A bridge round is extra, usually smaller financing that carries a company from one major round to the next — often to reach a milestone that will support a stronger valuation. It buys time, frequently on convertible-note or SAFE terms.
Where in the journey
Between rounds, any stage.
What the money is for
Extend runway to hit the milestone that unlocks the next priced round.
Common investors
Usually existing investors; sometimes new ones.
Watch out for
Can signal the next round is harder than expected; adds dilution.