{
  "version": "1.3.0",
  "releasedAt": "2026-05-20",
  "kpi": {
    "rogueId": "fundraising.venture_debt_drawn",
    "slug": "venture_debt_drawn",
    "domain": "fundraising",
    "defaultLabel": "Venture Debt Drawn",
    "description": "Principal currently drawn from venture debt facilities (e.g. Silicon Valley Bank, Hercules Capital, Trinity Capital, Western Alliance, Bridge Bank facilities). Venture debt typically extends runway 6–12 months alongside the equity round — used well, it dilution-efficiently bridges to the next equity event; used poorly, it concentrates default risk into a single covenant covenant trip. Common pitfall: drawn debt creates interest expense and a repayment schedule that compresses runway in 18–24 months even though it extends runway today (per the Battery Ventures venture-debt primer and the Bessemer \"venture debt playbook\" series).",
    "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": "Sum of principal drawn (and not yet repaid) across all active venture debt facilities. Distinct from `venture_debt_available` (undrawn capacity). Servicing cost = drawn × (rate + fees) — reduces runway.",
    "whyItMatters": "Drawn debt accelerates cash burn through interest plus principal amortization (typically 24–36 month amortization after a 6–18 month interest-only period). Misjudging the trade-off between dilution avoided and forced repayment is a common venture-backed startup failure mode.",
    "interpretationGuidance": "Drawn debt above ~30% of unrestricted cash starts to dominate the runway forecast and the covenant exposure. Pair with `venture_debt_covenant_status` and the next-round timeline — if the next equity event is uncertain past the amortization start date, the board should be in active conversation about refinancing.",
    "relatedKpiIds": [
      "fundraising.venture_debt_available",
      "fundraising.venture_debt_covenant_status",
      "finance.total_cash_in_bank",
      "finance.runway_months"
    ],
    "metricBasis": {
      "timeBasis": "point_in_time",
      "moneyBasis": "cash",
      "production": "primary"
    }
  }
}