{ "version": "1.13.0", "releasedAt": "2026-06-25", "domain": "fundraising", "kpis": [ { "rogueId": "fundraising.assumptions", "slug": "assumptions", "domain": "fundraising", "defaultLabel": "Fundraising Assumptions", "description": "Explicit assumptions underlying the fundraising plan: valuation expectation, lead-investor probability, time-to-close, post-close runway, and what changes if any assumption breaks. Common pitfall: assumptions are made implicitly and only surface in the postmortem. Boards should require this section to be reviewed each update — a board update where assumptions never change suggests they are not being tested, not that they are correct.", "fieldType": "text", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "recommended", "seed": "recommended", "seriesA": "recommended", "seriesB": "recommended", "seriesC": "recommended" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Narrative — enumerated assumptions, each ideally with (1) the assumption, (2) the rationale, (3) what changes if it breaks.", "whyItMatters": "Anchors the fundraising plan to falsifiable beliefs. Lets the board pre-agree on what would constitute a \"this is not working, change the plan\" trigger.", "interpretationGuidance": "Assumptions that diverge from `risk_factors` are a signal of inconsistency. Assumptions that have been broken without triggering plan change are the strongest red flag — pair with a board discussion of when to change course.", "relatedKpiIds": [ "fundraising.strategy", "fundraising.risk_factors", "fundraising.target_raise", "fundraising.planned_close_date" ] }, { "rogueId": "fundraising.committed_amount", "slug": "committed_amount", "domain": "fundraising", "defaultLabel": "Committed Amount", "description": "Capital that investors have agreed to invest — including both soft commitments (verbal / handshake / IOI) and hard commitments (signed term sheet or executed subscription docs). Treat this as the round-progress odometer. Common pitfall: soft commitments are notoriously squishy — every published fundraising postmortem (per First Round Review and Bessemer founder essays) warns that founders over-count soft commits. Board-best-practice is to track soft vs hard separately or to define a haircut convention (e.g. 50% of soft) at the start of the round.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Sum of all investor commitments (soft + hard). Define and document the soft-vs-hard convention per round — some companies report only hard commitments to the board, others report a blended number with footnote.", "whyItMatters": "Primary leading indicator for whether the round will close on target and on time. Pacing against `target_raise` and `planned_close_date` tells the board whether intervention is needed.", "interpretationGuidance": "Healthy rounds typically hit 50% committed at the round midpoint and 80%+ before final closing mechanics begin. A committed amount stuck below 30% past the midpoint usually signals a re-pricing or scope-cut conversation with the board.", "relatedKpiIds": [ "fundraising.target_raise", "fundraising.total_received", "fundraising.round_completion_pct", "fundraising.investors_in_pipeline", "fundraising.minimum_close_amount" ], "calculationPolicy": { "inclusionRules": [ "Capital investors have AGREED to invest in the current round — both soft commitments (verbal / handshake / IOI) and hard commitments (signed term sheet or executed subscription docs).", "The round-progress odometer: tracked against `target_raise` and `planned_close_date` for pacing." ], "exclusionRules": [ "Cash not yet agreed — pipeline interest that has not produced a commitment (that is `investors_in_pipeline` engagement, not committed capital).", "Not `total_received` — a commitment is a promise; received is cash wired and cleared.", "Not `target_raise` — the target is the ask, committed is progress toward it." ], "requiredInputs": [ "Per-investor commitment amounts.", "Soft-vs-hard flag per commitment, and the documented haircut convention for the round (e.g. 50% of soft).", "Commitment dates (to age soft commits)." ], "dataSourcePriority": [ "Executed subscription docs / signed term sheets for hard commitments.", "The CEO's investor tracker for soft commitments — apply the agreed haircut and footnote the convention." ], "edgeCases": [ "Soft commitments are squishy: every published fundraising postmortem warns founders over-count them. Track soft vs hard separately or apply a documented haircut.", "A soft commit that goes cold: age it out rather than carrying it indefinitely.", "Over-commitment beyond target (oversubscription): record the full committed figure and let allocation decisions reduce it to round size." ], "validationChecks": [ "committed_amount ≥ total_received (you cannot receive more than was committed).", "committed_amount ≤ total_round_size once the round is allocated.", "Healthy pacing: ~50% committed at the round midpoint, 80%+ before final closing mechanics — below 30% past midpoint signals a re-pricing / scope conversation." ], "commonMiscomputations": [ "Counting soft commitments at face value with no haircut — inflates the round-progress odometer.", "Reporting committed as if it were received and extending the runway forecast on capital that has not been wired.", "Including stale or ghosted investor \"interest\" as a commitment." ] }, "metricBasis": { "timeBasis": "point_in_time", "moneyBasis": "cash", "production": "primary" } }, { "rogueId": "fundraising.convertible_outstanding", "slug": "convertible_outstanding", "domain": "fundraising", "defaultLabel": "Outstanding Convertible Amount", "description": "Total principal value of SAFEs and convertible notes outstanding that have not yet converted to equity. These convert at the next priced round, typically at a discount or valuation cap (per the standard Y Combinator SAFE templates and the National Venture Capital Association convertible-note model). Common pitfall: a SAFE stack quietly accumulating between rounds can convert into 15–25% dilution at the next priced round, surprising founders who modeled \"we only sold 10% in this priced round\" math. Boards should always see the fully-diluted cap table including SAFE conversion.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "recommended" }, "definitionSource": { "tier": "published", "sourceName": "Y Combinator Post-Money SAFE (2018+ standard form)", "sourceUrl": "https://www.ycombinator.com/documents", "sectionRef": "Post-Money SAFE — Definitions (Purchase Amount)", "publicationDate": "2018-09-01", "attributionNotice": null, "authorityLevel": "recognized-standard" }, "formula": "Sum of principal outstanding on all unconverted convertible instruments (SAFEs per the Y Combinator post-money SAFE template; convertible notes per the NVCA Model Documents). Pre-conversion — actual dilution depends on the next-round price and the SAFE caps/discounts.", "whyItMatters": "Hidden dilution that hits at the next priced round. A material SAFE stack changes the math on what a \"20% Series A\" actually costs the founders.", "interpretationGuidance": "When `convertible_outstanding` is more than ~10% of the company's next-likely post-money valuation, the board should require a fully-diluted cap-table walk-through at the next priced round modeling exercise. Highest-cap and lowest-cap SAFE conversion paths should both be modeled.", "relatedKpiIds": [ "fundraising.pre_money_valuation", "fundraising.post_money_valuation", "fundraising.founder_dilution" ], "calculationPolicy": { "inclusionRules": [ "Total PRINCIPAL value of SAFEs and convertible notes outstanding that have NOT yet converted to equity.", "Instruments that convert at the next priced round, typically at a discount or valuation cap (YC post-money SAFE template; NVCA convertible-note model)." ], "exclusionRules": [ "Instruments that have already converted to equity (they are in the cap table as shares now).", "Priced equity rounds — convertibles are a distinct, pre-equity instrument; do not fold them into `total_round_size`.", "Venture debt — that is a senior debt facility, not a convertible equity instrument.", "Accrued note interest unless the company's convention capitalizes it into principal — state the convention." ], "requiredInputs": [ "Per-instrument outstanding principal.", "Per-instrument cap / discount / MFN terms (to model conversion dilution).", "The next-likely priced-round valuation, to estimate conversion dilution." ], "dataSourcePriority": [ "The cap-table system of record (Carta / Pulley) with the convertible ledger.", "Executed SAFE / note documents as a fallback to verify caps and discounts." ], "edgeCases": [ "A SAFE stack accumulating between rounds can convert into 15–25% dilution at the next priced round — model both highest-cap and lowest-cap conversion paths.", "Post-money SAFEs (YC 2018+) fix dilution at the cap regardless of the priced-round price — reconcile against the fully-diluted cap table.", "Pre-money vs post-money SAFEs convert differently — do not assume one form." ], "validationChecks": [ "When `convertible_outstanding` exceeds ~10% of the next-likely post-money, require a fully-diluted cap-table walk-through at the next priced-round modeling exercise.", "Sum of outstanding principal should reconcile to the cap-table convertible ledger." ], "commonMiscomputations": [ "Treating convertibles as equity already in the cap table — understates next-round dilution.", "Folding convertible principal into the priced equity round size or `total_capital_raised` without a footnote.", "Modeling \"we only sold 10% in this priced round\" while ignoring SAFE conversion on top." ] }, "metricBasis": { "timeBasis": "point_in_time", "moneyBasis": "cash", "production": "primary" } }, { "rogueId": "fundraising.founder_dilution", "slug": "founder_dilution", "domain": "fundraising", "defaultLabel": "Founder Dilution", "description": "Percentage of founders' fully-diluted ownership that is given up in the new round, including any pre-close option-pool top-up (the \"option pool shuffle\" — option-pool expansion taken in the pre-money dilutes existing holders rather than new investors). Common pitfall: founders often quote the \"investor dilution\" (new money / post-money) and forget the option-pool top-up component. The Carta State of Private Markets quarterly reports publish stage-typical dilution ranges that boards should use as a sanity check.", "fieldType": "percentage", "unit": "%", "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "published", "sourceName": "Carta State of Private Markets Q3 2025", "sourceUrl": "https://carta.com/data/state-of-private-markets-q3-2025/", "sectionRef": "Seed Round Dilution", "publicationDate": "2025-10-01", "attributionNotice": null, "authorityLevel": "industry-benchmark" }, "benchmark": { "p25": 12, "median": 18, "p75": 24, "unit": "%", "sourceName": "Carta State of Private Markets Q3 2025", "sourceYear": "2025", "higherIsBetter": false }, "formula": "founder_dilution_pct = (founder_shares_pre − founder_shares_post) / founder_shares_pre × 100. Includes both new-money dilution and any pre-close option-pool top-up borne in the pre-money. Per Carta State of Private Markets methodology.", "whyItMatters": "Tracks founder skin-in-the-game over time — sustained ownership matters for long-term motivation and signaling to future investors. Boards balance dilution discipline against capital needs.", "interpretationGuidance": "Per Carta State of Private Markets benchmarks, typical per-round dilution for the priced round (excluding pool top-up) is 18–22% at seed, 18–22% at A, 12–18% at B, 10–15% at C+. Out-of-band dilution either signals weak negotiating position or a strategic priced-up next-round set-up.", "relatedKpiIds": [ "fundraising.pre_money_valuation", "fundraising.post_money_valuation", "fundraising.total_round_size" ], "metricBasis": { "timeBasis": "point_in_time", "production": "computed" } }, { "rogueId": "fundraising.investors_in_pipeline", "slug": "investors_in_pipeline", "domain": "fundraising", "defaultLabel": "Investors in Pipeline", "description": "Count of distinct investors actively engaged in the current round — defined as taken a first meeting and not yet declined or fully committed. Effectively a fundraising-funnel \"qualified leads\" number. Common pitfall: rosy pipelines that include investors who ghosted weeks ago — best practice (echoed across NfX, First Round Review, and Bessemer founder essays) is to age-out any investor with no contact in 14+ days. Track separately from total intros taken and from hard commitments to make the conversion math legible.", "fieldType": "number", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Count of distinct investors in active engagement (intro / first meeting / partner meeting / diligence). Excludes declined, closed, or stale (>14 days no contact) investors.", "whyItMatters": "Healthy round dynamics rest on competitive tension — a thin pipeline means weaker negotiating position on price and terms. Board reads this to gauge whether the CEO needs help with intros.", "interpretationGuidance": "Rule of thumb across stages: ~40–60 first meetings → ~10–15 partner meetings → ~3–5 term sheets → 1 lead. Active pipeline (post first meeting, pre decline) below 8–10 at the round midpoint typically warrants the board opening their networks.", "relatedKpiIds": [ "fundraising.committed_amount", "fundraising.round_status", "fundraising.strategy" ], "calculationPolicy": { "inclusionRules": [ "Count of DISTINCT investors actively engaged in the current round — have taken a first meeting and have not yet declined or fully committed.", "A fundraising-funnel \"qualified leads\" number: intro / first meeting / partner meeting / diligence stages." ], "exclusionRules": [ "Investors who have declined or closed.", "Stale investors — no contact in 14+ days should be aged out.", "Investors who have already fully committed (they have left the pipeline for `committed_amount`).", "Raw intro count / total meetings taken — this is the ACTIVE funnel, not cumulative activity." ], "requiredInputs": [ "Per-investor engagement stage and last-contact date.", "Decline / commit status to remove investors from the active count." ], "dataSourcePriority": [ "The CEO's / Finance investor CRM or fundraising tracker with stage + last-contact fields.", "A manually maintained pipeline sheet as a fallback — apply the 14-day staleness rule explicitly." ], "edgeCases": [ "Rosy pipelines: investors who ghosted weeks ago inflate the count — age out anyone with 14+ days of no contact.", "A single fund with multiple partners engaged counts as one distinct investor.", "Re-engagement after a decline: only re-add if the investor genuinely re-enters diligence." ], "validationChecks": [ "Funnel sanity (rule of thumb): ~40–60 first meetings → ~10–15 partner meetings → ~3–5 term sheets → 1 lead. Active pipeline below ~8–10 at the round midpoint warrants opening the board's networks.", "Pipeline count should be non-increasing for any single investor as they move toward decline / commit (no double-counting across stages)." ], "commonMiscomputations": [ "Counting total intros taken or total meetings instead of currently-active investors.", "Leaving ghosted / stale investors in the count, overstating competitive tension.", "Counting each partner at a multi-partner fund separately." ] }, "metricBasis": { "timeBasis": "point_in_time", "production": "primary" } }, { "rogueId": "fundraising.key_milestones", "slug": "key_milestones", "domain": "fundraising", "defaultLabel": "Key Milestones", "description": "Container handle for the field-array of named fundraising milestones the board should track to the close — each entry tracks milestone name, type (e.g. term-sheet signing, IC presentation, close), target date, status (upcoming / in-progress / completed / at-risk), responsible party, and notes. The \"what has to happen, by when, and who owns it\" surface that turns the round narrative into a tracked plan. Renders via the CollapsibleFormItemCardGallery widget (the reused gallery pattern shared with sales pipeline deals and HR key hires / openings). Common pitfall: milestones carried forward from prior packs without status updates — these should be refreshed each period so the board sees real progress, not a stale wishlist.", "fieldType": "text", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Container — field-array of milestone items (name, type, status, targetDate, responsibleParty, notes). No aggregate calculation; the surface makes individual milestones and their owners visible at the board level.", "whyItMatters": "Converts the round narrative into a tracked plan with owners and dates — the board can see at a glance which milestones are slipping and who to press. Without named-milestone visibility, the board only learns of a stalled round when the close date slips.", "interpretationGuidance": "Watch for milestones that have been \"in-progress\" across multiple quarterly packs without resolving, and for an at-risk or blocked milestone on the critical path to close (term sheet, lead commitment, IC presentation). Pair with `fundraising.round_status` and `fundraising.planned_close_date` — a clean milestone list alongside a slipping close date usually means the milestones are being optimistically maintained.", "relatedKpiIds": [ "fundraising.round_status", "fundraising.planned_close_date", "fundraising.target_raise", "fundraising.committed_amount", "fundraising.risk_factors" ] }, { "rogueId": "fundraising.minimum_close_amount", "slug": "minimum_close_amount", "domain": "fundraising", "defaultLabel": "Minimum Close Amount", "description": "Floor — the smallest amount of committed capital required to legally close the round (often set in the subscription agreement) or the strategically smallest amount management would accept before re-pricing or pausing. Common pitfall: a `target_raise` of $10M and a `minimum_close_amount` of $4M tells a very different story than a target of $10M and a minimum of $9M — boards should always see both. Per common practice (NVCA Model Documents allow flexibility here), the minimum is typically 50–75% of target at seed, 70–90% at A+.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "recommended", "seed": "recommended", "seriesA": "recommended", "seriesB": "recommended", "seriesC": "recommended" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Currency floor — typically defined in the subscription agreement or by management. Distinct from `target_raise` (the ask) and `committed_amount` (in-progress signal). Per NVCA Model Documents convention.", "whyItMatters": "Defines the round's \"this is enough to ship\" line. Pacing relative to the minimum is the worst-case board view; pacing relative to target is the best-case view — both matter.", "interpretationGuidance": "Per common practice: minimum 50–75% of target at seed, 70–90% of target at A+. A minimum-equals-target round signals high commitment to the headline number; a minimum well below target signals optionality for a \"step-down close.\" Triggered minimums (below floor) require management to revise scope and re-baseline runway.", "relatedKpiIds": [ "fundraising.target_raise", "fundraising.committed_amount", "fundraising.round_completion_pct", "finance.runway_months" ], "calculationPolicy": { "inclusionRules": [ "The FLOOR — the smallest committed capital required to legally close the round (often set in the subscription agreement) or the smallest amount management would strategically accept before re-pricing or pausing.", "A single management- / document-set figure for the active round, read as the worst-case raise alongside `target_raise`." ], "exclusionRules": [ "Not `target_raise` (the ask) — the minimum is the floor, the target is the aim.", "Not `committed_amount` — the minimum is a fixed threshold, committed is live progress against it.", "Not the minimum VALUATION (`minimum_valuation`) — this is a capital floor, not a price floor." ], "requiredInputs": [ "The subscription-agreement minimum close, or the management-set strategic floor.", "The active-round `target_raise` for the floor-to-target ratio." ], "dataSourcePriority": [ "The subscription agreement / round legal docs.", "The board-approved fundraising plan as a fallback when no legal minimum is set." ], "edgeCases": [ "A $10M target with a $4M minimum tells a very different story than a $10M target with a $9M minimum — always present both.", "Triggered minimum (commitments fall toward the floor): a board-decision event — management must revise scope and re-baseline runway.", "Step-down close: a minimum well below target signals optionality to close small and keep raising." ], "validationChecks": [ "minimum_close_amount ≤ target_raise.", "Per common practice (NVCA allows flexibility): minimum is typically 50–75% of target at seed, 70–90% at A+ — far outside that band warrants a footnote." ], "commonMiscomputations": [ "Confusing the capital floor with the valuation floor (`minimum_valuation`).", "Reporting only the target and omitting the floor — hides the worst-case board view." ] }, "metricBasis": { "timeBasis": "point_in_time", "moneyBasis": "cash", "production": "primary" } }, { "rogueId": "fundraising.minimum_valuation", "slug": "minimum_valuation", "domain": "fundraising", "defaultLabel": "Minimum Valuation", "description": "The lowest pre-money valuation management would accept to close the current round — the valuation walk-away floor. Distinct from the precise NVCA-defined `pre_money_valuation` (the single negotiated point that actually prices the round): this is the bottom of the acceptable band the team set going in. Common pitfall: teams anchor only on a target valuation and have no pre-agreed floor, so in a soft market they negotiate against themselves with no board-sanctioned line. Pair with `fundraising.target_valuation` to give the board the band, and read both against stage-relative ranges from quarterly Carta / PitchBook reports.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "recommended", "seed": "recommended", "seriesA": "recommended", "seriesB": "recommended", "seriesC": "recommended" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Currency floor — set by management as the valuation walk-away line for the round. Distinct from `pre_money_valuation` (the single negotiated price) and `target_valuation` (the valuation being run to). Typically expressed as pre-money to match `pre_money_valuation`.", "whyItMatters": "Gives the board the worst-case price of the round before negotiations start — the line below which the team should pause, re-scope, or consider a bridge rather than accept a down-round-anchoring price. Without a pre-agreed floor, valuation discipline erodes in a soft market.", "interpretationGuidance": "Read as the bottom of the valuation band alongside `target_valuation`. A minimum well below stage-median pre-money (per quarterly Carta / PitchBook reports) signals the team is bracing for a hard market; a minimum equal to target signals high conviction (or inflexibility). A breached floor (a term sheet below the minimum) is a board-decision event, not a management one.", "relatedKpiIds": [ "fundraising.target_valuation", "fundraising.pre_money_valuation", "fundraising.post_money_valuation", "fundraising.minimum_close_amount" ], "calculationPolicy": { "inclusionRules": [ "The lowest pre-money valuation management would accept to close the current round — the valuation walk-away FLOOR.", "The bottom anchor of the valuation band the team set going in; typically expressed as pre-money to match `pre_money_valuation`." ], "exclusionRules": [ "Not `pre_money_valuation` (the single realized negotiated price) — this is the pre-agreed floor, not the outcome.", "Not `target_valuation` (the top of the band / the aim).", "Not `minimum_close_amount` — that is a capital floor, this is a price floor." ], "requiredInputs": [ "The management- / board-agreed valuation floor for the round.", "The `target_valuation` to express the full band." ], "dataSourcePriority": [ "The board-approved round plan (where the floor should be set before negotiations).", "Management's pricing model as a fallback — flag if no board-sanctioned floor exists." ], "edgeCases": [ "No pre-agreed floor: teams that anchor only on a target negotiate against themselves in a soft market — the absence of a floor is itself a finding.", "A term sheet below the minimum is a board-decision event, not a management one.", "Minimum equal to target signals high conviction (or inflexibility); a wide band signals the team is bracing for a soft market." ], "validationChecks": [ "minimum_valuation ≤ target_valuation.", "Read against stage-median pre-money (Carta / PitchBook) — a floor well below stage median signals defensive positioning." ], "commonMiscomputations": [ "Confusing the valuation floor with the capital floor (`minimum_close_amount`).", "Reporting the floor as the realized `pre_money_valuation`." ] }, "metricBasis": { "timeBasis": "point_in_time", "production": "primary" } }, { "rogueId": "fundraising.planned_close_date", "slug": "planned_close_date", "domain": "fundraising", "defaultLabel": "Planned Close Date", "description": "Calendar date by which the round is expected to close (final wires received, definitive documents signed). Compared against `finance.runway_months` to detect a fundraising-against-the-clock situation. Common pitfall: planned close dates routinely slip 30–90 days in practice (collected founder postmortems on First Round Review) — boards should ask for both an \"expected\" and a \"no-deal\" date and watch the gap to actual runway exhaustion.", "fieldType": "date", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Calendar date. Not derived — set by management. Compare to today + `finance.runway_months` to surface runway-versus-close risk.", "whyItMatters": "Single most-important fundraising deadline — drives urgency, board cadence, and bridge-financing decisions. Slippage here is the leading indicator that the round is in trouble.", "interpretationGuidance": "When the planned close date is within 2 months of runway exhaustion (i.e. `runway_months` ≤ months_to_planned_close + 2), the board should be in active conversation about bridge financing or scope cuts. A slipping date should be paired with explicit re-baseline of runway.", "relatedKpiIds": [ "fundraising.round_status", "fundraising.committed_amount", "fundraising.target_raise", "finance.runway_months" ] }, { "rogueId": "fundraising.post_money_valuation", "slug": "post_money_valuation", "domain": "fundraising", "defaultLabel": "Post-Money Valuation", "description": "Company valuation immediately after the new round closes, including the new capital raised — the canonical \"valuation\" number quoted in TechCrunch headlines. Per NVCA Model Documents, post-money = pre-money + new money raised. Common pitfall: post-money math gets messy with SAFEs — modern post-money SAFEs (the YC 2018+ form, per the Y Combinator SAFE primer) fix dilution at the SAFE's valuation cap regardless of subsequent priced-round pricing, so the board should always reconcile the headline post-money against the fully-diluted cap table.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "recommended", "seed": "recommended", "seriesA": "recommended", "seriesB": "recommended", "seriesC": "recommended" }, "definitionSource": { "tier": "published", "sourceName": "NVCA Model Legal Documents (2024 revision)", "sourceUrl": "https://nvca.org/model-legal-documents/", "sectionRef": "Series A Charter — Post-Money Valuation convention", "publicationDate": "2024-01-01", "attributionNotice": null, "authorityLevel": "recognized-standard" }, "formula": "post_money_valuation = pre_money_valuation + total_round_size. Per NVCA Model Documents. With outstanding post-money SAFEs, reconcile against the fully-diluted cap table — SAFE dilution is fixed at the cap regardless of priced-round price.", "whyItMatters": "The headline number the company carries forward — sets the goalposts for the next round (a down-round means raising at a lower post-money) and the strike-price floor for new option grants.", "interpretationGuidance": "Watch the post-money-to-ARR multiple (or post-money-to-net-burn if pre-revenue): public sources covering 2024–2025 (e.g. SaaS Capital \"Private SaaS Company Valuations\" report, valuation-multiples section; Sapphire / KBCM SaaS Survey, \"valuations\" chapter) show median ARR multiples have compressed materially from 2021 peaks. Pull the current edition for the live range — do not rely on a memorized number — and flag out-of-band multiples as next-round price risk. Where you only have rough heuristics, mark them as \"directional, not citation-grade\" rather than fabricating a precise band.", "relatedKpiIds": [ "fundraising.pre_money_valuation", "fundraising.total_round_size", "fundraising.founder_dilution", "sales.arr", "finance.net_burn_rate" ], "metricBasis": { "timeBasis": "point_in_time", "production": "computed" } }, { "rogueId": "fundraising.pre_money_valuation", "slug": "pre_money_valuation", "domain": "fundraising", "defaultLabel": "Pre-Money Valuation", "description": "Company valuation negotiated with investors immediately before the new round closes — the denominator for the new investors' ownership math. Per the NVCA Model Documents, pre-money = post-money − new money raised. Common pitfall: when convertible instruments (SAFEs, notes) are outstanding, the \"headline\" pre-money the CEO quotes and the effective pre-money after conversion can differ materially — the board should always ask for both. Equally important: option-pool top-ups taken pre-close come out of the pre-money share count, diluting founders not investors (the \"option pool shuffle\").", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "published", "sourceName": "NVCA Model Legal Documents (2024 revision)", "sourceUrl": "https://nvca.org/model-legal-documents/", "sectionRef": "Series A Charter — Original Issue Price", "publicationDate": "2024-01-01", "attributionNotice": null, "authorityLevel": "recognized-standard" }, "formula": "pre_money_valuation = post_money_valuation − total_round_size. Per NVCA Model Documents convention. Effective pre-money after SAFE/note conversion can be lower than headline — surface both when convertibles are material.", "whyItMatters": "Sets the price for the round. Drives `founder_dilution`, the option-pool top-up math, and the precedent for the next round (down-rounds are punishing to recover from).", "interpretationGuidance": "Compare to stage-relative ranges from quarterly Carta / PitchBook reports (e.g. seed median has moved $12–18M post-money in 2024–2025). A pre-money below stage median typically signals either harsher terms or a strategic discount; above stage median demands real metric backing.", "relatedKpiIds": [ "fundraising.post_money_valuation", "fundraising.total_round_size", "fundraising.founder_dilution", "fundraising.convertible_outstanding" ], "calculationPolicy": { "inclusionRules": [ "Company valuation negotiated with investors immediately BEFORE the new round closes — the denominator for new investors' ownership math.", "Per NVCA Model Documents: pre_money = post_money − new money raised." ], "exclusionRules": [ "The new round capital itself — adding it gives post-money, not pre-money.", "Not `target_valuation` or `minimum_valuation` (the band the team set going in) — pre-money is the single realized negotiated price.", "Headline pre-money is not effective pre-money when convertibles are outstanding — surface both, but do not conflate them." ], "requiredInputs": [ "The negotiated post-money and round size (pre = post − round), OR the directly negotiated pre-money.", "Fully-diluted pre-round share count, including any pre-close option-pool top-up.", "Outstanding convertible (SAFE / note) terms, to compute effective pre-money after conversion." ], "dataSourcePriority": [ "Executed term sheet (the negotiated price).", "The fully-diluted cap-table model for effective pre-money after SAFE / note conversion." ], "edgeCases": [ "Convertibles outstanding: headline pre-money the CEO quotes and effective pre-money after SAFE / note conversion can differ materially — the board should always ask for both.", "Option-pool shuffle: a pre-close pool top-up comes out of the pre-money share count, diluting founders not investors — include it in the dilution read." ], "validationChecks": [ "pre_money_valuation + total_round_size = post_money_valuation (NVCA identity).", "Compare to stage-relative Carta / PitchBook ranges — a pre-money below stage median signals harsher terms or a strategic discount; above demands real metric backing." ], "commonMiscomputations": [ "Quoting post-money as pre-money (off by the full round size).", "Ignoring outstanding SAFEs / notes so the headline pre-money overstates the effective per-share price.", "Treating the target / minimum valuation band as the realized pre-money before a term sheet exists." ] }, "metricBasis": { "timeBasis": "point_in_time", "production": "primary" } }, { "rogueId": "fundraising.risk_factors", "slug": "risk_factors", "domain": "fundraising", "defaultLabel": "Fundraising Risk Factors", "description": "Named risks that could prevent the round from closing as targeted — market conditions (general venture sentiment, sector-specific freeze), investor-side risk (anchor investor wobble, partner-meeting drop-off), company-side risk (a metric trending wrong direction, customer concentration concern surfaced in diligence), and timing risk (runway versus close date). Common pitfall: optimistic CEOs under-report risk factors. Boards should expect at least 2–3 named risks even in a healthy round — \"no risks\" is itself a risk signal.", "fieldType": "text", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "recommended", "seed": "recommended", "seriesA": "recommended", "seriesB": "recommended", "seriesC": "recommended" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Narrative — list of named risks, each ideally with a likelihood / mitigation pair.", "whyItMatters": "Surfaces what could go wrong before it does — boards earn their seat by spotting risks the CEO is too close to see. Also a contract between CEO and board on what to watch.", "interpretationGuidance": "Watch for risks that persist across multiple updates with no mitigation movement — usually a sign the CEO needs board help. A new risk appearing late in the round (post-term-sheet) deserves immediate board attention.", "relatedKpiIds": [ "fundraising.round_status", "fundraising.strategy", "fundraising.assumptions" ] }, { "rogueId": "fundraising.round_completion_pct", "slug": "round_completion_pct", "domain": "fundraising", "defaultLabel": "Round Completion %", "description": "Progress of the round expressed as committed capital divided by target. Read alongside `round_status` and elapsed-time-in-round to detect stalls. Common pitfall: percentage progress is misleading when measured against a shifting `target_raise` — when management lowers the target mid-round, the percentage jumps without any new commitments arriving. The board should always be told when this is a target revision vs. a real progress event.", "fieldType": "percentage", "unit": "%", "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "round_completion_pct = (committed_amount / target_raise) × 100. When using soft+hard committed, footnote the convention.", "whyItMatters": "Single-number pacing signal — board members glance at it first when scanning a fundraising update. Pairs naturally with elapsed-time-in-round to surface stalls.", "interpretationGuidance": "Rough pacing checkpoints from collected practitioner essays (NfX, Bessemer founder content): 30% by 4–6 weeks in, 60% by week 8–10, 90%+ by week 12. Sustained pacing below these typically signals a need to widen the investor net or revise the target.", "relatedKpiIds": [ "fundraising.target_raise", "fundraising.committed_amount", "fundraising.round_status", "fundraising.planned_close_date" ], "metricBasis": { "timeBasis": "point_in_time", "production": "computed" } }, { "rogueId": "fundraising.round_status", "slug": "round_status", "domain": "fundraising", "defaultLabel": "Round Status", "description": "Current phase of the active fundraising round on a coarse state machine (e.g. not-started, in-progress, term-sheet, closing, closed). The board reads this to know which playbook applies — pipeline-building, diligence, closing, or post-close communications. Common pitfall: the field drifts when a round stalls or pivots, so treat each phase change as a board-update trigger. The PhasePlaybook widget binds to this enum and surfaces the appropriate phase guidance read-only beside the editor.", "fieldType": "text", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Categorical state derived from operational status — no calculation. Typical states: not-started, in-progress, term-sheet, closing, closed, paused.", "whyItMatters": "Anchors every other fundraising number in board context — the same target_raise is read differently mid-pipeline than at closing. Drives which phase playbook the board should be advising on.", "interpretationGuidance": "Treat a phase regression (e.g. term-sheet → in-progress) as a yellow flag and pair it with `risk_factors`. Time spent in any single phase beyond stage-typical norms (6–9 months at seed, 4–6 months at A/B) signals a stalled round.", "relatedKpiIds": [ "fundraising.target_raise", "fundraising.committed_amount", "fundraising.planned_close_date", "fundraising.risk_factors" ] }, { "rogueId": "fundraising.strategy", "slug": "strategy", "domain": "fundraising", "defaultLabel": "Fundraising Strategy", "description": "Free-text narrative covering the planned fundraising approach for the current round: target investor types (lead profile, co-investors), timing, sequencing of the conversation, use of proceeds, milestones the round will get the company to, and the alternative scenarios if the primary plan slips. This is the \"what is the CEO actually doing\" section of the fundraising update. Common pitfall: strategy that does not name a target lead investor profile or use-of-proceeds milestone is not strategy — it is intent. Boards should push for specificity here.", "fieldType": "text", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Narrative — no calculation. Should cover (1) target investor profile, (2) sequencing / timing plan, (3) use of proceeds, (4) milestones funded, (5) downside scenarios.", "whyItMatters": "Forces the CEO to articulate \"what game we are playing\" — boards offer better help when they understand the strategy, not just the numbers.", "interpretationGuidance": "A strategy that has not changed across consecutive board updates while the round has stalled is a red flag — typically requires a reframing conversation. A strategy that pivots every update is also a red flag — typically requires the board to push for commitment.", "relatedKpiIds": [ "fundraising.round_status", "fundraising.target_raise", "fundraising.investors_in_pipeline", "fundraising.risk_factors", "fundraising.assumptions" ] }, { "rogueId": "fundraising.target_raise", "slug": "target_raise", "domain": "fundraising", "defaultLabel": "Target Raise", "description": "Target gross capital the company intends to raise in the currently active round (the \"ask\"). This is the headline number the CEO walks investors through and the board uses to sanity-check dilution and runway implications. Note the distinction from `total_round_size` (which can include third-party participation beyond the company-led ask) and from `minimum_close_amount` (the floor at which the round can close). Common pitfall: the target is updated mid-process when investor demand or strategy shifts — every change deserves a board note.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Plain currency target — no derivation. Distinct from `total_round_size` (which may include strategic / employee allocations beyond the lead ask) and `minimum_close_amount` (the floor for the round to close).", "whyItMatters": "Defines the contract between management and the board for this round — every downstream KPI (round_completion_pct, founder_dilution, runway extension) is calibrated against it.", "interpretationGuidance": "Compare against stage norms (per Carta / PitchBook quarterly reports): pre-seed $0.5–3M, seed $2–5M, Series A $8–20M, Series B $20–60M. A target significantly above stage norm warrants extra board scrutiny on burn assumptions and investor fit.", "relatedKpiIds": [ "fundraising.committed_amount", "fundraising.total_round_size", "fundraising.minimum_close_amount", "fundraising.round_completion_pct", "fundraising.founder_dilution" ], "calculationPolicy": { "inclusionRules": [ "The headline gross capital the company intends to raise in the currently active round — the \"ask\" the CEO walks investors through.", "A single management-set target figure for one round; gross (pre-fees), in the round's reporting currency." ], "exclusionRules": [ "Not `total_round_size` (the final all-participant round figure used in post-money math) — the target is intent and can move mid-process.", "Not `minimum_close_amount` (the floor at which the round can legally / strategically close) — the target is the aim, not the worst case.", "Not `committed_amount` or `total_received` — those are progress against the target, not the target itself.", "Prior rounds' targets — this is the active round only." ], "requiredInputs": [ "The board-agreed target for the active round.", "Round currency.", "Date the target was last revised (every change deserves a board note)." ], "dataSourcePriority": [ "The board-approved fundraising plan / round kickoff memo.", "The CEO's current investor deck \"ask\" slide as a fallback — reconcile against the board-approved figure." ], "edgeCases": [ "Mid-round target revisions: when demand or strategy shifts, the target moves — flag the change explicitly so `round_completion_pct` is not misread as new progress.", "Target expressed as a range by management: record the point the board is tracking to (typically the midpoint) and footnote the range." ], "validationChecks": [ "target_raise ≥ minimum_close_amount — the ask cannot be below the floor.", "Compare to stage norms (pre-seed $0.5–3M, seed $2–5M, Series A $8–20M per Carta / PitchBook): a target far above stage norm warrants extra burn-assumption scrutiny." ], "commonMiscomputations": [ "Reporting `total_round_size` as the target — the round size is final and feeds valuation math; the target is the moving aim.", "Quoting `committed_amount` as the target once commitments arrive — conflates progress with the goal.", "Silently changing the target and letting completion-% jump without a board note." ] }, "metricBasis": { "timeBasis": "point_in_time", "moneyBasis": "cash", "production": "primary" } }, { "rogueId": "fundraising.target_valuation", "slug": "target_valuation", "domain": "fundraising", "defaultLabel": "Target Valuation", "description": "The pre-money valuation the current round is being run to land — the valuation \"ask\" that anchors the pitch and the dilution math management is targeting. Distinct from `pre_money_valuation` (the precise NVCA-defined price the round actually closes at, known only once a term sheet is signed): this is the aim, set going in. The board reads the target alongside `fundraising.minimum_valuation` as a valuation BAND — the two together tell a very different story than a single point. Common pitfall: a target valuation set on 2021-vintage multiples in a compressed market; always sanity-check against current stage-relative ranges from quarterly Carta / PitchBook / SaaS Capital reports.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Currency target — the pre-money valuation management is running the round to land. Set going in; distinct from `pre_money_valuation` (the realized price at signing) and `minimum_valuation` (the floor). Typically expressed as pre-money to match `pre_money_valuation`.", "whyItMatters": "Defines the best-case price of the round and the dilution math management is targeting — every downstream economic KPI (`founder_dilution`, option-pool top-up) is calibrated against where the round actually lands relative to this aim.", "interpretationGuidance": "Read as the top of the valuation band alongside `minimum_valuation`. Compare to stage-relative ranges from quarterly Carta / PitchBook / SaaS Capital reports — a target above stage-median pre-money demands real metric backing and raises next-round down-round risk if it cannot be defended. The gap between target and minimum is the team's implicit read on market softness: a wide band signals uncertainty, a tight band signals conviction.", "relatedKpiIds": [ "fundraising.minimum_valuation", "fundraising.pre_money_valuation", "fundraising.post_money_valuation", "fundraising.total_round_size", "fundraising.founder_dilution" ], "calculationPolicy": { "inclusionRules": [ "The pre-money valuation the current round is being run to land — the valuation \"ask\" that anchors the pitch and the dilution math management is targeting.", "The top anchor of the valuation band, read alongside `minimum_valuation`; typically expressed as pre-money." ], "exclusionRules": [ "Not `pre_money_valuation` (the realized price known only at term-sheet signing) — the target is the aim set going in.", "Not `minimum_valuation` (the floor).", "Not a post-money figure — keep it pre-money to match the band's other anchors." ], "requiredInputs": [ "The management-set valuation the round is being run to.", "The `minimum_valuation` to express the band.", "Current stage-relative valuation comps to sanity-check the target." ], "dataSourcePriority": [ "The board-approved round plan / pricing strategy.", "The investor deck ask as a fallback — reconcile to the board-approved target." ], "edgeCases": [ "A target set on 2021-vintage multiples in a compressed market is a red flag — sanity-check against current Carta / PitchBook / SaaS Capital stage ranges.", "The gap between target and minimum is the team's implicit read on market softness: wide = uncertainty, tight = conviction." ], "validationChecks": [ "target_valuation ≥ minimum_valuation.", "A target above stage-median pre-money demands real metric backing and raises next-round down-round risk if it cannot be defended." ], "commonMiscomputations": [ "Reporting the target as the realized `pre_money_valuation` before a term sheet exists.", "Setting the target on stale (2021-peak) multiples without re-checking the current market." ] }, "metricBasis": { "timeBasis": "point_in_time", "production": "primary" } }, { "rogueId": "fundraising.total_capital_raised", "slug": "total_capital_raised", "domain": "fundraising", "defaultLabel": "Total Capital Raised to Date", "description": "Cumulative gross equity capital raised across all prior rounds (and the current round in-progress). Treated as historical context — investors and board members look at this to gauge capital efficiency (capital raised vs. ARR achieved). Common pitfall: includes all equity but typically excludes convertible debt that has not converted, venture debt principal, and grants — be explicit about what is and is not included when the number is presented. Capital efficiency benchmarks (per KBCM, SaaS Capital, and Bessemer State-of-the-Cloud) compare `total_capital_raised` to current ARR — e.g. \"$30M raised, $10M ARR\" is efficient at A but lean at B+.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "recommended", "seed": "recommended", "seriesA": "recommended", "seriesB": "recommended", "seriesC": "recommended" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Sum of gross equity capital raised across all rounds. Be explicit about inclusion of convertibles and exclusion of venture debt / grants — surface in a footnote.", "whyItMatters": "Tracks capital efficiency over time and frames the company's next-round narrative (\"we raised $X to get to $Y ARR\"). Investors and board members use this for stage-vs-traction sanity-checking.", "interpretationGuidance": "Compare to current ARR for capital efficiency. The right ratio is ARR ÷ capital raised — most early-stage SaaS companies generate noticeably less ARR than they have raised (ratio typically well under 1.0x at Series A, with the gap intentional during growth-spend ramps). The KBCM (now Sapphire / KBCM) Private SaaS Company Survey publishes a \"capital efficiency\" cut for the current vintage; the Bessemer State of the Cloud report covers the same axis qualitatively. Pull the current edition for the live benchmark rather than relying on a memorized number, and tag any heuristic range as \"directional, not citation-grade\" if you cannot cite a specific section.", "relatedKpiIds": [ "fundraising.total_round_size", "fundraising.total_received", "sales.arr", "finance.net_burn_rate" ], "calculationPolicy": { "inclusionRules": [ "CUMULATIVE gross equity capital raised across ALL prior rounds plus the current round in-progress — the all-time historical figure.", "Used to frame capital efficiency (capital raised vs. ARR achieved) and the next-round narrative." ], "exclusionRules": [ "Round-specific amounts (`total_round_size`, `total_received`) — this is cumulative all-time, not the active round.", "Convertible debt that has not converted — typically excluded; be explicit when included.", "Venture debt principal — debt is not equity raised.", "Grants / non-dilutive funding — exclude (or footnote separately)." ], "requiredInputs": [ "Gross equity raised per historical round.", "The current round's equity to date.", "A stated convention for convertibles (included or not) and confirmation debt / grants are excluded.", "Current ARR, for the capital-efficiency ratio." ], "dataSourcePriority": [ "The cap-table system of record (Carta / Pulley) round history.", "Closing documents per round as a fallback to verify gross amounts." ], "edgeCases": [ "Be explicit about what is and is not included (convertibles, debt, grants) — surface the inclusion convention in a footnote each time the number is presented.", "A current round still in-progress: state whether the figure is committed-to-date or received-to-date for the active round.", "Cross-currency historical rounds: normalize to one reporting currency at documented rates." ], "validationChecks": [ "total_capital_raised ≥ any single round's `total_round_size`.", "Capital efficiency = current ARR ÷ total_capital_raised — most early-stage SaaS sits well under 1.0x at Series A; compare to the current KBCM / Sapphire vintage rather than a memorized number." ], "commonMiscomputations": [ "Reporting the latest round size as cumulative capital raised (or vice versa).", "Folding venture debt or grants into the equity total without a footnote.", "Inconsistently including unconverted convertibles across periods so the time series is not comparable." ] }, "metricBasis": { "timeBasis": "point_in_time", "moneyBasis": "cash", "production": "primary" } }, { "rogueId": "fundraising.total_received", "slug": "total_received", "domain": "fundraising", "defaultLabel": "Total Received", "description": "Cash that has actually been wired and cleared the company's bank account from investors in the current round. This is the cash-in-the-bank version of `committed_amount`. Common pitfall: commitments do not pay the bills — wiring can lag commitments by weeks to months for the second / third closes, and a committed-but-not-received delta of $5M+ can quietly extend the runway forecast incorrectly. Reconcile this against `finance.total_cash_in_bank` increases each period.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Sum of investor wires received and cleared in the current round. Always less-than-or-equal-to `committed_amount`; difference equals \"to-be-wired\" balance.", "whyItMatters": "The only line of capital the company can actually deploy — runway forecasts based on `committed_amount` rather than `total_received` are aspirational, not operational.", "interpretationGuidance": "A widening gap between `committed_amount` and `total_received` past the first close warrants a follow-up — wiring delays beyond 30 days from signature increasingly correlate (per founder postmortems published on First Round Review) with investor regret or strategic shifts.", "relatedKpiIds": [ "fundraising.committed_amount", "fundraising.target_raise", "finance.total_cash_in_bank", "finance.runway_months" ], "calculationPolicy": { "inclusionRules": [ "Cash that has actually been WIRED and CLEARED the company's bank account from investors in the current round.", "The deployable, operational version of the round — the only capital runway forecasts may legitimately rely on." ], "exclusionRules": [ "Committed-but-not-wired capital — `committed_amount` minus `total_received` is the \"to-be-wired\" balance, not received.", "Soft commitments and pipeline interest.", "Prior-round capital already in the bank (reflected in cash balances / `total_capital_raised`, not this round's received)." ], "requiredInputs": [ "Per-investor wires received and cleared in the current round.", "Wire dates (to measure commitment-to-cash lag).", "The current `committed_amount` to compute the outstanding balance." ], "dataSourcePriority": [ "Bank statements / treasury ledger (cleared wires).", "Closing agent / counsel confirmations as a fallback before the bank feed updates." ], "edgeCases": [ "Multiple closes: wiring for the second / third close can lag commitments by weeks to months — report received as of the period, not as of commitment.", "A committed-but-not-received delta of several $M can quietly overstate runway — reconcile received against `finance.total_cash_in_bank` increases each period.", "FX on a cross-border wire: record the cleared reporting-currency amount, not the quoted commitment amount." ], "validationChecks": [ "total_received ≤ committed_amount always.", "Period-over-period increase in `finance.total_cash_in_bank` from financing ≈ total_received for the period (net of fees)." ], "commonMiscomputations": [ "Treating `committed_amount` as received and building operational runway on aspirational capital.", "Counting a signed subscription doc as received before the wire clears." ] }, "metricBasis": { "timeBasis": "point_in_time", "moneyBasis": "cash", "production": "primary" } }, { "rogueId": "fundraising.total_round_size", "slug": "total_round_size", "domain": "fundraising", "defaultLabel": "Total Round Size", "description": "Total new capital being raised in the current round across all participants — the lead, follow-on investors, employee/strategic allocations, and any side-letter pieces. This is the figure that goes into the post-money math. Common pitfall: companies sometimes confuse `total_round_size` with `target_raise` — the round size is final and used in valuation math, while the target is what management is aiming for and can move during the raise. Boards should expect a specific breakdown by investor when this number is reported.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "preSeed", "seed", "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "preSeed": "core", "seed": "core", "seriesA": "core", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "published", "sourceName": "NVCA Model Legal Documents (2024 revision)", "sourceUrl": "https://nvca.org/model-legal-documents/", "sectionRef": "Series A Stock Purchase Agreement — Aggregate Investment", "publicationDate": "2024-01-01", "attributionNotice": null, "authorityLevel": "recognized-standard" }, "formula": "Sum of all new-money allocations in the round (lead + follow-on + strategic + employee + side letters). Distinct from `target_raise` (intent) and `committed_amount` (in-progress signal).", "whyItMatters": "Determines the round's post-money valuation and dilution math. Also signals investor concentration risk — a round with 80% from one investor differs structurally from a round with 5 equal participants.", "interpretationGuidance": "Round size noticeably below target typically signals investor demand weakness (consider repricing or scope cut). Round size meaningfully above target signals oversubscription — a healthy signal but raises governance questions on how allocations are decided.", "relatedKpiIds": [ "fundraising.target_raise", "fundraising.committed_amount", "fundraising.pre_money_valuation", "fundraising.post_money_valuation", "fundraising.founder_dilution" ], "calculationPolicy": { "inclusionRules": [ "Total NEW capital raised in the current round across all participants — lead, follow-on investors, employee / strategic allocations, and side-letter pieces.", "The final figure that feeds the post-money valuation and dilution math." ], "exclusionRules": [ "Not `target_raise` (management intent, can move) — the round size is final and used in valuation math.", "Convertible instruments (SAFEs / notes) converting at this round, when tracked separately — be explicit whether the round size is \"new priced money only\" or \"new money plus converting instruments\".", "Venture debt — debt is funding capacity, not part of the equity round size.", "Prior rounds' capital (that is `total_capital_raised`)." ], "requiredInputs": [ "Per-investor new-money allocations for the round (lead + follow-on + strategic + employee + side letters).", "Whether converting SAFEs / notes are folded into the figure (convention).", "Pre-money valuation, to reconcile post-money = pre-money + round size." ], "dataSourcePriority": [ "Executed term sheet / closing allocation schedule.", "The closing cap-table model as a fallback while allocations are still firming." ], "edgeCases": [ "Multiple closes: a first close fixes part of the round size; report cumulative-to-date and footnote that the round is still open.", "Oversubscription: round size can land above target — a healthy signal, but flag the allocation-governance question.", "Concentration: a round that is 80% one investor reads structurally different from 5 equal participants — surface the breakdown." ], "validationChecks": [ "post_money_valuation − pre_money_valuation ≈ total_round_size (NVCA identity) — if it does not reconcile, one of the three is wrong.", "total_round_size ≥ committed_amount ≥ total_received at any point in an open round." ], "commonMiscomputations": [ "Using `target_raise` in the post-money math instead of the final round size.", "Folding venture debt or unconverted SAFEs into the equity round size without a footnote — overstates the priced raise and the dilution denominator." ] }, "metricBasis": { "timeBasis": "point_in_time", "moneyBasis": "cash", "production": "primary" } }, { "rogueId": "fundraising.venture_debt_available", "slug": "venture_debt_available", "domain": "fundraising", "defaultLabel": "Venture Debt Available", "description": "Undrawn capacity remaining on existing venture debt facilities. Optionality the company can call on quickly without re-pricing. Common pitfall: availability is conditional — most facilities require continued covenant compliance, and an available line can be pulled or frozen by the lender if cash, ARR, or other covenants slip (per the Bessemer venture-debt content and Battery Ventures primer). The board should treat `venture_debt_available` as a soft commitment, not a hard one, until drawn.", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "seriesA": "recommended", "seriesB": "recommended", "seriesC": "recommended" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "venture_debt_available = total_facility_committed − venture_debt_drawn − amounts no longer drawable (covenant restrictions, time-window expirations).", "whyItMatters": "Strategic optionality — drawable capacity is a buffer for unexpected burn or a bridge to the next round. But it is contingent on staying inside covenants, so the board needs both this number and `venture_debt_covenant_status`.", "interpretationGuidance": "Available capacity of 3–6 months of net burn provides meaningful optionality. Less than ~1 month of burn in availability rarely justifies the facility complexity. Watch for facilities with expiring draw windows — undrawn capacity that vanishes on a calendar date.", "relatedKpiIds": [ "fundraising.venture_debt_drawn", "fundraising.venture_debt_covenant_status", "finance.net_burn_rate", "finance.runway_months" ], "calculationPolicy": { "inclusionRules": [ "Undrawn capacity remaining on existing venture debt facilities — optionality the company can call on without re-pricing.", "available = total facility committed − drawn − amounts no longer drawable (covenant restrictions, expired draw windows)." ], "exclusionRules": [ "Drawn principal (that is `venture_debt_drawn`).", "Capacity no longer drawable due to covenant breach or an expired draw window — exclude it even though the headline facility is larger.", "Equity capital and convertible capacity — this is a debt line, not an equity raise.", "Uncommitted / indicative facility interest a lender has floated but not documented." ], "requiredInputs": [ "Total committed facility size and amount drawn.", "Draw-window expiry dates and any covenant-conditioned draw restrictions.", "Current covenant compliance status.", "Net burn, to express availability in months of runway." ], "dataSourcePriority": [ "The facility agreement (committed size + draw conditions) and current covenant compliance.", "Treasury's facility tracker as a fallback." ], "edgeCases": [ "Availability is CONDITIONAL: most facilities require continued covenant compliance — an available line can be frozen or pulled if cash / ARR covenants slip. Treat it as a soft commitment until drawn.", "Expiring draw windows: undrawn capacity that vanishes on a calendar date — flag the expiry.", "Available capacity of 3–6 months of net burn is meaningful optionality; under ~1 month rarely justifies the facility complexity." ], "validationChecks": [ "venture_debt_available + venture_debt_drawn ≤ total facility committed.", "Pair with `venture_debt_covenant_status` — availability reported without covenant status overstates the usable buffer." ], "commonMiscomputations": [ "Reporting available capacity as a hard, committed source of cash — it is contingent on staying inside covenants.", "Counting capacity behind an expired draw window or a tripped covenant.", "Adding available debt capacity to equity-raise totals." ] }, "metricBasis": { "timeBasis": "point_in_time", "moneyBasis": "cash", "production": "primary" } }, { "rogueId": "fundraising.venture_debt_covenant_status", "slug": "venture_debt_covenant_status", "domain": "fundraising", "defaultLabel": "Venture Debt Covenant Status", "description": "Stoplight state of the venture-debt facility covenants — typically minimum-cash, minimum-ARR or revenue, maximum-burn, customer-concentration, and material-adverse-change clauses (per the standard Bessemer / Battery Ventures venture-debt primers). A covenant trip can freeze the draw line, accelerate repayment, or both. Common pitfall: covenants are not always actively monitored between board meetings — drift between an internal forecast and a covenant threshold can cross the line silently. Boards should require monthly covenant headroom reporting when material debt is drawn.", "fieldType": "text", "unit": null, "maturity": "general", "suggestedForStages": [ "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "seriesA": "recommended", "seriesB": "core", "seriesC": "core" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Stoplight categorical: in-compliance (with headroom) / at-risk (headroom ≤ 1 quarter) / tripped / waived. List the binding covenant and current headroom.", "whyItMatters": "A covenant trip can cascade into a liquidity crisis fast — frozen facility, accelerated repayment, MAC clause triggering. Board catches this only if it is on the dashboard explicitly.", "interpretationGuidance": "Headroom of less than one quarter on the binding covenant is \"at-risk\" — board action required. Headroom of less than one month is a crisis-management situation regardless of stoplight color. Always pair with the binding-covenant name (e.g. \"minimum cash $5M, current $7.2M, headroom = $2.2M\").", "relatedKpiIds": [ "fundraising.venture_debt_drawn", "fundraising.venture_debt_available", "finance.total_cash_in_bank", "finance.net_burn_rate" ] }, { "rogueId": "fundraising.venture_debt_drawn", "slug": "venture_debt_drawn", "domain": "fundraising", "defaultLabel": "Venture Debt Drawn", "description": "Principal currently drawn from venture debt facilities (e.g. Silicon Valley Bank, Hercules Capital, Trinity Capital, Western Alliance, Bridge Bank facilities). Venture debt typically extends runway 6–12 months alongside the equity round — used well, it dilution-efficiently bridges to the next equity event; used poorly, it concentrates default risk into a single covenant covenant trip. Common pitfall: drawn debt creates interest expense and a repayment schedule that compresses runway in 18–24 months even though it extends runway today (per the Battery Ventures venture-debt primer and the Bessemer \"venture debt playbook\" series).", "fieldType": "currency", "unit": null, "maturity": "general", "suggestedForStages": [ "seriesA", "seriesB", "seriesC" ], "defaultOwningFunctions": [ "Finance" ], "stageRelevance": { "seriesA": "recommended", "seriesB": "recommended", "seriesC": "recommended" }, "definitionSource": { "tier": "editorial", "sourceName": "imboard Editorial", "sourceUrl": null, "sectionRef": null, "publicationDate": "2026-04-01", "attributionNotice": null, "authorityLevel": "imboard-editorial" }, "formula": "Sum of principal drawn (and not yet repaid) across all active venture debt facilities. Distinct from `venture_debt_available` (undrawn capacity). Servicing cost = drawn × (rate + fees) — reduces runway.", "whyItMatters": "Drawn debt accelerates cash burn through interest plus principal amortization (typically 24–36 month amortization after a 6–18 month interest-only period). Misjudging the trade-off between dilution avoided and forced repayment is a common venture-backed startup failure mode.", "interpretationGuidance": "Drawn debt above ~30% of unrestricted cash starts to dominate the runway forecast and the covenant exposure. Pair with `venture_debt_covenant_status` and the next-round timeline — if the next equity event is uncertain past the amortization start date, the board should be in active conversation about refinancing.", "relatedKpiIds": [ "fundraising.venture_debt_available", "fundraising.venture_debt_covenant_status", "finance.total_cash_in_bank", "finance.runway_months" ], "calculationPolicy": { "inclusionRules": [ "Principal currently DRAWN (and not yet repaid) from venture debt facilities (e.g. SVB, Hercules, Trinity, Western Alliance, Bridge Bank).", "Debt that creates interest expense and a repayment schedule — funding CAPACITY converted to a liability, not an equity raise." ], "exclusionRules": [ "Undrawn facility capacity (that is `venture_debt_available`).", "Equity capital — venture debt is NOT part of `total_round_size` or `total_capital_raised` (which track equity).", "Convertible instruments — debt does not convert to equity at a priced round the way SAFEs / notes do (absent attached warrants).", "Warrant coverage attached to the facility — track separately as dilution, not as drawn principal." ], "requiredInputs": [ "Per-facility principal drawn and repaid to date.", "Interest rate, fees, and the amortization schedule (interest-only period + amortization start).", "Covenant package, to assess forced-repayment / acceleration risk." ], "dataSourcePriority": [ "The loan / facility agreement and the lender's statement of account.", "Treasury's debt schedule as a fallback — reconcile to the lender statement." ], "edgeCases": [ "Drawn debt EXTENDS runway today but COMPRESSES it in 18–24 months via interest plus principal amortization — model both effects.", "Drawn above ~30% of unrestricted cash starts to dominate the runway forecast and covenant exposure — pair with `venture_debt_covenant_status`.", "A covenant trip can accelerate repayment — model the downside, not just the scheduled amortization." ], "validationChecks": [ "venture_debt_drawn ≤ total facility committed.", "Servicing cost = drawn × (rate + fees) should reconcile to the interest line in `finance.interest_income_expense`.", "Drawn debt must NOT appear in equity-raise KPIs (`total_round_size`, `total_capital_raised`)." ], "commonMiscomputations": [ "Counting drawn venture debt as part of the equity round or cumulative capital raised — it is debt, not an equity raise.", "Treating debt as pure runway extension while ignoring the repayment cliff and interest drag.", "Including undrawn capacity in the drawn figure." ] }, "metricBasis": { "timeBasis": "point_in_time", "moneyBasis": "cash", "production": "primary" } } ] }