Venture Debt Available
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. — 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.venture_debt_available
Type: Currency
Domain: Fundraising
Definition
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.
Formula
venture_debt_available = total_facility_committed − venture_debt_drawn − amounts no longer drawable (covenant restrictions, time-window expirations).Why it matters
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.
How to interpret
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.
Related KPIs
fundraising.venture_debt_drawnfundraising.venture_debt_covenant_statusfinance.net_burn_ratefinance.runway_months
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 |
|---|---|
| Series A | Recommended |
| Series B | Recommended |
| Series C+ | Recommended |
Suggested for stages: Series A, Series B, Series C+.
Default owning functions
- Finance
Machine-readable
- This KPI as JSON:
/api/ontology/fundraising/venture_debt_available.json - All Fundraising KPIs:
/api/ontology/fundraising.json - Full catalog:
/api/ontology/index.json
Total Round Size
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. — Fundraising KPI anchored to NVCA Model Legal Documents (2024 revision).
Venture Debt Covenant Status
Stoplight state of the venture-debt facility covenants — typically minimum-cash, minimum-ARR or revenue, maximum-burn, customer-concentration, and material-adverse-change clauses (per the standard Bessemer / Battery Ventures venture-debt primers). A covenant trip can freeze the draw line, accelerate repayment, or both. Common pitfall: covenants are not always actively monitored between board meetings — drift between an internal forecast and a covenant threshold can cross the line silently. Boards should require monthly covenant headroom reporting when material debt is drawn. — Fundraising KPI, I'mBoard-authored (editorial tier).