{
  "version": "1.3.0",
  "releasedAt": "2026-05-20",
  "kpi": {
    "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
    },
    "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"
    ],
    "metricBasis": {
      "timeBasis": "point_in_time",
      "moneyBasis": "cash",
      "production": "primary"
    }
  }
}