Bridge and follow-on rounds at Halfmeyer Ventures

The short answer

Founders often ask two related questions: Will you invest in a bridge or extension? Do you follow on after the first check?

• Bridge and extension rounds: yes, when stage, traction, and round size align with our pre-seed and seed focus and €25k–€200k ticket. Explain why you are bridging, which milestones the capital unlocks, and your proposed convertible or SAFE terms.
• Follow-on for portfolio companies: often yes when traction, execution, and terms warrant it. It is not automatic. Portfolio founders should reach out directly when planning the next raise.
• New companies pitching a bridge: the public pitch form is fine. You do not need a warm intro or another lead already committed.

For how we join syndicated rounds as a co-investor or sole institutional check, see co-investment at Halfmeyer. For who we back across sectors, see our Berlin pre-seed investor guide.

Bridge and extension rounds we consider

A bridge or extension sits between priced equity rounds: enough capital to hit a defined milestone, not a full restart of the company story. We consider those rounds when the company still fits pre-seed or seed focus, the ask lands inside €25,000–€200,000, and the software-led product sits in health tech, AI, e-commerce, automation, or a clear adjacent software surface.

We care about rationale more than the label. Tell us what changed since the last priced round, what you still need to prove, and why a bridge is the right instrument now instead of waiting for a larger priced raise. Convertibles and SAFEs are common for bridges; we are flexible across SAFEs, convertible notes, Wandeldarlehen, and priced equity. State the instrument and key terms you are proposing. This is our investment posture, not legal advice on which instrument you should use.

We still apply the same investment bar: a working product, prototype, or validated problem–solution fit; stage-appropriate traction; and founders who want capital plus studio support. A bridge does not lower the bar to idea-only. For stage labels, see what pre-seed means. For criteria depth, see what we look for.

What to disclose for a bridge pitch

Bridge decks fail when they hide the gap. Clarity helps us respond within 48 hours. In your first-pass deck, include:

• Bridge rationale: why this is a bridge or extension rather than a full priced round, in plain language.
• Milestones the capital unlocks: the concrete product, traction, or GTM proof points you will hit with this raise.
• Amount, use of funds, and timing: how much you are raising now, what it funds, and target close timing.
• Proposed instrument and key terms: convertible or SAFE terms (or priced equity if that is the path), including what you can share on cap, discount, or valuation range.
• Committed capital and open allocation: who is already soft-circled or signed, and how much remains for us or other co-investors.
• Progress since the last raise: the strongest stage-appropriate metrics, plus an honest line on what slipped if something did.

You do not need a full data room on first submit. Ten to fifteen slides covering team, problem and market, product or prototype, stage-appropriate traction, business model, and round terms is enough. Set the link to view-only for anyone with the link. For slide mechanics, see pitch deck expectations. Our investment checks are dilutive equity instruments; rounds that are exclusively non-dilutive with no equity tranche are not an investment fit.

Follow-on for portfolio companies

For companies we have already backed, we often participate in later rounds when traction, execution, and terms warrant it. Follow-on is a conviction decision, not a standing commitment written into the first check. We evaluate each raise on progress since we invested, fit with our ticket size, and whether our operator support still compounds for the company.

Portfolio founders should reach out directly when planning the next raise. Do not rely on the public pitch form as the only channel if you already have a Halfmeyer relationship; use the founder path you already have with us, and share an updated deck with the same clarity we ask of new bridge pitches: amount, use of funds, milestones, instrument, and who else is in the round. Public track record we state for the entity: 20+ investments, 5.6× portfolio ROI, and 100+ products built. Those are entity facts, not a promise that every portfolio company receives follow-on capital.

At pre-seed and seed we rarely take a full board seat; observer rights are possible when they add value without board overhead. Governance for a follow-on is still agreed case by case with founders and any lead investors. Operator support remains the posture we prioritize. For the studio model behind the check, see what a venture studio is at Halfmeyer Ventures.

How this differs from a new pre-seed or seed raise

A first institutional check into a new company answers whether we want to start the relationship. A bridge answers whether interim capital unlocks a specific next proof point before the next priced round. A follow-on answers whether we want to deepen capital in a company we already know. The ticket band stays €25,000–€200,000 when the raise still fits our early-stage focus; the disclosure bar rises on bridge rationale and milestone clarity.

We can still co-invest on bridges and follow-ons, or write a meaningful check inside our ticket when allocation and fit align. You do not need another lead before we engage on a new bridge submission. For lead and syndicate posture, return to co-investment. For how investment sits next to incubation, acceleration, and advisory, see invest vs incubate vs accelerate vs advisory.

How to pitch a bridge or follow-on

If you are a new company raising a bridge or extension that fits pre-seed or seed, submit at halfmeyer.tech/pitch. Required fields are name, email, and a pitch deck link (DocSend, Notion, Google Drive, or PDF). Company name is optional. Cold submissions are welcome; you do not need a warm introduction. State that this is a bridge or extension, name sector fit, and note whether you want investment with studio support or another engagement path.

If you are already a portfolio founder planning a later round, reach out directly through your existing Halfmeyer contact. Bring the same deck clarity: traction since the last check, milestones this capital unlocks, proposed terms, and open allocation. We review new decks personally and respond within 48 hours with a founder call path, clarifying questions by email, or a clear pass. After a productive call, diligence typically runs one to two weeks and stays lean at pre-seed and seed. For the cold path end to end for new submissions, see how to pitch Halfmeyer.

Submit your deck

If you are raising a bridge or extension inside €25k–€200k, or you are a portfolio founder planning a later round and want a Berlin venture studio that can deepen capital when traction warrants it, submit your deck (or reach out directly if you are already backed). Halfmeyer Ventures responds within 48 hours on new submissions.