# Kenjo Financial Model

Cloud-based HR & Culture platform for European SMBs, automating admin work and improving employee engagement.

- Canonical: https://finamodel.com/startups/kenjo
- Excel download: https://finamodel.com/startup-models/kenjo.xlsx
- Category: Enterprise/Security
- Model type: SaaS ARR / Valuation
- Funding round: Seed
- Funding: $5.5M
- Founded: 2020
- Geography: Europe (primary market cited is European SMBs).
- Customer: B2B

## About the company

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.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## 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- 93% of those who do use HR software are on outdated systems.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.

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## 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:**
1. Assumptions - all inputs in one place, colour-coded.
2. Customer Waterfall - new customers, churned customers, ending count (monthly).
3. MRR / ARR bridge - new MRR, churned MRR, net MRR, ARR.
4. P&L - Revenue, COGS, Gross Profit, OpEx (S&M, R&D, G&A), EBITDA, Net Income.
5. Cash / Runway - operating cash burn, ending cash balance (needs funding input).
6. SaaS Metrics Dashboard - ARR, NRR, LTV, CAC, LTV:CAC, payback period, magic number.
7. Scenario toggle - 3-way switch driving assumptions sheet.

## Frequently asked questions

### Is the Kenjo financial model free?

Yes. The Kenjo model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.