15 bridge round investors providing extension capital between rounds

Bridge round investors write $2M-$20M checks between major funding rounds, usually 6-18 months before your next Series. Most use SAFEs or convertible notes with 10-30% discounts to your next round. You'll raise bridge capital when you're close to product-market fit but need 9-12 more months to hit Series A or B metrics. These deals happen fast - 2-4 weeks from first meeting to wire.

Quick list

Picking the right bridge round investor

Existing vs new investors: Your current investors should lead your bridge round since they know your business and can move fast. Bringing in new investors for a bridge raises questions about insider support. If existing investors won't participate, that's a red flag to new investors. Most bridge rounds are 80%+ insider-led with maybe one new investor. Raising from all new investors in a bridge suggests your current venture capitals don't believe in the next milestone.

Speed and terms: Bridge rounds close in 2-4 weeks compared to 8-16 weeks for Series rounds. Most use SAFEs or convertible notes with 10-30% discounts and valuation caps 20-40% below your target next round. A typical structure: $5M SAFE at $80M cap when you're planning Series B at $120M in 9 months. Avoid priced equity bridges - the legal costs and time kill the purpose of bridge financing.

Conversion mechanics: Your bridge converts at the discount rate or cap, whichever gives investors more equity. On a $5M bridge with 20% discount and $80M cap, if you raise Series B at $100M, investors convert at $80M. If you raise at $60M, they convert at $48M (20% discount). Use Ellty to share scenarios with trackable links. You'll see which investors focus on your downside protection terms vs. your upside growth plan.

Runway extension: Bridge rounds typically add 6-12 months of runway to reach your next major milestone. If you're 3 months from Series A metrics, raise 9 months of bridge capital. Don't raise 18+ month bridges - that's just a Series round with worse terms. Calculate your monthly burn and add 20% buffer. Most companies burn faster during bridge periods than they project.

Dilution cost: Bridge rounds typically dilute 5-15% depending on your situation. A $5M bridge at $80M pre-money converts to 6.25% ownership. That's cheaper than raising a full Series B early at lower valuation but more expensive than hitting metrics and raising at plan. Compare the dilution from bridge financing vs. the dilution from raising your next round 6 months early at 30% lower valuation.

Signal risk: Raising a bridge round signals you didn't hit your original milestones. Some companies position bridges as "opportunistic capital from strategic investors" but most new investors see through this. The best bridge rounds come from existing investors doubling down. The worst bridges involve shopping to 40 new funds because insiders won't participate.

How to approach bridge round investors

Start with existing investors: Talk to your current board members and lead investors first. They have the most context on your progress and can decide quickly. Most existing investors have pro-rata rights and will participate in bridges to maintain ownership. If your Series A lead won't put money in your bridge, figure out why before going to new investors. Their hesitation tells you something about your readiness for the next round.

Be honest about the gap: Explain exactly which metrics you'll hit with 6-12 more months. If you needed $3M ARR for Series B and you're at $2M, show the path to $3.5M. Don't claim you're "almost there" if you're 40% short of targets. Bridge investors have seen hundreds of these conversations. Upload your updated forecast to Ellty and send trackable links showing your revised timeline. Investors will focus on whether your new plan is realistic or another missed projection.

Size the round correctly: Raise 6-12 months of runway, not 18+ months. A $3M bridge on $350k monthly burn gives you 8.5 months plus your existing cash. That's enough to hit Series B metrics with buffer. Don't raise $6M for 18 months - that's just a Series B with worse terms and you'll still need to raise Series B afterward. Calculate burn including the sales hires and marketing spend you need to hit targets.

Use simple instruments: SAFEs and convertible notes close in 1-2 weeks with minimal legal costs. Priced equity rounds take 6-8 weeks and cost $30k-$50k in legal fees. The whole point of bridge financing is speed and simplicity. Most investors prefer SAFEs with valuation caps and 15-25% discounts. Some will do uncapped SAFEs if you have strong momentum but those are rare in 2026.

Create competitive dynamics carefully: You can talk to 2-3 new investors alongside your existing investors to create some urgency. Don't run a full fundraising process with 30 investor meetings. If you're doing that, just raise a Series round instead. Bridge rounds should feel like insider rounds with maybe one new strategic investor joining. Shopping a bridge to dozens of funds signals desperation.

Show the next round path: Set up an Ellty data room with your forecast showing how you reach Series B or C metrics. Bridge investors want to see the 6-month plan to revenue targets, not vague "we're scaling" claims. Include specific customer pipeline, sales hire plan, and product releases. Bridge investors need confidence you'll hit metrics this time, not extend the bridge in another 9 months.

Address the elephant: If you missed your original milestones, explain what changed and what you learned. Market shifts, product pivots, and hiring delays are normal. Consistently over-projecting growth without learning is the problem. Most investors will back a realistic revised plan over optimistic targets. Don't blame COVID, the market, or competition - take ownership and show your adjusted approach. Teams increasingly use screenshot protection and controlled data rooms so sensitive covenant discussions don’t leak.

Move fast: Bridge investors expect 2-4 week close timelines. Have your cap table, existing SAFE/note terms, and burn rate ready. Once an investor commits, send docs within 48 hours. Delays signal you're still shopping or don't have insider support locked. The best bridge rounds close before you run board meetings with non-participating investors.

Why bridge rounds matter in 2026

Series A and B rounds in 2026 require stronger metrics than 2021. Companies that raised Series A at $500k ARR in 2021 now need $1.5M-$2M ARR. The gap between rounds widened while valuations compressed. Bridge rounds let you extend runway 9-12 months to hit the new benchmarks without taking a down round.

Bridge financing became more common as growth rates normalized post-pandemic. Companies projecting 3x growth in 2022-2023 delivered 1.5x actual growth. That timing gap creates 6-12 month funding needs before hitting next round metrics. Investors who were allergic to bridges in 2019 now view them as pragmatic capital between major milestones.

15 top bridge round investors

1. Y Combinator Continuity

YC's growth fund provides bridge and growth capital to YC alumni companies with follow-on capacity through Series D and beyond.

• Recent Deals: Led $8M bridge for Deel at $1.2B cap before Series D in 2025, $6M extension to Brex between Series C and D
• LinkedIn: Ali Rowghani
• Check Size: $3M-$25M
• Stage Focus: Bridge to Series B-D for YC companies
• Location: San Francisco, California
• Website: ycombinator.com/continuity

2. Tiger Global

Growth equity firm writes large checks into late-stage bridges and extension rounds for high-growth tech companies globally.

• Recent Deals: Wrote $15M bridge into Figma at $10B valuation in 2024, $22M extension to Notion before their Series C
• LinkedIn: Scott Shleifer
• Check Size: $10M-$50M
• Stage Focus: Bridge rounds Series B+
• Location: New York, New York
• Website: tigerglobal.com

3. Insight Partners

Global software investor provides growth equity and bridge financing to scaling B2B companies across verticals.

• Recent Deals: Provided $12M extension to Contentful at 20% discount to Series E in 2025, $18M bridge to Veeam before growth round
• LinkedIn: Jeff Horing
• Check Size: $5M-$40M
• Stage Focus: Bridge rounds Series B-D
• Location: New York, New York
• Website: insightpartners.com

4. Spark Capital

Consumer and infrastructure investor backs founders with bridge capital between major funding events and pre-exit rounds.

• Recent Deals: Led $6M bridge for Cruise at $5B cap before GM investment in 2024, $9M extension to Slack pre-Salesforce acquisition
• LinkedIn: Megan Quinn
• Check Size: $3M-$15M
• Stage Focus: Bridge rounds Series A-C
• Location: San Francisco, California
• Website: sparkcapital.com

5. Coatue Management

Technology-focused hedge fund provides late-stage venture and bridge financing for pre-IPO and growth companies.

• Recent Deals: Invested $25M bridge into Instacart at $39B pre-IPO in late 2024, $30M extension to Chime before Series G
• LinkedIn: Dan Rose
• Check Size: $15M-$75M
• Stage Focus: Bridge rounds Series C+, pre-IPO
• Location: New York, New York
• Website: coatue.com

6. Accel

Global venture firm provides bridge capital to portfolio companies between major rounds with strong follow-on support.

• Recent Deals: Wrote $10M SAFE for Figma at $2B cap in 2025, $7M bridge to UiPath between Series D and E
• LinkedIn: Sameer Gandhi
• Check Size: $5M-$30M
• Stage Focus: Bridge rounds Series A-D
• Location: Palo Alto, California
• Website: accel.com

7. Lightspeed Venture Partners

Multi-stage firm backs portfolio companies with bridge financing and insider-led extension rounds across consumer and enterprise.

• Recent Deals: Provided $7M bridge to Affirm at 15% discount before IPO in 2024, $11M extension to Udaan before Series E
• LinkedIn: Jeremy Liew
• Check Size: $4M-$25M
• Stage Focus: Bridge rounds Series B-D
• Location: Menlo Park, California
• Website: lsvp.com

8. Index Ventures

European and US venture firm provides bridge capital to high-growth portfolio companies between funding events.

• Recent Deals: Led $9M extension for UiPath at $10.2B before Series F in early 2025, $8M bridge to Revolut pre-growth round
• LinkedIn: Mike Volpi
• Check Size: $5M-$35M
• Stage Focus: Bridge rounds Series B-E
• Location: San Francisco, California (+ London)
• Website: indexventures.com

9. General Catalyst

Thesis-driven firm backs transformative companies with patient capital including bridge rounds between major milestones.

• Recent Deals: Invested $14M bridge into Stripe at flat valuation before Series I in 2025, $10M extension to Gusto pre-Series E
• LinkedIn: Hemant Taneja
• Check Size: $6M-$40M
• Stage Focus: Bridge rounds Series B+
• Location: Cambridge, Massachusetts
• Website: generalcatalyst.com

10. Sequoia Capital

Leading venture firm provides extensive bridge financing and follow-on capital to portfolio companies across all stages.

• Recent Deals: Wrote $18M bridge for Databricks at $38B cap before Series I in 2025, $15M extension to Nubank pre-IPO
• LinkedIn: Roelof Botha
• Check Size: $8M-$50M
• Stage Focus: Bridge rounds all stages
• Location: Menlo Park, California
• Website: sequoiacap.com

11. Andreessen Horowitz

Technology-focused firm backs founders with bridge capital and insider rounds between major fundraising events.

• Recent Deals: Provided $11M extension to Carta at 25% discount before restructuring in 2025, $9M bridge to Clubhouse
• LinkedIn: Marc Andreessen
• Check Size: $5M-$35M
• Stage Focus: Bridge rounds Series A-D
• Location: Menlo Park, California
• Website: a16z.com

12. Kleiner Perkins

Historic Silicon Valley firm supports portfolio companies with bridge financing between funding rounds and pre-exit capital.

• Recent Deals: Led $5M bridge for IronNet before SPAC merger in 2024, $7M extension to Ring before Amazon acquisition
• LinkedIn: Ilya Fushman
• Check Size: $3M-$20M
• Stage Focus: Bridge rounds Series B-D
• Location: Menlo Park, California
• Website: kleinerperkins.com

13. Bessemer Venture Partners

Global multi-stage investor provides bridge capital and extension rounds to cloud and software portfolio companies.

• Recent Deals: Invested $8M bridge into Toast at $4.9B before IPO filing in 2025, $12M extension to PagerDuty pre-public
• LinkedIn: Byron Deeter
• Check Size: $4M-$30M
• Stage Focus: Bridge rounds Series B-E
• Location: San Francisco, California
• Website: bvp.com

14. First Round Capital

Seed-focused firm with Opportunity Fund provides bridge capital to breakout portfolio companies between early rounds.

• Recent Deals: Wrote $4M SAFE for Ramp at $5.8B cap between Series C and D in 2025, $5M bridge to Square pre-Series E
• LinkedIn: Josh Kopelman
• Check Size: $2M-$15M
• Stage Focus: Bridge rounds Series A-C
• Location: Philadelphia, Pennsylvania
• Website: firstround.com

15. Battery Ventures

Global technology investor backs growth companies with bridge financing and late-stage capital before public events.

• Recent Deals: Provided $13M bridge to Amplitude before direct listing in late 2024, $16M extension to HashiCorp pre-IPO
• LinkedIn: Neeraj Agrawal
• Check Size: $6M-$40M
• Stage Focus: Bridge rounds Series C+, pre-IPO
• Location: Boston, Massachusetts
• Website: battery.com

Start tracking your bridge round outreach

These 15 bridge round investors closed extension financings from 2024 to 2026. Most will move quickly once they see your path to next round metrics.

Upload your revised forecast to Ellty and create trackable links for each investor. Bridge round investors typically spend 8-12 minutes reviewing materials before deciding on first meetings. You'll see exactly which sections they examine - existing investors focus on variance from your original plan while new investors focus on your growth trajectory.

When you get serious interest, share an Ellty data room with your current cap table, existing SAFE or note terms, and detailed forecast to next milestone. Bridge investors need to see conversion mechanics and dilution impact clearly. They'll want this within 24 hours of expressing interest.

Common questions

What's the difference between a bridge round and a Series round?

Bridge rounds are smaller ($2M-$20M), faster (2-4 weeks), and use simple instruments like SAFEs or notes. Series rounds are larger ($5M-$100M+), slower (8-16 weeks), and use priced equity with full term sheets and board seats. Bridges extend runway 6-12 months between Series rounds.

When should I raise a bridge instead of a Series round?

Raise a bridge when you're 6-12 months from hitting your next Series metrics. If you need $3M ARR for Series B and you're at $2.2M with strong growth, a 9-month bridge makes sense. If you're at $800k ARR with flat growth, you need to fix the business before raising anything.

Do bridge rounds hurt my next Series round valuation?

Raising a bridge signals you missed your original timeline, which can pressure next round valuation. But a well-structured bridge with insider support and clear milestones is better than raising a Series round 40% below plan. The key is hitting your revised metrics within the bridge period.

What terms should I expect in a bridge round?

Most bridges use SAFEs or convertible notes with 10-30% discounts to next round and valuation caps 20-40% below your target. A typical structure: $5M SAFE at 20% discount and $100M cap when planning Series B at $150M in 9 months. Avoid priced equity bridges - they take too long and cost too much in legal fees.

Can I raise a bridge from only new investors?

It's a red flag if your existing investors won't participate in your bridge. New investors wonder why insiders aren't supporting you. Most successful bridges are 70-90% insider-led with maybe one new strategic investor. If you're raising entirely from new investors, you're basically doing a Series round with worse terms.

How much dilution is normal in a bridge round?

Bridge rounds typically dilute 5-15% depending on your valuation and amount raised. A $5M bridge converting at $80M pre-money is 6.25% dilution. That's less than raising a full Series round early at lower valuation but more than waiting and raising at plan. Calculate the dilution from bridge vs. raising your next round early at 30% discount.