Bridge and extension rounds
Fast for insiders.
Complete for new money.
Bridges move on two tracks: existing investors who know the story, and new investors who need all of it. Run both from one room without anyone seeing more, or less, than they should.
What Northwind Capital sees4 / 9 documents
- Process letterProcess · stage 1
- Information packOverview · stage 1
- Revenue & financialsFinancials · stage 1
- S1 · Approval mechanicsSupplementary · stage 1
- Released at a later stageCustomers · stage 2
- Released at a later stageCapital · stage 2
- Released at a later stageLegal · stage 3
- Released at a later stageCapital · stage 3
- Released at a later stageFinancials · stage 3
What a bridge needs
Answer the hard question
before it's asked.
- Why a bridge, not a round
- The bridge rationale and path to the next priced round, up front, where new investors look first.
- Insider participation
- Show who's in and for how much: the strongest signal on an extension.
- Use of funds and milestones
- What the money buys and what will be true when it runs out.
- Current runway
- Cash, burn and runway, released when an investor is serious.
Two audiences, one room
Insiders get the update.
New money gets the room.
Put existing investors and new investors at different stages, and update the model once for everyone. Supplementary documents keep both groups working from identical facts.
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