Target Valuation
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. — Fundraising KPI, I'mBoard-authored (editorial tier).
I'mBoard-authored (editorial tier)
No public third-party standard anchors this KPI yet, so I'mBoard authors and maintains the definition — transparently labeled as editorial tier. See the ontology methodology for the published vs editorial tier system and the back-attribution workstream.
Rogue ID: fundraising.target_valuation
Type: Currency
Domain: Fundraising
Definition
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.
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`.Why it matters
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.
How to interpret
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.
Calculation policy
How an AI agent should compute this KPI from messy company data. Free-text rules consumed at reasoning time — not a deterministic DSL. The most common ways to get this wrong are listed under Common miscomputations.
Inclusion rules
- 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.
- The top anchor of the valuation band, read alongside
minimum_valuation; typically expressed as pre-money.
Exclusion rules
- Not
pre_money_valuation(the realized price known only at term-sheet signing) — the target is the aim set going in. - Not
minimum_valuation(the floor). - Not a post-money figure — keep it pre-money to match the band's other anchors.
Required inputs
- The management-set valuation the round is being run to.
- The
minimum_valuationto express the band. - Current stage-relative valuation comps to sanity-check the target.
Data-source priority
- The board-approved round plan / pricing strategy.
- The investor deck ask as a fallback — reconcile to the board-approved target.
Edge cases
- A target set on 2021-vintage multiples in a compressed market is a red flag — sanity-check against current Carta / PitchBook / SaaS Capital stage ranges.
- The gap between target and minimum is the team's implicit read on market softness: wide = uncertainty, tight = conviction.
Validation checks
- target_valuation ≥ minimum_valuation.
- A target above stage-median pre-money demands real metric backing and raises next-round down-round risk if it cannot be defended.
Common miscomputations
- Reporting the target as the realized
pre_money_valuationbefore a term sheet exists. - Setting the target on stale (2021-peak) multiples without re-checking the current market.
Related KPIs
fundraising.minimum_valuationfundraising.pre_money_valuationfundraising.post_money_valuationfundraising.total_round_sizefundraising.founder_dilution
Source
I'mBoard editorial — authored and maintained by I'mBoard, first published 2026-04-01. No third-party standard is cited for this KPI; when one emerges, the definition is back-attributed and promoted to the published tier (a minor version bump). Read the ontology methodology for the published vs editorial tier system, attribution rules, and dispute process.
Stage relevance
| Company stage | Priority |
|---|---|
| Pre-Seed | Core |
| Seed | Core |
| Series A | Core |
| Series B | Core |
| Series C+ | Core |
Suggested for stages: Pre-Seed, Seed, Series A, Series B, Series C+.
Default owning functions
- Finance
Machine-readable
- This KPI as JSON:
/api/ontology/fundraising/target_valuation.json - All Fundraising KPIs:
/api/ontology/fundraising.json - Full catalog:
/api/ontology/index.json
Target Raise
Target gross capital the company intends to raise in the currently active round (the "ask"). This is the headline number the CEO walks investors through and the board uses to sanity-check dilution and runway implications. Note the distinction from `total_round_size` (which can include third-party participation beyond the company-led ask) and from `minimum_close_amount` (the floor at which the round can close). Common pitfall: the target is updated mid-process when investor demand or strategy shifts — every change deserves a board note. — Fundraising KPI, I'mBoard-authored (editorial tier).
Total Capital Raised to Date
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+. — Fundraising KPI, I'mBoard-authored (editorial tier).