{
  "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
  },
  "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"
  ]
}