Runway, SAFEs, cap tables, term sheets, and investor updates: fundraising without the fog.
When to raise a round is a timing call, like reading a weather window. You launch when the front is favorable and you still have fuel, not when the tanks run dry.
How much runway do you need? Enough to reach your next camp, a milestone or a raise, with a reserve in hand. Never enough to chase the summit and strand the climb.
Venture debt is a tourniquet for a startup that is bleeding cash. It buys you time by stopping the bleed, but left on too long it costs you the limb. Here is when to tie it on and when to take it off.
