Ed Carse
Verified Expert in Finance
Finance Expert
South Barrington, IL, United States
Toptal member since December 10, 2019
Ed is an experienced entrepreneur, growth-company CFO, and investment banker with a background in many industries, including technology, media, finance, and business services. He has launched several companies, raised over $70 million in growth capital, and helped a company expand internationally and scale 5x in three years. Ed enjoys helping fix businesses and operating and financial challenges that prevent clients from reaching their potential.
Career Highlights
Education Highlights
Case Studies
Expertise
- Business Models
- CFO
- Entrepreneurship
- Financial Modeling
- Financial Planning & Analysis (FP&A)
- Growth Capital Raising
- Startups
- Venture Funding
Work Experience
Virtual CFO
EMC Consulting
- Acted as CFO of a high-growth, venture-backed, property-technology SaaS company. Rebuilt its finance team, developed forecasting, and led operational improvements and recovery from major pre-existing errors. Raised $9 million in growth capital.
- Assumed the role of a CFO of a high-growth, professional training company with $17 million in revenue. Rebuilt its finance team, established reporting and FP&A standards, developed forecasts and product P&Ls, and led the company strategy assessment.
- Acted as CFO of an early-stage business process software company. Developed complex forecasting, advised on sales strategy and economics, and created a pricing model.
Founder | CEO
EquiX Inc.
- Co-founded a startup to improve the insurance claims process for lost commercial equipment (contents). US insurers pay $8–$10 billion annually in these claims, but poor processes result in billions of dollars of overpayments.
- Increased average adjuster productivity by 50%, with claims cycle time reductions averaging 70%.
- Saved insurance carrier clients an average of 25% in claims indemnities (payments to customers) while maintaining high customer satisfaction grades.
- Directed product design and a development team of eight in the US and India.
- Oversaw all the company's financial, legal, and operational functions, including FP&A, budget, tax, capital funding, planning, and contract negotiations.
Founder | Managing Director
Devana Partners, LLC
- Founded a search fund targeting the acquisition of up to $25 million in enterprise value. The goal was to acquire a stable company using investor capital and, after a transition period, replace the existing manager as CEO.
- Raised operating and acquisition capital commitments from institutional and private investors, including venture funds, private equity funds, and high-net-worth family offices.
- Recruited, trained, and led an investment team of three people for rapid strategic, financial, and legal due diligence.
- Focused on opportunities in B2B services, software and technology, media, education, medical services, and business process outsourcing (BPO).
- Developed a deal-tracking and deal-flow system engaging over 2,000 potential sources on a continuous basis.
- Managed all corporate reporting to LPs, including FP&A, budget, tax, capital funding, planning, and contract negotiations.
Chief Financial Officer (CFO)
ServiceSource International, LLC
- Maintained margins and free cash flow with 5x revenue growth in three years (to $50 million).
- Oversaw 100% annual employee growth (to over 500) from domestic and international expansions via branch offices.
- Sourced, negotiated, and closed over $50 million in debt refinancing and equity growth capital with venture firms, hedge funds, and commercial banks.
- Hired and developed a high-performance staff of eight FTEs, including international operations.
- Developed processes and billing systems to improve collections and cash flow management.
- Overhauled FP&A and financial reporting to reduce cycle times while increasing accuracy.
- Re-wrote all company-standard legal documents and contracts to reduce customer confusion. Centralized all major company negotiations through the CFO's office to improve terms, control variability, and avoid "surprises."
- Implemented the company's 1st formal budget process.
- Developed the 1st key performance indicator (KPI) dashboard for Board and senior management.
- Led the purchase and implementation of company-wide business intelligence and accounting software packages to improve operational productivity.
Founder | CFO
Bigfoot Media, Inc.
- Co-founded a venture-backed startup company focused on launching and acquiring local media properties in mid-sized cities.
- Conceived and wrote the business plan for an innovative multi-location media company using a technology-centered operating model to improve productivity and lower costs.
- Raised $5 million in seed and venture capital from institutional investors and private family offices in several rounds.
- Launched two media properties utilizing both printed and online editions.
- Hired, developed, and oversaw a staff of 60 employees/contractors across all locations.
- Responsible for all company financial, legal, and expansion operations, including FP&A, budget, tax, capital funding, planning, and contract negotiations.
Corporate Finance Associate
Bear, Stearns & Co. Inc.
- Focused on private equity/financial sponsor clients, including M&A, high-yield leveraged finance, and bankruptcy transactions.
- Gained industry experience, including cable television, wireless, telecommunications, satellites, paper and forest products, publishing and broadcast media, gaming, and automotive suppliers.
- Designed and ran the firm's training program for incoming post-college and post-MBA hires (over 100 annually), focused on valuation and financial modeling.
Education
Master's Degree in Business Administration (MBA)
Stanford University - Stanford, CA, USA
Bachelor's Degree in Finance
University of Pennsylvania - Philadelphia, PA, USA
Skills
Finance
Deal Advisory, Capital Raising, M&A (Buy-side), M&A Modeling, Fundraising, Seed Fundraising, Bank Covenants, Equity Financing, CFO, Three-statement Modeling, Forecasting, Financial Modeling, Growth Capital Raising, Valuation, Venture Funding, Financial Planning & Analysis (FP&A), Private Equity, Debt Raises, Budgeting, Leveraged Buyout Modeling, Revenue & Expense Projections, Venture Debt, Cost of Debt, Convertible Debt, Customer Acquisition Cost (CAC), Lifetime Value (LTV), Unit-level Economics, Valuation Modeling, Free Cash Flow (FCF), P&L Forecasting, Cash Flow Forecasting, DCF Valuation, Capital Budgeting, Cash Flow, Pricing, Internal Financial Reporting, Cost Reduction & Optimization (Cost-down), Cash Flow Modeling, External Financial Reporting, Startup Funding, Market Research, Pricing Strategy, Financial Reporting, Mergers & Acquisitions (M&A), Accounting, 409A Valuation, Financial System Implementation, Fairness Opinion Reports, Economic Cost, Cost of Capital, Short-term Investments
Output Software
Microsoft Excel
Industry Expertise
Venture Capital, Early-stage Startups, High-tech Startups, Insurance Technology (Insurtech), Information Technology Enabled Services (ITES), Real Estate
Geographic Expertise
United States
Other
Business Strategy, Leadership, Company Strategy, Debt Financing, Business Models, Financing, Cash Flow Management, Microsoft 365, Startups, Entrepreneurship, Industry Analysis, Team Mentoring, Team Development, Contract Negotiation, Financial Reporting Dashboards, Deal Structuring, Software as a Service (SaaS), Models, Modeling, Business Planning, Business Plan Consulting, SaaS, Early-stage Venture Capital, Early-stage Funding, Trusted Advisor, Mentorship, LTV:CAC, Unit Economics, Financials, Capital Planning, Waterfall Modeling, Key Performance Indicators (KPIs), Virtual CFO, Interim CFO, Part-time CFO, Fractional CFO, FPA, Annual Budgets, Budget Modeling, Fundraising Strategy, Pitch Deck Consultant, Small & Medium-sized Enterprises (SME), Strategy, Information Memoranda, Pricing Models, Pricing Consulting, Fintech, Business Modeling, Business Model Strategy, Pitch Decks, B2B, Company Formation, Business Structuring, Growth Strategy, Revenue Projections, Enterprise SaaS, Excel Modeling, Excel Expert, Financial Ratios, General Management, Mentorship & Coaching, Board Reporting, Team Building, Foreign Currency, Culture Development, Team Leadership, Market Entry, Bankruptcy & Insolvency, Financial Training, Board Presentations, Deal Execution, Legal Analysis, Change Management, Sales, Team Management, Process Automation, Reporting, GAAP Compliance, US GAAP, GAAP, Excel 365, International Growth, Apps, Executive Coaching, Financial Operations & Processes, Controllership, New Product Development, Technical Recruiting, Board of Directors, Operations Strategy, M&A Pipeline Management, Project Planning, Software Development Management, Recruiting, Senior Executive Recruiting, SaaS Optics, Finance, Hiring, Compensation, Strategic Planning, Growth, Staffing, Competitive Strategy, Competitor Analysis & Profiling, M&A Strategy, Cost Accounting, Microsoft
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