Spatium Medical, an innovative spin-off from Erasmus MC in Rotterdam that develops next-generation insufflation technology, grew and wanted to professionalize financially. The bar was raised: investors wanted more detailed substantiation, the innovation credit imposed strict requirements, and the CEO lost valuable time on operational finance.In F.INSTITUTE, Spatium Medical found a partner that understands the MedTech reality, built a professional financial foundation, and strengthened investor confidence. The collaboration brought a scalable financial system and an experienced fractional CFO on board, and the space for CEO Willem Mees van der Bijl to focus on growth and strategic steps.
Spatium Medical grew in 2023. New types of investors placed higher demands on the financial model, the professionalism of reports, and the substantiation of risks. In addition, innovation credit played a crucial role in the financing strategy. Willem Mees says: “If you don't deliver a good financial model, you won't get financing. So that's pretty urgent.”
As a starting CEO, Willem Mees did a lot himself: payroll, invoicing, payments, and reporting. He continues: “It may have only taken me four hours a week, but it was very distracting. The indirect damage was significant.”
MedTech has long lead times, high risks, and atypical revenue patterns. Not every CFO or financial agency understands that dynamic. “At a bank, for example, you have to spend a long time explaining why you don't have any revenue in the first few years. At F.INSTITUTE, you don't have to do that,” explains Willem Mees. “You bring a CFO on board who says, ‘I've done that before.’”
The collaboration began with building a solid, investor-proof financial model. Willem Mees: “This enabled us to answer investors' questions more easily and gave them more confidence.” F.INSTITUTE developed a professional cash flow and burn rate model, supplemented with accurate forecasting and solid substantiation for investors and subsidy providers. They also provided reports that fully complied with the strict requirements of the innovation credit.
Willem Mees van der Bijl, CEO Spatium Medical
After building the financial model, the logical next step was to scale up: a fractional CFO and a fully integrated finance stack. Spatium Medical switched to F.INSTITUTE for payrolling, accounting, and invoicing, bringing the entire financial process under one professional and sector-specific party. Willem Mees explains: “You bring in a CFO who knows both the startup world and the Life Science & Health world well.”
After that, F.INSTITUTE's role became more strategic. CFO Jordy Breuker supports Spatium Medical in preparing financing rounds, translates strategic choices into understandable and convincing financial substantiation, and helps the management team develop long-term planning. That role clearly goes beyond just finance. Willem Mees continues: “Jordy really gives the shareholders confidence and he helps the management team grow.”
The collaboration with F.INSTITUTE yielded clear and noticeable results for Spatium Medical. The first and, according to Willem Mees, most important effect was the increasing confidence among financiers. That confidence translated into smoother financing rounds and a solid basis for innovation credit assessors.
In addition, it brought more focus for the CEO. Because he no longer had to perform the operational financial tasks himself, it provided him not only more time, but above all, more mental space.
That regained attention is now fully focused on the strategic parts of the company: building partnerships, developing the team, managing suppliers, and rolling out the clinical roadmap, as well as growth and commercialization.
Willem Mees van der Bijl, CEO Spatium Medical
Finally, F.INSTITUTE created a continuous and reliable financial compass. According to Willem Mees, the model is consistently updated: “It is very important that the financial model is reviewed and updated every month or every two weeks.” This gives Spatium Medical a stable financial management system that expands in line with the organization's ambitions.
F.INSTITUTE fully understands the dynamics of MedTech and Life Sciences, saving time and explanations. Willem Mees: “We now have a CFO who knows the startup world and the Life Science & Health world well.”
Investors and subsidy providers immediately gain more certainty thanks to the professionalism and experience. Willem Mees: “Our CFO really gives the shareholders confidence.”
By taking over the financial model, reporting, and operational finance, focus and peace of mind are created: “It's about focusing attention on the right things now.”
If you would like to explore this topic further and find out what F.INSTITUTE can do for your organization, please do not hesitate to contact us. We are always happy to discuss your goals!