Suzy Financial Model
Enterprise/Security Startup Financials (Free Excel Download)
Suzy is an enterprise SaaS market-research platform that delivers consumer insights (surveys, IDIs, focus groups) in minutes via a proprietary opt-in panel.
professionals from Deloitte
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About this model
Suzy is an enterprise market-research platform that delivers consumer insights through surveys, individual interviews, focus groups, and a proprietary opt-in panel. It is designed to give clients research results in minutes rather than through a conventional, slower project process.
The company sells ACV-based subscriptions with a managed-service overlay. Its deck reported $26 million of ARR and highlighted SaaS metrics including 74% gross margin, 4.1 times LTV to CAC, and a 1.52 Magic Number, making a sales-led ARR build appropriate.
The model tracks bookings, ACV, expansion, churn, and managed-service attachment. Panel and delivery costs, sales capacity, gross margin, hiring, and operating expenses turn those commercial inputs into a P&L and cash-runway forecast.
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 Suzy
suzy.com
How to build a detailed financial model for Suzy
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Suzy model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Core platform: self-serve + assisted-DIY + full-service consumer insights - multiple choice, open-ended, in-depth interviews (IDI), focus groups, video diaries.
- Proprietary panel (formerly Crowdtap): 1.7M registered users, <2% fraud/spam vs. 20–30% industry avg.
- Speed: 500 responses in <30 min, 1,000 in <18 hours.
- Value vs. traditional: full project in 90 minutes at ~7 Suzy questions vs. 19–31 days at $35k–$50k.
- "Insights system of record" positioning: covers concept testing, brand tracking, pricing research, UX, competitive analysis, etc..
- Enterprise security, privacy, and quality built in.
Revenue model
- Subscription SaaS: customers buy annual contracts (ACV-denominated).
- Panel access is bundled (no explicit cost-per-response billing externally; "Say goodbye to cost per response").
- Service tiers: DIY, assisted-DIY, full-service - mix implied by "Center of Excellence" offering.
- Sales-led GTM: ramped enterprise sales force (9 ramped sellers as of Q1 2021).
- ACV as of Q1 2021: ~$100k (from chart peak on slide 11).
Traction & metrics
Current Snapshot - June 2021:
- Customers: 250
- ARR: $26MM
- Gross Margin: 74%
- YoY ARR Growth: 73%
ARR trajectory:
- 3 years to $24MM ARR
- Estimated 4 years to $40MM+ ARR
Net New MRR by Quarter (in $000s): | Quarter | 2019 | 2020 | 2021 | YoY (2021 vs 2020) | | -------- | ----- | ----- | ----- | -------------------- | | Q1 | $72 | $59 | $182 | +208% | | Q2 | $58 | $148 | $280 | +90% | | Q3 | $150 | $170 | - | - | | Q4 | $160 | $304 | - | - | Last 3 quarters (Q4 2020–Q2 2021) up 108% vs. same period YoY.
Pipeline & Sales:
- Opportunity ($) pipeline up 173% entering June 2021
- Suzy.com organic traffic +233% YoY
- TTM Avg. Sales per Ramped Seller: $1.7MM (+71% YoY)
- Opportunity close rate: 51% (vs. 38% prior year)
- Ramped sellers Q1 2021: 9
Audience panel:
- 1.7M registered users
- ~38% YoY panel user growth
- NPS Score: 75
- App Store rating: 4.4; Google Play: 4.0
- 90%+ active user monthly retention rate
Unit economics
:
- LTV: $251k
- CAC Payback (TTM): 11.3 months
- LTV:CAC Ratio: 4.1:1
- SaaS Magic Number: 1.52
- ACV trajectory Q1 2019–Q1 2021: started ~$85k, dipped to ~$75k, recovered to ~$100k
- CAC trajectory: started ~$70k, fell to ~$45k trough, recovered to ~$63k by Q1 2021
Competition / moat
- Moat claims: proprietary opt-in screened panel (1.7M users, <2% fraud), speed advantage vs. traditional research agencies (90 min vs. 19–31 days), integrated platform (panel + tech + managed service).
- Comparison framing: "We are not just building advanced research tools" - positioning vs. SurveyMonkey/Qualtrics-style pure-play tools.
- No explicit competitive grid shown.
Team & funding ask / use of funds
Team (C-suite):
- Matt Britton - Founder/CEO (MRY → Publicis Groupe exit)
- Avi Savar - President (Big Fuel → Publicis Groupe exit; Dreamit VC)
- Nick Gauchat - CPO
- Katie Gross - CCO (ex-Cint SVP)
- Anthony Onesto - CPO (ex-FreshDirect, Zeta Interactive)
Current headcount: ~130 FTEs
Current investors: Foundry Group, Tribeca Venture Partners, Triangle Peak Partners, BDMI (Bertelsmann Digital Media Investments), Rho, The Durant Company.
Funding ask: Not explicitly stated (amount, round label, and use of funds not shown in deck).
Recommended financial model
Archetype + why: Enterprise SaaS ARR model with headcount-driven cost build. The business is purely subscription ACV-based, enterprise sales-led, with a bundled managed-service layer. The 74% gross margin, LTV:CAC of 4.1x, and Magic Number of 1.52 are all standard SaaS metrics - a classic ARR waterfall + P&L model fits.
Forecast horizon & granularity: 3 years (2021–2024), quarterly for Year 1, annual for Years 2–3. ARR bridging monthly is useful given they show monthly ARR bars on slide 2.
Key drivers & assumptions:
*Revenue:*
- Starting ARR: $26MM (June 2021)
- YoY ARR growth rate: 73% (2021 actuals); decelerates to ~50% in Y2, ~35% in Y3 as base grows - typical SaaS scaling curve
- Net New MRR per quarter: use Q1–Q3 2021 actuals as anchor; Q4 2021 extrapolated at similar cadence to Q2–Q3 2021
- ACV: ~$100k current; modest ACV expansion of 5–8% per year driven by upsell (managed service attach)
- Customer count: 250 (June 2021); implied new logo adds from Net New MRR / ACV
- Net Revenue Retention: ~115–120% - consistent with LTV:CAC 4.1x and Magic # 1.52; not explicitly stated in deck
- Churn rate: ~8–10% gross logo churn - inferred from NRR assumption above; not in deck
*Gross Margin:*
- Gross margin: 74%; held flat - panel cost is largely fixed/semi-variable, tech margin stable at this scale
*Sales & Marketing:*
- Ramped sellers: 9 as of Q1 2021; hiring plan adds 2–3 sellers/quarter through 2022
- TTM quota per ramped seller: $1.7MM; grows 10% per year as territory matures
- S&M as % revenue: ~40–45% of revenue - typical enterprise SaaS at this stage; no P&L detail in deck
- Opp. close rate: 51%; held flat in model
*R&D / G&A:*
- Total headcount: ~130 FTEs; departmental split based on SaaS benchmarks (~20% eng, ~15% G&A, rest CS/Sales)
- R&D spend: ~20–25% of revenue (typical enterprise SaaS)
- G&A: ~10–12% of revenue
*Unit Economics (for validation):*
- CAC payback: 11.3 months; improves slightly to 10–11 months by Y3 as ACV rises faster than CAC
- LTV: $251k
- SaaS Magic Number: 1.52; model should reproduce this as a check
Scenarios (Base / Bull / Bear - which variables flex):
- Base: 50% YoY ARR growth in Y2, 35% in Y3; gross margin flat at 74%; headcount grows in line with ARR
- Bull: Growth sustains at 70%+ (Magic # stays above 1.0, close rate improves to 55%+); ACV expansion accelerates to 10%+
- Bear: Growth decelerates sharply to 30% in Y2 (competitive pressure, macro); gross margin compresses 3–5pp (panel cost inflation); CAC rises
Required sheets / outputs:
- Assumptions - all drivers with toggle for scenario
- ARR Bridge - quarterly: Opening ARR, New Logo, Expansion, Churn, Closing ARR
- MRR Waterfall - net new MRR by quarter (mirrors slide 9 actuals)
- P&L - Revenue → Gross Profit → S&M → R&D → G&A → EBITDA
- Headcount Plan - by department, cost per head
- Unit Economics Summary - CAC, LTV, payback, Magic Number, LTV:CAC (quarterly)
- SaaS KPI Dashboard - ARR, customers, ACV, NRR, gross margin, Magic Number
Frequently asked
Is the Suzy financial model free?+
Yes. The Suzy 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 Suzy'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
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
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