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 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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The Section 174 Fix: How SaaS Founders Claim an R&D Tax Refund Before July 6, 2026
Congress restored full R&D expensing and opened a refund window for 2022–2024. Who qualifies under the $31M test, how much cash is on the table, and why the July 6, 2026 deadline matters.
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What Is Your SaaS Worth? Revenue Multiples and the Numbers That Move Them
What's your SaaS worth? It starts with a revenue multiple. How the multiple works, what drives it, 2026 benchmark bands, a worked example, and how to lift yours.
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SaaS Gross Margin: What Good Looks Like (and What Counts as COGS)
Gross margin is the ceiling on every other SaaS metric. Here is what counts as COGS, the benchmark bands, why AI features push it down, and how to improve a weak one.
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SaaS Magic Number: How Efficient Is Your Sales Spend (and What Good Looks Like)
The SaaS Magic Number shows how much new ARR each dollar of sales and marketing spend returns. The formula, a worked example, benchmark bands, and how to improve a low one.
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Burn Multiple: What It Reveals About Capital Efficiency and How to Improve It
Burn Multiple is net burn divided by net new ARR. What it means, how to calculate it, what counts as a good number by stage, and the levers that improve it.
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Mezzanine Financing for SaaS: How It Works and When to Use It
Mezzanine financing for SaaS, subordinated debt with warrants and PIK between senior debt and equity. How it works, typical terms, why retention decides it, and when to use it.
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The Rule of 40 for SaaS: What It Is and How to Use It
The Rule of 40 says SaaS growth rate plus profit margin should total at least 40%. The formula, what counts as profit, benchmarks, and why it shapes valuation and financing.
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