What is a bridge round?

A bridge round is interim financing meant to carry a company to a defined milestone — usually the next priced round — most often raised from existing investors on convertible instruments. The name describes intent: a bridge to somewhere.

Bridges read differently depending on context: pre-planned extensions to reach a stronger Series A are routine, while a bridge raised because new investors passed can signal trouble ('a pier, not a bridge'). Terms typically mirror the last round or convert at a modest discount to the next.