The challenge
Proveca is a pharmaceutical company specialising in developing and licensing off patent medicines for the paediatric market.
Having obtained investment from a leading independent investment manager with a long term record of backing change and growth, Proveca required a finance department solution that not only ensured that the bookkeeping, compliance and financial control was managed effectively but was delivering accurate and engaging financial information that is critical to a business’s long term relationship with their funder.
At start up, recruitment of full time resource from operational to strategic level would not be a cost effective or viable option to the company.
The Fact3 solution
Proveca identified that bringing in an expert with specific experience in both the pharmaceutical sector and investor requirements was essential. Proveca engaged Fact3 to provide a co-sourcing solution to set up and lead the finance department at both delivery and strategic level.
Financial management & reporting
Using our extensive experience in managing companies with Proveca’s structure and requirements Fact3 took financial control. We set-up accounting systems and processes, took full custody of the bookkeeping and financial control and developed management information packs and financial forecasts models, producing robust and visually appealing reports for the board and VC representatives.
Acting finance director
Fact3 have provided strategic finance advice, attended board meetings, presented financial reports to the VC and worked with the business and advisors to providing future-proofing financial strategy relevant to its expanding European business needs and Brexit related impacts.
Further rounds of funding
The speed of Proveca’s growth has meant further rounds of funding has been required. Fact3 have supported Proveca to develop the business plans, took the lead on financial forecasting and supported the fundraising requirements as part of the board.
The #FACTS
Hired
Fact3 became permanent FD
Most venture capitalists would look for the business to appoint an in-house Finance Director. Proveca investors completely back the Fact3 approach and we still provide all functions of the finance department from operational to strategic responsibility and have done so for nearly 10 years.
Savings
Fact3 approach delivers significant savings
For a business of this size to recruit in house at bookkeeping, financial controller & finance director level the annual costs would be 3x higher than the Fact3 solution due to their needs for the expertise at each level but not on a full time basis.
HR & IT
Fact3 provide HR & IT services
Following the success of our co-sourced accounts service, Proveca went onto engage Fact3 for IT services and HR support.