{
  "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
  },
  "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"
  ]
}