The startup fractional CFO.

At Seed, the company has raised its first institutional capital — typically $2M – $5M — and has 18 to 24 months of runway. The finance function is minimal: a bookkeeper, perhaps an outsourced accounting firm, and a spreadsheet model built by the founder.

A fractional CFO at Seed is typically engaged for one of two reasons. First: preparing the Series A. Building a defensible model, cleaning up historicals, and producing investor-ready materials. Second: cash management. A monthly cadence around runway, burn multiple, and hiring pace.

Ongoing full retainers at Seed are rare. Most Seed-stage engagements are project-based or light-touch monthly retainers under $8,000.

Series A is where a fractional CFO becomes a permanent part of the executive team for most venture-backed companies. Revenue is meaningful, the board is seated, and investors expect quarterly reporting.

The scope expands substantially: monthly financials within ten business days of close, a rolling four-quarter forecast, a KPI dashboard, quarterly board decks, cash management, and hiring plan discipline. Most Series A companies benefit from a CFO plus a controller — either both fractional through a firm, or a fractional CFO with an outsourced accounting firm underneath.

By Series B, the company has 100 – 300 employees, $10M – $30M in ARR, and a board that includes multiple investor directors. Board reporting, capital strategy, and hiring architecture dominate the CFO's time.

This is the last stage at which a fractional model is universally appropriate. Some Series B companies transition to a full-time CFO ahead of Series C; others remain on a fractional or enterprise fractional model (such as STANDARD) through Series C.

Runway management is the single most important thing a startup CFO does. The company that runs out of cash unexpectedly has failed at the primary job of the finance function.

In practice this means: a thirteen-week cash forecast, updated weekly. A monthly burn multiple review with the CEO. Hiring plan discipline that ties each headcount decision to a runway impact. And a defined trigger point — typically nine to twelve months of runway — at which the fundraising process must begin.

Every institutional investor expects a monthly or quarterly written update. At minimum: the KPI trend, cash and runway, hiring progress, and a brief operating narrative. The CFO owns this reporting — content, cadence, and quality.

The best investor updates are short, disciplined, and consistent. Missed months and inconsistent metrics are the strongest negative signals investors receive between rounds.