A bridge round only earns the name if there is a shore on the far side — a specific milestone the money carries you to. Without one, a bridge is a slower down round wearing better branding.
Every bridge needs a far bank
The question is never “can we raise a bit more.” It is “to what.” A bridge to a named, fundable milestone is a tool. A bridge to “more runway” is a deadline you are paying interest on.
“A bridge to a milestone is a tool. A bridge to “more runway” is a deadline you’re paying for.”
Three questions before you sign
- 01What metric does this money buy, and would a new investor fund the round it sets up? If you cannot name the metric, you are not building a bridge.
- 02Who is leading the far-side round — and have they said so in writing, or just in a coffee?
- 03What do the terms do to the cap table if the far side never arrives? Model the down round now, while it is hypothetical.
The tell
The clearest signal is the sentence after “we’re raising a bridge.” If it names a milestone and a likely lead, it is a bridge. If it names a number of months, it is a runway extension — fund it, perhaps, but do not mistake it for a crossing.