Continuation of upward trend in bridge rounds in 2023 In last year’s State of European Tech report, a clear uptick in bridge rounds was already becoming evident by Q2 2022. Today, that uptick has developed into a clear trend, with 2023 seeing the highest share of bridge rounds across all stages globally since 2019. Bridge rounds are more common at the earliest stages of a startup’s fundraising journey, when they serve to buy more time to 昀椀nd product-market 昀椀t. This is also re昀氀ected in the data, with Seed stage (38%) and Series A (39%) seeing the highest share of extension rounds in 2023, as well as in previous years. The relatively high share of bridge rounds in the later stages underscores uncertainty in the market, as found- ers look to reinforce balance sheets and boost cash runways. Share of rounds that were bridge rounds by stage, 2019 to 2023YTD Seed Series A Series B 50 Series C Series D s 40 d n u o r e g d i r b 30 e r e w t a h t s d n 20 u o r l a t o t f o % 10 0 2019 2020 2021 2022 2023YTD Notes: Data is as of 31 October 2023. Based on global data. Sources: 83 | Companies