Bridge round
Interim financing between priced rounds, usually intended to reach a milestone that unlocks the next round.
Why it matters
A bridge signals either strong momentum or a missed plan, and investors will read it one way or the other. Control that narrative before you start raising one.
A worked example
A company nine months from Series A with six months of runway raises a $1.5M bridge on a SAFE to reach the ARR threshold Series A investors said they needed.
What is typical
Often structured as a SAFE or convertible note rather than a priced round, to avoid setting a valuation during a period of uncertainty.
Related terms
SAFE
Simple Agreement for Future Equity. An investor gives you money now in exchange for shares later, when a priced round happens.
Read more →Runway
The number of months you can continue operating at your current net burn before running out of cash.
Read more →Run your raise on this
VCTerminal models these terms on your real cap table, so you can see what a term sheet pays you before you sign it.
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