The CVF Journal
Field notes on capital efficiency, the EBITCAC framework, and the economics of non-dilutive growth for Series A/B SaaS startups.
How much does venture debt actually cost? The all-in effective rate
Venture debt's all-in cost runs near 15% a year, not the 11-12% coupon. See the math behind fees, final payments, and warrants, and when it still wins.
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At What Gross Margin Does Revenue-Based Financing Stop Making Sense?
Revenue-based financing is repaid from gross margin, not revenue. See the margin-drag math and the gross-margin floor where RBF stops paying off.
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What Net Revenue Retention (NRR) Do Lenders Require for Non-Dilutive Debt?
What NRR do lenders require for non-dilutive debt? See the NRR bands that earn bigger advances, cheaper pricing, and looser covenants, with worked math.
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What Debt Service Coverage Ratio (DSCR) Do SaaS Venture-Debt Lenders Actually Require?
SaaS lenders rarely use classic DSCR. See the real coverage thresholds, MRR multiples, and how the EBITCAC lens flips a sub-1x ratio above 1.25x in 2026.
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Venture Debt Covenants Every SaaS Founder Should Check
The venture debt covenants SaaS founders must check: minimum-cash, performance-to-plan, the MAC and funding MAC, plus how to negotiate cure periods.
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What CAC Payback Period Do Lenders Want Before Funding Your Growth?
Lenders want CAC payback under 12 months before funding growth. Here is how payback length governs your RBF or venture-debt advance, with a fundability table.
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Are Venture Debt Warrants Dilutive? The Real Cost of "Non-Dilutive" Debt
Venture debt is sold as non-dilutive, but its warrants are real equity. Here is how to price that dilution and when truly non-dilutive capital wins.
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How Much Can You Borrow Against Your MRR or ARR?
What determines how much you can borrow against MRR or ARR, why the same revenue produces different facility sizes, and how strong unit economics unlock more.
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What Non-Dilutive Lenders Actually Check Before They Fund You in 2026
Non-dilutive lenders fund predictable revenue, not projections. Here is what they actually check in 2026: revenue quality, efficiency metrics, and a clean balance sheet.
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How AI Inference Costs Reshape Non-Dilutive Financing in 2026
AI inference and compute sit in cost of goods sold, pulling SaaS gross margins down and reshaping the terms lenders offer on non-dilutive capital.
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Bridge Round or Credit Facility? Extending Runway Without a Down Round
A bridge SAFE costs equity; a credit facility costs cash flow. How to compare them and extend runway to your next milestone without a down round.
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Seedstrapping: How to Build a SaaS Company on One Round
Raise one seed round, then build a profitable SaaS on your own cash flow. What seedstrapping requires, the dilution math, and the failure mode to avoid.
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