Glossary · Fundraising

Runway

Runway is the number of months a startup can operate before it runs out of cash at its current burn rate.

Quick definition

Runway is the number of months a startup can operate before it runs out of cash at its current burn rate.

Definition

Runway = cash on hand ÷ net monthly burn. Founders should always know their runway to the month and re-model it monthly. Investors generally advise raising before you have less than 6 months of runway left. Fundraising cycles take 3–6 months, and negotiating from a position of strength requires cash left.

Formula

Runway (months) = Cash on Hand ÷ Net Monthly Burn

Worked example

$600k in bank ÷ $50k/mo net burn = 12 months of runway. Start raising the Series A by month 6.

Common mistakes

  • Assuming next month's burn matches this month's — hiring, ad tests, and one-time costs compound.
  • Waiting until the last 3 months to fundraise.

Frequently asked questions

18–24 months is the standard target. Enough to hit the next major milestone plus buffer for a fundraise.

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