ifeel is a digital mental health platform founded in 2017 and based in Madrid. Through B2B agreements with companies, it offers emotional wellbeing solutions for employees by combining AI-based tools with access to licensed psychologists.
| Startup | ifeel |
| Sector | Healthtech · Mental health · B2B SaaS |
| Founded | 2017 · Spain |
| Stage | Series B · European expansion |
| TSCFO services | External CFO · Funding |
| Main challenge | Building and scaling the finance function from seed to Series B |
| Solution | Business plan · KPIs · reporting · fundraising · public funding · internal transition |
| Key result | €10M Series A + €20M Series B + transition to an internal finance team |
— 01 · STARTING POINT
Building the financial engine from seed stage
In early 2021, shortly after closing a €5M seed round led by Nauta Capital, ifeel brought in The Startup CFO to lay the foundations of a solid finance department.
The mission was to improve reporting visibility, define financial planning processes and support the CEO in professionalizing the finance area. The work began with an in-depth analysis of accounting processes, information structure and closing timelines.
The first phase focused on stabilizing operations and bringing clarity to the numbers: monthly reporting routines, revenue and cost tracking, margin analysis, efficiency KPIs and unit economics.
— 02 · WHAT WE DID
Scaling the finance function with the business
At The Startup CFO, we supported ifeel during a period of strong growth, helping build a finance function capable of keeping up with product, sales, European expansion and fundraising.
We worked alongside the internal team to improve coordination between finance and operations, develop the business plan, build KPIs, optimize financial processes and structure recurring reports for management, board and investors.
As the company grew, we also evolved the internal tools: scenario planning, cost control, budget vs. actual tracking and executive reporting to align all stakeholders around the main business drivers.
Business plan and KPIs
Development of the business plan, definition of efficiency KPIs, unit economics and key metrics to understand business evolution.
Reporting and investors
Monthly reporting routines, revenue, cost and margin tracking, and preparation of reports for board and investors.
Financial planning
Financial scenarios, cost control and budget vs. actual tracking to support management decision-making.
— 03 · FUNDING
From Series A to Series B, with public funding in parallel
In 2022, we prepared ifeel for a €10M Series A round, leading the financial workstream, due diligence, investor questions and data room organization.
After the round closed, we secured €300K in ENISA funding and additional bank financing to support growth. In parallel, we continued supporting the evolution of the internal finance team and the preparation of more mature systems.
In 2023, ifeel closed a €20M Series B round led by SCOR Ventures, with continued backing from Nauta and UNIQA. Once again, we led the financial side: forecasts, due diligence materials, investor questions and support to the management team.
— 04 · RESULTS
A strategic transition after 3.5 years
Series A/B
Financial support in the €10M Series A and €20M Series B
Public funding
ENISA, bank lines, CDTI and tax incentives to support growth.
Internal transition
Orderly handover to a new Head of Finance and internal team
What started as a recommendation from Nauta became a long-term collaboration covering seed, Series A and Series B. For more than three years, The Startup CFO helped build a finance function from scratch and scale it alongside the company.
The final transition to an internal finance team marked a natural step in ifeel’s maturity. Today, the collaboration continues through the funding vertical, identifying public and private opportunities aligned with its growth and international expansion plans.
