Technology Start-up – Full Service for VC Fundraising

Delayed & reduced fees pending financial success

We were referred to an ex-Google lawyer who was starting a newco in the health industry.

The referral was kindly made by another R&D provider as they were unable to deliver the full suite of services required, most notably SEIS/EIS registration, Accountancy and Financial Projections modelling.

As with most tech start-ups cash was tight and success far from certain.

The newco required a full suite of services delivered at the highest level to enable it to attract VC funding, despite lacking the immediate funds for such professional advice.


We agreed to a basic fee rate at the lowest level for the basic compliance work. We agreed to delay payment of all fees for all services until the first R&D cash refund was available, from which the fees were later deducted.

This gave the start-up full access to a range of services of the highest quality, without an impossible cash outlay.

Basic compliance
  • Cloud accounting package set up
  • Bookkeeping
  • VAT registration & returns filing
Venture Capital Funding pre-requisites
  • SEIS/EIS registration & negotiation with HMRC
  • Share capital accounting (legal work undertaken by solicitors)
  • Five Year Financial Forecast suitable for VC presentation developed alongside client
  • Review of Investor Pack
R&D Tax Credit planning
  • Supplier and client contract reviews for maximisation of R&D relief
  • Implementation of offshore structure of software developer remuneration to maximise relief
  • Shortened initial accounting period to accelerate R&D tax credit cash refund
  • Record-keeping to ensure robust & defensible R&D claims
Conflict with accountancy providers?

As soon as the company has grown and secured appropriate financing, we will recommend a partner firm of accountants to provide the compliance services. May Figures is a niche provider of specialist start-up services for technology companies with skilled advisors at the highest level and is not structured to maintain a broad client base of accounting compliance clients.

Our partner accounting firms understand this, appreciate the open approach to business, and benefit from our referrals as our start-ups grow beyond our core services profile.

Happy client?

This client has referred us to other companies in a similar position, has secured the first round of funding and is growing rapidly since the launch. A genuine success story for the client and May Figures.