Revenue, margin and cash flow gaps identified within 48 hours of your evidence pack
Location Technology Hardware Capital Raise Strategy
Case Study | Published October 2026
At a Glance: Founder-led Australian location technology hardware business | Pre-revenue after six years of development | Markets: Australia, New Zealand, United Kingdom, United States | Data room at engagement: none | Data room built: 160 files in 21 days | Investor memorandum: taken through 35 versions | Complete investor pack: day 88
The Situation
The founder had genuinely valuable technology and nothing an investor could underwrite. Six years of development had produced certified, production-ready tracking devices that run on both of the world's major smartphone finding networks, and a national retail chain had signed to stock them.
The constraint was capital readiness, not product. There was no integrated financial model, no data room, and no governance, policy or people infrastructure for a diligence team to test. An equity raise and a trade finance facility both had to run at once, and the case for either did not yet exist in a form a third party could rely on.
The Brief
Fixer48 was engaged to build the capital architecture the business lacked, to the standard investors and lenders expect:
Build an integrated financial model bottom up, customer by customer and month by month
Write an investor memorandum that stands up to institutional review
Build a complete investor and lender data room before diligence asks for it
Run the equity raise and the trade finance facility in parallel on one set of numbers
The Approach
Days 1 to 51 - The Commercial Case
Fixer48 built the integrated financial model from a blank sheet: 24 months monthly with a five-year extension, revenue built from 23 customer launches across four regions, and a procurement engine running on real manufacturing lead times and supplier terms. Every assumption that moves money was sourced in a separate evidence document. By day 47, the corporate adviser leading the raise wrote that the investor memorandum "now reads much more like an institutional investment memorandum than a founder-led sales document."
Days 52 to 73 - The Diligence Architecture
A 160-file investor and lender data room across 14 categories was built in 21 days, including a full governance suite, nine legal and compliance policies, 21 position descriptions and a dedicated lender section. Every point raised across four rounds of adviser review was logged item by item in a single change register, and every financial table was footed back to the model. Fixer48 then wrote a 66-item gap register against its own work, and an external review found the pack materially aligned, with no material contradiction preventing its use with investors or lenders.
Days 74 to 88 - Release
The investor memorandum went to the capital raising adviser on day 78. The final five-document pack followed on day 88, rebased to the latest model with every change disclosed, including real costs the earlier model had not carried.
Challenge and Outcome
Key Challenges Addressed
How do you make a pre-revenue business something an investor can underwrite?
How do you become diligence-ready in weeks, not months?
How do you run equity and debt in parallel without the numbers drifting apart?
What Fixer48 Delivered
A bottom-up model and a matched pair of investor memoranda, with every assumption that moves money sourced to evidence.
A complete 160-file investor and lender data room, built in 21 days.
One governing model feeding all five investor documents and the lender section, so both funding tracks ran on the same numbers.
Growth Forecast and Future Potential
The base case was built on executed contracts and confirmed pipeline only. Everything above it was documented in full and deliberately kept out: six market segments with a combined global addressable market of more than AUD $30 billion, a checkout attach mechanism that places a tracker inside online orders at dispatch, and 22 vertical markets from aged care and medical devices to mining safety, marine and agriculture. The unrealised revenue and margin potential sits outside the forecast, which is exactly where an investor wants to find it.
What This Engagement Demonstrates
The opportunity was never the problem. Capital readiness was. Fixer48 built a complete investor and lender architecture from nothing in 88 days, with every assumption sourced, every review point logged and every table footed to one model.
Core capabilities: capital raise preparation, investor memorandum writing, integrated financial and procurement modelling, trade finance readiness, data room architecture, governance and policy design, and diligence management.
