Bridge Round
A smaller, fast interim raise meant to extend runway until a larger priced round can be closed.
A bridge round is capital raised between two planned priced rounds, usually to extend runway a few months to hit a milestone, survive a slow fundraising market, or fund a specific initiative before a full raise. It's typically structured as a SAFE or convertible note rather than a new priced round, since negotiating a fresh valuation for a small amount of capital is often not worth the time or dilution cost.
Bridges frequently come from existing investors who want to protect their position without forcing a valuation conversation, and they often carry a discount to whatever the next priced round's valuation turns out to be, compensating bridge investors for taking risk before the company's next real price check.
A bridge that keeps getting extended, or that existing investors are reluctant to fund, is one of the clearest warning signs in venture — insiders typically have the best information about the company and their hesitation is a signal outside investors read closely.
Raise a bridge only with a specific, achievable milestone attached (not just 'more runway') — investors funding a bridge are underwriting your ability to hit that milestone and price the next round off it.
Is a bridge round the same as a Series A extension?
Often functionally yes — an 'extension' is usually a bridge structured as additional shares of the prior round's preferred stock rather than a new instrument, avoiding a fresh valuation negotiation.
Related terms
Run the numbers yourself: dilution, SAFE conversion, and fund-returner calculators.