Chief Financial Officer
Come join SparkMeter’s executive team and help increase electricity access in developing countries. As our CFO, you will help ensure SparkMeter has the right capitalization to fulfill its strategic business plans. As a key member of the executive team, you will work with your fellow executives to define and execute on SparkMeter's strategy.
You'll focus on:
Cash management, budgeting, and controls. You will be expected to manage SparkMeter’s cash cycle and maintain financial controls for the business. Cash management will require you to take into account departmental budgets, inventory needs, as well as the current and projected cash position of the business. You’ll work with our management team, accounting firm, bookkeeper, and supply chain partners to:
- Create departmental budgets
- Track AP and AR;
- Track work in progress (WIP) and cost of goods and services (COGS) accounts;
FP&A. The financial health of the company depends on accurate forecasting based on the information we have today. As an Original Equipment Manufacturer (OEM), SparkMeter has unique requirements for FP&A. In this role, you will maintain forward-looking models for the business at both an annual operating plan (AOP) level, as well as our five-year outlook. Financial analysis must provide the company with accurate reporting on COGS, inventory levels, and gross margin at both the company and unit level. Responsibilities include:
- Updating projections on a regular basis
- Creating projections v. actuals variance reports and comparing new to old projections
- Reporting on KPIs, including unit economics and inventory levels to the management team and SparkMeter Board.
- Making improvements to our existing models and FP&A processes
- Fundraising. SparkMeter has raised capital from public and private sector sources in various forms. You will assist the CEO and Board in its future fundraising plans, including bridge and equity round raises.
- Strategic finance. Many of our customers are looking for SparkMeter to provide a financing solution to make its products and services more affordable, especially at a large scale. You will be responsible for crafting SparkMeter’s strategy around financing options for customers. This will require engaging closely with various capital sources, including Development Finance Institutions (DFIs), export credit agencies, trade finance investors, brokers, currency hedging facilities, impact investors, and lenders. As an output, you will deliver financial products to SparkMeter’s customers appropriate for the context of a particular contract, taking into account customer credit, local financing considerations, and SparkMeter’s own constraints.
- Working capital. As an Original Equipment Manufacturer (OEM), SparkMeter must maintain levels of inventory on hand throughout its supply chain to meet customer demand. You will be responsible for closing debt financing to provide SparkMeter with necessary working capital at appropriate terms to meet our financial goals.
Administrative functions. Simply put, the administrative work our finance team does makes SparkMeter go. Much of this may be handled by an outside firm:
- Handling employee and contractor expense reports;
- Managing tax filings, corporate compliance, and audits;
- Working with SparkMeter’s benefits and insurance providers.
- Investor and Board relations. SparkMeter has an active Board primarily consisting of its equity investors. You will report alongside SparkMeter’s CEO to the Board Finance Committee on a monthly basis, and will also be responsible for reporting financials and updates to strategic initiatives as appropriate during formal Board Meetings. You will also provide regular updates to SparkMeter’s investors on the financial status of the company.
Where You'll Work
SparkMeter's executive team is based in our Washington, D.C. office, but our people are all over the world. You'll be expected to join us in Washington, D.C.
SparkMeter was founded to promote opportunity in underrepresented communities.
SparkMeter’s core value is opportunity: the opportunity for underserved communities to achieve great things. That's why our mission is to increase access to electricity in underserved communities - it is electricity and the services derived from it that unlock and create those opportunities. This value is reflected in our hiring ethos: we believe that the strongest teams have diverse backgrounds. Our approach to hiring has been validated by academic and industry studies that show that workforce diversity improves team and business performance. (It has also been validated by the quality of the team we’ve assembled so far!) We encourage applications from members of groups currently underrepresented in technology startup leadership teams.
Requirements & Skills
You'll be a good fit for this role if you have experience with:
- Controller requirements. SparkMeter currently relies on outsourced firms to fulfill controller requirements including accounting and cash management. You will have discretion over which functions to bring in-house vs. maintaining on an outsourced basis.
- Financial modeling. As a key stakeholder in fundraising and creating our working capital strategy, you will need a strong background in financial modeling to size capital needs and justify appropriate terms.
- Fundraising. You will need to demonstrate a strong track record of closing debt and/or equity capital from reputable investors.
- Administrative duties. You will need to have some experience with handling basic administrative functions, including payroll and benefits administration.
- Management and leadership. As a key member of our executive team, you will be expected to play a role in overall company leadership.
We’d also like to see (but don’t require):
- Industry/domain experience. A background in the energy/cleantech/utility sector.
- Experience with manufacturing accounting. As an OEM, taking the right approach to accounting for COGS and WIP is essential. Experience in this area can help improve SparkMeter’s financial performance by closely monitoring related KPIs and developing strategy to improve them.
- CPA certification.
How to Express Interest
We are accepting expressions of interest in this CFO role in this brief form: https://sparkmeterpeopleops.typeform.com/to/C1lRX5.
SparkMeter (www.sparkmeter.io) is a venture-backed company that was founded in late 2013. SparkMeter provides smart metering solutions tailor-made for rural and central utilities in developing markets, where 2.1 billion people live without reliable electricity access. The simple plug-and-play solution enables utilities operating in remote locations to access a range of features - prepaid billing, customer communications, and remote monitoring and control – that improve their operations and help them achieve financial sustainability. Our metering system is being widely adopted by utilities serving customers in Asia, Sub-Saharan Africa, and Latin America and the Caribbean.