Bridge round

A bridge round is a small raise that carries a company from one major funding round to the next, or to a milestone that unlocks a stronger valuation. It's the financial equivalent of buying yourself a few more months: enough cash to hit the metric that makes the proper round happen on better terms. Bridges are usually structured as convertible notes or SAFEs rather than priced equity, because nobody wants to set a valuation mid-air. For a lean founder, a bridge is a tool with two faces. Used well, it funds a clear, near-term proof point. Used badly, it's a sign the business can't reach escape velocity and is borrowing time at a discount. Investors read repeated bridges as a warning. Before raising one, name the exact milestone the cash buys and the date you hit it, because a bridge to nowhere just delays the reckoning.