A bridge round is interim financing raised between two priced rounds, typically a SAFE or convertible note that extends runway to a specific milestone. It is raised between two larger priced rounds (or before the company's first priced round), structured as a SAFE or convertible note rather than a new priced equity round, designed to extend a startup's runway long enough to reach a milestone that unlocks the next priced round on better terms than would have been possible without the bridge. The discipline that distinguishes a useful bridge from a "bridge to nowhere" is the milestone: a clear, near-term proof point that materially changes the next round's terms.
The 2025 bridge round patterns:
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