The Bridge Round Prices You
A structured bridge with discounts, caps, or preferences isn't a bridge. It's a down round in friendlier language.
Angle
Fundraising
7 posts
The Investor Update I Stopped Sending Weekly
Three years of weekly investor updates. Reply rate dropped to single digits by month four. Switching to monthly doubled it.
The board seat you gave away too cheap
The Series A lead asked for two seats and an observer. The founder agreed because the round was finally closing. The cost showed up at Series C.
The bridge round you didn't realize was a down round
Same price per share. New terms in the legal language. The founder found the down round in a footnote eight months later.
The customer concentration you didn't name on the deck
One logo was 42% of revenue. The slide said 'enterprise customers,' plural. The investor asked the number anyway, fifteen minutes in.
The investor you took money from for the brand
Their logo opened doors. Their partner showed up to one board meeting in two years. The check was real. The relationship was vapor.
A $4M raise bought 18 months of being wrong
They raised $4M to fix a sales problem that turned out to be a pricing problem. The money bought eighteen months of being wrong, with more conviction.