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