The CVF Journal
Field notes on capital efficiency, the EBITCAC framework, and the economics of non-dilutive growth for Series A/B SaaS startups.
What Happens When Your Venture Debt Matures: Refinance or Repay
At maturity a venture debt facility can be refinanced, extended, or repaid. Here is how lenders decide and how to reach that date with options.
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How Much Venture Debt Can You Actually Raise?
Lenders size venture debt at 20-50% of your last round or 30-50% of ARR. Here is the math, the metrics that move the ceiling, and how EBITCAC raises it.
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The Funding MAC Clause: How Lenders Walk From Undrawn Tranches
A signed term sheet is not guaranteed capital. A funding MAC clause lets the lender refuse undrawn tranches, and the wording decides how much discretion they keep.
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Interest-Only vs Amortizing Venture Debt: The Runway You Actually Get
Venture debt adds less runway than the headline math suggests. The cushion sits in the interest-only period; once amortization starts, repayment competes with burn.
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What Unlocks Your Second Venture-Debt Tranche?
Your venture-debt commitment is a ceiling, not cash. These are the milestones that release the second tranche, and how to set triggers you can actually hit.
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Why Venture-Debt Applications Get Rejected (and the EBITCAC Fix)
A venture-debt decline is usually one or two lines in a credit template. Here is what gets a SaaS application rejected, ranked, and how to fix each before you apply.
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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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