South American Adventures

Taking flying leaps into the unknown

My role as Taggify’s Financial Advisor

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Most of us at Fundacity have a hobby outside Fundacity. Diego for instance has a rock band and spends the occasional weekend touring parts of Chile to hold heavy metal concerts, Adam is a self-development and sports fanatic and Jerry loves cooking and reading. Myself, I use my free time to advise startup Taggify on financial reporting, reporting to their board and fundraising. I’ve done this since Dec-12 and in jubilation of my 1 year+ with them Gustavo the CEO offered me advisory stock options.

It is by no means a significant shareholding in fact I forgot how many zeros there were after the decimal point but its the message that matters to me. It means they valued and continue to value my work for them. Giving continued and regular support for monthly reporting has been very tough as I am already working round the clock with Fundacity. Every month end I need to create extra time which usually means early hours at dawn and weekends to make sure I can finish my reviews before the board meeting. It always leaves me thinking I wish I could do more, but I am proud to say that since I joined reporting at Taggify changed incredibly. They were once an excel mess where there was no appreciation for most fundamental accounting principles and worse yet receivables and finances were not controlled at all. Today we use professional accounting software and create sensible reports and track results with precision.

The best part of the experience was learning. I learnt about global group structures, filling of income taxes in each jurisdiction, Delaware Franchise taxes, accounting software, bookkeeping and hiring and firing. It took me almost 6 months to fill the spot of financial controller at Taggify and involved managing the firing of a CFO and soon after that the replacement financial controller. Another interesting learning point was about structuring advisory stock options, which I will talk about in my next post.

taggify

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Author: Miklos Grof

Miklos is the CEO and co-founder of Fundacity. Fundacity is making startups investing easier. Fundacity already supports all the notable accelerators in LatAm in their startup selection and management and they are expanding rapidly across Asia-Pacific and Europe. With the recently launched Fundacity Investments Clubs it seeks to simplify the startup investing process in emerging markets and make it accessible to more people. Miklos has unique and extensive experience in start-up formation, business development and venture financing. He has raised and evaluated investment offers in venture capital from angels and VCs from three continents for a variety of deals. He thrives at launching businesses and making sales in new geographies. Miklos currently serves as a financial advisor and mentor for various start-ups including Taggify (an online contextual advertising company based in New York and Buenos Aires). At Taggify, Miklos advises on fundraising, financial reporting to the board of investors, tax filling and cash flow management. Miklos completed his MsC in Finance at the London School of Economics and previously worked in corporate finance at PricewaterhouseCoopers in London, fund sales at UniCredit Vienna and economic research at Erste Bank Budapest. He is a Chartered Accountant with the ICAEW, Institute of Chartered Accountant England and Whales and is quinti-lingual. He is passionate about startups and entrepreneurship and spends his free time engaging with the startup community.

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