{
  "version": "1.3.0",
  "releasedAt": "2026-05-20",
  "kpi": {
    "rogueId": "fundraising.venture_debt_available",
    "slug": "venture_debt_available",
    "domain": "fundraising",
    "defaultLabel": "Venture Debt Available",
    "description": "Undrawn capacity remaining on existing venture debt facilities. Optionality the company can call on quickly without re-pricing. Common pitfall: availability is conditional — most facilities require continued covenant compliance, and an available line can be pulled or frozen by the lender if cash, ARR, or other covenants slip (per the Bessemer venture-debt content and Battery Ventures primer). The board should treat `venture_debt_available` as a soft commitment, not a hard one, until drawn.",
    "fieldType": "currency",
    "unit": null,
    "maturity": "general",
    "suggestedForStages": [
      "seriesA",
      "seriesB",
      "seriesC"
    ],
    "defaultOwningFunctions": [
      "Finance"
    ],
    "stageRelevance": {
      "seriesA": "recommended",
      "seriesB": "recommended",
      "seriesC": "recommended"
    },
    "definitionSource": {
      "tier": "editorial",
      "sourceName": "imboard Editorial",
      "sourceUrl": null,
      "sectionRef": null,
      "publicationDate": "2026-04-01",
      "attributionNotice": null
    },
    "formula": "venture_debt_available = total_facility_committed − venture_debt_drawn − amounts no longer drawable (covenant restrictions, time-window expirations).",
    "whyItMatters": "Strategic optionality — drawable capacity is a buffer for unexpected burn or a bridge to the next round. But it is contingent on staying inside covenants, so the board needs both this number and `venture_debt_covenant_status`.",
    "interpretationGuidance": "Available capacity of 3–6 months of net burn provides meaningful optionality. Less than ~1 month of burn in availability rarely justifies the facility complexity. Watch for facilities with expiring draw windows — undrawn capacity that vanishes on a calendar date.",
    "relatedKpiIds": [
      "fundraising.venture_debt_drawn",
      "fundraising.venture_debt_covenant_status",
      "finance.net_burn_rate",
      "finance.runway_months"
    ],
    "metricBasis": {
      "timeBasis": "point_in_time",
      "moneyBasis": "cash",
      "production": "primary"
    }
  }
}