Interview Help - 30min Excel Test (What To Expect?)

Hi guys,
 

I have some interviews with a few venture and growth funds in Europe coming (mostly series B/C). They all seem to ask for a 30min excel case study. Not sure what to expect.

I am familiar with the traditional 60min LBO, but 30min seems quite short. Perhaps just a quick SaaS-like revenue build + return calc? Or would it be something like cap table modelling + investor return analysis (similar to this on Macabus: https://macabacus.com/excel/templates/venture-cap…)?

Has anyone done any 30min excel test recently? Thanks a lot!