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