I turn Startups > Scaleups. PMF and PLG. I write about it at growth-goals.com ✉️ - check it out

👋 I'm Andrew. I love fast-growing Startups. Ex-founder, small-time investor, and I write about Growth/PMF/OKRs.  

I've built high-growth companies in London and Silicon Valley. Over the years, I've sat on all sides of the table as a founder, investor, operator, and advisor. Currently, I have an AI and web3 bias, but I have been everywhere. 

During this journey, I created the Growth/OKR process Core & Explore™, which is now used by thousands of Startups and some large companies. 

Previously, I graduated 500 Startups; was an EIR at Seedcamp; led product and growth at my own Startup; mentored and advised VC funds; and helped behind the scenes at the founder community ICE.

Andrew Crump

I help bootstrapped, venture capital and private equity-backed startups and scaleups hire transformational CFOs and finance leaders who drive growth, unlock investment, and navigate complexity.

As Co-founder of Zanda, I’ve spent 20+ years in executive search for finance leadership - working alongside founders, boards, and investors to place CFOs who can be both strategic visionaries and hands-on operators.

From Series A to pre-IPO, I’ve seen first-hand that the right CFO doesn’t just “run the numbers” - they accelerate valuation, improve capital efficiency, de-risk the journey and provide that much needed co-pilot to a CEO. 

My role and Zanda’s key mandate is to make sure you identify and secure the best individual available to you.  

What I’m known for:
- Deep understanding of the evolving CFO role in high-growth, investor-backed companies
- Exceptional network across the CFO, VC, and PE ecosystem in the UK, US, and Europe
- Data-led search processes that reduces time-to-hire by over 50% vs industry average
- Market intelligence on CFO compensation, hiring trends, and leadership behaviours

Beyond search, I share regular insights on CFO hiring trends, leadership archetypes, and founder–CFO partnerships to help our ecosystem make better hiring decisions and build stronger finance functions.

If you’re a founder, investor, or finance leader in a VC or PE-backed business and you want to talk talent strategy, market trends, or your next critical hire - let’s connect.

Our values; Unleash Ambition. Deliver With Purpose. Ignite Connection.

Andrew Waters

“I keep getting rejected for my first CFO role.”

I hear this statement weekly. 

Its super tough to hear as quite often I know the individual would nail the CFO role as they have a great balance of the hard and soft skills required.  

In most instances we hear this statement from FDs or VPs of Finance at strong Series B–D or PE-backed scaleups. 

So I start with a simple question:

👉 What type of CFO role are you actually targeting and where do you truly add the most value?

The answer is usually:
“An early-stage, high-growth startup.”
Okay. Let’s dig in.

🤔 Have you:
1️⃣ Led or materially influenced a fundraise?
2️⃣ Scaled a business through a real inflection point?
3️⃣ Implemented AI or automation to streamline finance and ops?
4️⃣ Owned board and investor communication not just presented numbers?
5️⃣ Provided a Co-pilot relationship to a Founder / CEO?

This is where the gap appears.
 👉 “I’ve done most of that… but I haven’t led fundraising.”

Here’s the uncomfortable truth:
At Series B–D, fundraising experience is not optional.
It’s the #1 reason strong VPs of Finance get screened out of CFO roles.
CEOs and boards don’t hire CFOs just for technical excellence.

They hire them to:
 • Build the investor narrative
 • Lead capital raises
 • Manage banks and investors
 • Protect runway
 • Drive value creation
 • Create optionality (raise, M&A, IPO)

So the real question becomes:
❓How does a VP of Finance build CFO-level credibility?

What I advise before applying:
✅ Get closer to fundraising
Support decks, data rooms, Q&A, and scenario models. Sit in the room and learn the language.
✅Own the board story
Not just numbers, context, trade-offs, risks, and decisions.
✅Build strategic muscle
Move beyond reporting into ROI, capital allocation, value creation and growth strategy.
✅Use AI and automation visibly
Modern CFOs scale insight, not headcount.
✅Be honest about readiness
Sometimes the right move isn’t CFO yet it’s an earlier-stage role where you earn the title through experience, not timing.

Becoming a CFO is rarely about being “good enough.” It’s about being ready for what the business actually needs next. 

This is often why the Series A stage provides an excellent fit.

Co-Founder | I help VC and PE-backed startups and scaleups hire transformational CFOs.

Be the CFO your CEO needs!!

4️⃣ practical tips from a recent CFO Edit blog to help you strengthen that CEO–CFO partnership. You can read the full blog, 🔗 in the comments below.

What would be your 5th tip?

The CFO Edit

This week we have had a number of conversations with CFOs negotiating on new salary packages and the topic of bonus structure proves to be an enigma for most.

Here is what we are seeing but we would love to hear your live insights as we look to build the most relevant salary and bench-marking guide in this space. 

👉 Seed & early Series A (revenues < £10m): Bonuses are rare. Cash is tight, sales are unpredictable, equity is the upside.

👉 Late Series A / Series B (revenues £10-30m): Bonuses start appearing, typically 10-30% of base.

Triggers are simple: successful fundraise, timely close/reporting, or early revenue/profitability targets. 

👉 Series B-D (revenues £30–60m): 
Bonus becomes standardised, usually 20–40%, tied to business and finance KPIs.

Often aligned to a balanced scorecard: business KPIs (ARR, EBITDA, net cash), plus finance KPIs (timely audits, reporting quality, fundraising success).

👉 Later stage / pre-IPO / PE-backed (revenue £60m+):
Bonus is a given, often 30-60% of base, potentially more for a top CFO and can include stretch incentives (IPO readiness, liquidity event, major debt raise).

At this point, LTIP or equity refreshers are as important as cash bonus.

Final point - The size of the bonus only matters if you and the business are set up to make it actually feasible to achieve it. 

Too many CFOs have bonuses that will never pay out.

What bonus would you expect as a CFO at the different stages from Series A - Pre IPO?🤔

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Performance Score.css-goub6s{font-size:var(--chakra-fontSizes-md);font-weight:500;color:var(--chakra-colors-gray-600);display:block;margin-top:var(--chakra-space-1);}Andrew Waters's LinkedIn Performance

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