HR SaaS · Scale-up

Scaleform Labs

“A €12M Series B closed in 4 months — and ARR multiplied by 2.4.”

Durée : 7 mois Équipe : 3 consultants 2023 Bordeaux

12 M€

raised in Series B in 4 months

Context & Challenges

Scaleform Labs develops an HR automation SaaS platform that quickly established itself in the French midcap market of 200 to 2,000 employees. After a €3M Series A in 2021, the company had reached €4.2M in ARR with a churn under 4% — solid metrics, but insufficient to finance both international expansion and the R&D required to maintain its technological lead.

Management had identified the DACH and Benelux markets as priorities, but the team had no experience in international fundraising and lacked the materials adapted to the requirements of European tier 1 funds.

“We had a good story to tell, but we didn't know how to tell it to the funds that mattered. Meridian helped us articulate what we were doing intuitively.”

Our Diagnostic

Our initial audit revealed three structural gaps. First, the existing equity story focused on the product rather than the addressable market and the investment thesis — a common mistake among technical founders. Second, the financial model did not allow easy simulation of the different growth scenarios requested during due diligence. Finally, fund targeting was too broad: a list of 60 funds contacted in an undifferentiated manner, without prioritization by thesis or geography.

Approach & Methodology

We structured the mission into three complementary phases. The first consisted of rebuilding the equity story: reformulating the investment thesis around the European market size (TAM/SAM/SOM), competitive positioning, and the 3-year expansion plan.

The second phase focused on preparing for due diligence: building a structured data room, simulating 4 mock due diligence sessions with questions derived from our discussions with venture funds, and revising the financial model to make it robust against the most stressful assumptions.

Finally, we managed the fundraising process: selecting 14 priority funds out of 60 identified, drafting personalized teasers, and managing the outreach timeline to generate competitive dynamics among investors.

Mission Roadmap

Mois 1

Diagnostic & equity story

Audit of existing materials, redesign of the equity story, and selection of the 14 target funds.

Mois 2

Pitch deck & data room

Drafting the investor pitch deck, building the data room, and revised financial model.

Mois 3 – 4

Fund approach & due diligence

Targeted introductions, 8 initial meetings, with 3 funds entering due diligence simultaneously.

Mois 5 – 7

Negotiation & closing

Receipt of 2 term sheets, negotiation of conditions, selection of Partech, and closing at €12M.

Results Achieved

12 M€

Series B raise closed

4 mois

From kick-off to closing

×2,4

ARR 12 months after the raise

The closing was completed at a pre-money valuation of €48M, representing a multiple of 11.4x ARR — a level above the market median for B2B SaaS of equivalent size. Scaleform Labs has since opened offices in Berlin and Amsterdam.

Scope Exclusions

✕Selection of the legal counsel responsible for drafting the agreements (SHA, BSA).

✕Definition of the product strategy for the DACH/Benelux markets (topic handled internally by the CPO).

✕Recruiting local teams in Germany and the Netherlands.

✕Any future acquisitions planned in the post-Series B M&A roadmap.

“Thomas created real competition among the funds. We would never have thought that was possible in 4 months from Bordeaux.”

Sophie Renaud — CEO, Scaleform Labs

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