When Maya and Jordan started Clearstream in 2020, they brought complementary skills to the table. Maya handled product and engineering while Jordan managed finance and operations—a division that served them well through their first two funding rounds.
Last Tuesday, while preparing for their Series B due diligence, Maya noticed a discrepancy between their projected cash runway in the investor deck versus what their CFO had mentioned during the last board meeting.
Digging deeper, she discovered two separate financial models on their shared drive: "CS_Financials_Bank" and "CS_Financials_Investors." The bank version showed conservative growth projections, higher operating expenses, and a much tighter runway. The investor version painted a different picture entirely: aggressive growth curves, optimized expense structures, and a runway nearly twice as long.
When confronted, Jordan didn't deny maintaining dual financial narratives. "Banks want security, investors want growth potential—we're just speaking their languages," he explained with surprising casualness. He insisted this was "standard practice" and reminded Maya that no numbers were fabricated—merely presented selectively to different audiences.
Their Series B term sheet requires signatures by Monday. The lead investor has specifically cited their "capital efficiency" as a key factor in the decision. Meanwhile, their banking relationship manager has scheduled the annual review for next week, with their line of credit renewal hanging in the balance.
The company has 43 employees who depend on the founders making the right call. Their product is gaining real traction, with customer growth accelerating month over month. This could be the inflection point they've worked toward—or the beginning of the end.
If you were Maya, what would you do?