Was ist Bridge Financing?

Bridge financing fills the gap between a company's current cash position and its next significant capital event — which might be a priced equity round, a strategic acquisition, a revenue milestone, or in distressed cases, a restructuring. The term 'bridge' reflects the instrument's temporary nature: it is designed to be repaid or converted into equity when the larger event occurs, not to serve as a permanent part of the capital structure.

Bridge rounds are most commonly structured as convertible notes (interest-bearing debt that converts to equity at the next round) or SAFEs (equity instruments without interest or maturity dates). Key terms include the conversion discount (typically 15–25% off the price in the next round), a valuation cap (which protects bridge investors if the next round is priced high), and for notes, an interest rate (usually 4–8%) and maturity date. Bridge rounds are typically raised quickly, with minimal legal documentation, and often from existing investors who have a strong incentive to protect their existing position.

Bridge financing arises in several contexts. Most commonly, a company is close to raising a Series A or B but needs 3–6 more months of runway to hit a milestone that will significantly improve their negotiating position. Less commonly (and more fraught), a bridge is raised because the primary round has fallen through and the company needs time to find new lead investors — a scenario that can signal to the market that the company is struggling.