR build-up, churn, CAC by acquisition channel, or revenue split between recurring subscriptions and non-recurring services. The model also lacked valuation logic and a clear view of how commercialization pace affected runway and funding needs.
What we delivered: CFO governance, a fully integrated model covering ARR, churn, CAC/LTV, cohort retention, payback, gross margin by service layer, and unit economics by learner / enterprise client segment. We added scenario analysis for commercialization pace, cash runway, fundraising needs, and sensitivity of valuation to growth, margin, and risk assumptions.
Outcome: The founder moved from generic planning files to an investor-ready finance pack that made the growth story measurable, defensible, and easier to explain in fundraising discussions.
Why is our offer different from a generic fractional CFO?
We commit to business of your portfolio companies without the full CFO cost. At a fixed price we guarantee the timing, data transparency, and the delivery of the signed scope.
A fractional CFO sells you the time - you pay for the calendar, whatever it produces. We work the opposite way.
We commit to the deliverable: an investor-grade model, a bankable fundraising pack, a clean monthly reporting rhythm, defined up front, and delivered to standard. Whether it takes us 1 hour or 10, the result is what we stand behind. We invest our expertise into your business until you're moved forward.
You're not buying our time. You're buying the agreed outcome. Fixed price.
A fractional CFO sells you the time - you pay for the calendar, whatever it produces. We work the opposite way.
We commit to the deliverable: an investor-grade model, a bankable fundraising pack, a clean monthly reporting rhythm, defined up front, and delivered to standard. Whether it takes us 1 hour or 10, the result is what we stand behind. We invest our expertise into your business until you're moved forward.
You're not buying our time. You're buying the agreed outcome. Fixed price.
Packages & prices
All plans include the same CFO-grade finance foundation. The plans differ by depth of management involvement, cadence, strategic support, and execution intensity.
CORE
€2,400 / mo
Embedded Finance Partner
€2,400 / mo
Embedded Finance Partner
▶️ Day-10 Board Pack
▶️ Cash & runway control
▶️ Budget vs actuals analysis
▶️ Investment-grade financial model
▶️ Managerial accounting system service
▶️ Core financial planning, budget structure, and treasury controls
▶️ Traceable numbers reconciled to source data
▶️ 2 monthly calls minimum
▶️ Minimum term 6 months, then monthly
▶️ € 3k one-time onboarding fee
Best for ~ €1M revenue/yr
SCALE
€4,400 / mo
Embedded CFO
€4,400 / mo
Embedded CFO
Includes CORE, plus:
▶️ Day-10 Management Pack
▶️ Cash and runway optimization
▶️ 13-week rolling cash-flow forecast
▶️ KPI dashboard
▶️ Budget and variance analysis with recommendations
▶️ Treasury function if needed + relations with an accountant/auditors, if any
▶️ 4 monthly calls minimum
▶️ Minimum term 6 months, then monthly
▶️ € 3k one-time onboarding fee
Best for ~ € 2-4M revenue/yr
PARTNER
€7,900 / mo
Embedded CFO
+Strategic project
€7,900 / mo
Embedded CFO
+Strategic project
Includes SCALE, plus:
▶️ Complete Finance team management
▶️ Compensation and hiring plan
▶️ Strategic finance support on GTM, pricing, OKRs, cash optimization, debt/grants, or restructuring
▶️ One non-recurring project per 6 mo, for example:
- M&A due-diligence support or
- Fundraising Pack*, incl.: a bottom-up investment-grade financial model with valuation, WACC from comparables, sensitivity and scenario analysis, a one-pager, pitch decks and a mock Q&A
▶️ 8 monthly calls minimum
▶️ Minimum term 6 months, then monthly; no onboarding fee
Best for ~ € 5-30M revenue/yr
Need it fast? Raising now? We deliver a full fundraising pack and an investment-grade, bottom-up financial model as a standalone project for €12-15k/ 4 weeks, no subscription required.
Many companies start here, then move into the monthly board pack.
You do not want to look underprepared when investors, lenders, or partners start digging into the numbers.
Get in touch!
Get in touch!
Caterina Demianova, MBA
FinburgH's CEO and co-founder
"After 20 years as a CFO, I built FinburgH on the principle: founders should buy outcomes, not hours. We commit to the result and invest whatever it takes to get there." — Caterina
Caterina Demianova, MBA, ACCA DipIFR, FMVA®, is a seasoned professional with 20 yrs of CFO experience in multinational corporations across Europe & USA. Ex-CFO of EY spinoff, she led a team of 48 finance professionals across 7 countries, 10 legal entities, took responsibility for P&L of up to $800M, has extensive M&A experience.
Our team consists of several CFOs and financial managers, certified. We are Milan-based, have representatives in Genova/Italy and in the USA.
50+ successful cases, including M&A and exits.
We speak English and Italian.
Connect to discuss your case!
Our team consists of several CFOs and financial managers, certified. We are Milan-based, have representatives in Genova/Italy and in the USA.
50+ successful cases, including M&A and exits.
We speak English and Italian.
Connect to discuss your case!