Kenjo Financial Model
Enterprise/Security Startup Financials (Free Excel Download)
Cloud-based HR & Culture platform for European SMBs, automating admin work and improving employee engagement.
professionals from Deloitte
Used by professionals from
About this model
Kenjo is a cloud HR and culture platform for European small and mid-sized businesses. It automates HR administration while giving employers tools intended to improve employee engagement and day-to-day people operations.
The company sells a recurring B2B subscription to organisations that need a modern HR system without an enterprise-scale implementation. Its European SMB focus makes customer count, employees covered, and channel efficiency central to commercial performance.
The model uses company- and employee-based ARR drivers: new SMB logos, ACV, rollout, expansion, and churn. Sales conversion, onboarding, support, gross margin, product investment, and hiring flow through to an operating plan and cash runway.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Kenjo
kenjo.io
How to build a detailed financial model for Kenjo
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Kenjo model - distilled from its pitch deck and publicly available information.
Product & value proposition
Full-service HR and Culture platform delivered as web app + mobile employee app.
Core modules:
- Time management & attendance tracking
- Employee records & document management
- Payroll
- Recruiting
- On-/Offboarding
- Performance management & 1:1 meetings
- Employee surveys
- Holiday and sick-leave planning
Value proposition: replaces Excel/email/paper-based HR workflows with a modern, automated, consumer-grade platform. Admin time savings cited at 60% of HR team time currently wasted on low-value data entry.
Dual persona: employer-facing dashboard (HR team / C-level / managers) and employee-facing mobile app.
Market
- 1.7M SMBs in Europe (source: Annual report on European SME, Publications Office of the EU).
- <30% of European SMBs currently use any HR software.
- 93% of those who do use HR software are on outdated systems.
- No TAM/SAM/SOM revenue figures provided; no market growth rate cited.
Implied addressable market: ~1.7M SMBs of which >70% are unserved (greenfield), and of the ~30% served, 93% are displaceble - large greenfield + replacement opportunity.
Revenue model
- Product is web + mobile app; implies self-serve or inside-sales motion for SMB.
- No pricing tiers, contract terms, or ARPU cited anywhere in the deck.
Traction & metrics
Value-driver statistics cited (contextual, not Kenjo-specific traction):
- €36K average annual savings per company using HR software
- €15K average annual cost of replacing one employee
- 22% productivity increase for engaged employees
- 67% less absenteeism for engaged employees
- 21% productivity increase from high engagement
- HR teams spend up to 60% of their time on admin work
Competition / moat
- Deck positions against: manual tools (Excel, email, paper) and legacy/outdated HR software ("interfaces from the 90s").
- No named competitors cited.
- Moat narrative: modern UX, automation-first, mobile-native, GDPR compliant, scalable multi-company architecture.
- Switching-cost moat implied by deep employee records, documents, payroll, and performance data stored in platform.
Team & funding ask / use of funds
- Co-founder & CEO: David Padilla
- No other team members, advisors, or investors named.
- No funding ask, round size, valuation, or use-of-funds slide present.
Recommended financial model
Archetype + why: SaaS ARR model. Kenjo is a B2B subscription HR platform targeting SMBs. Revenue is recurring seat/employee-count based. The model should track ARR, new logo acquisition, expansion, churn, and gross margin - the standard SaaS operating forecast. No M&A, SPAC, or deal structure applies.
Forecast horizon & granularity:
- 3-year monthly P&L (monthly for Year 1, quarterly for Years 2–3 acceptable), converting to annual summary.
- Key SaaS metrics tracked monthly: MRR/ARR, new ARR, churned ARR, net revenue retention, customer count.
Key drivers & assumptions:
| Driver | Value |
|---|---|
| Starting customer count | Unknown |
| New customers per month | Unknown |
| Average contract value (ACV) | Unknown |
| Average employees per SMB customer | Unknown |
| Revenue model | Per-seat subscription |
| Monthly churn rate | Unknown |
| Gross margin | Unknown |
| S&M as % of revenue | Unknown |
| R&D as % of revenue | Unknown |
| G&A as % of revenue | Unknown |
| European SMB market size | 1.7M companies |
| % currently unserved by HR software | >70% |
| Annual savings per customer (value prop) | €36K |
Scenarios (Base / Bull / Bear - which variables flex):
- Bear: lower new logo growth (3/mo), higher churn (2.5%/mo), lower ACV (€2,400/yr).
- Base: moderate growth ramp (8/mo by month 12), 1.5% monthly churn, €3,600 ACV.
- Bull: faster land-and-expand, low churn (0.8%/mo), expansion revenue from upsell to larger modules (payroll, recruiting add-ons), ACV growth to €5,000+.
Required sheets / outputs:
- Assumptions - all inputs in one place, colour-coded.
- Customer Waterfall - new customers, churned customers, ending count (monthly).
- MRR / ARR bridge - new MRR, churned MRR, net MRR, ARR.
- P&L - Revenue, COGS, Gross Profit, OpEx (S&M, R&D, G&A), EBITDA, Net Income.
- Cash / Runway - operating cash burn, ending cash balance (needs funding input).
- SaaS Metrics Dashboard - ARR, NRR, LTV, CAC, LTV:CAC, payback period, magic number.
- Scenario toggle - 3-way switch driving assumptions sheet.
Frequently asked
Is the Kenjo financial model free?+
Yes. The Kenjo model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Kenjo's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
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