Bridge round note support for startups between rounds

This is usually a good fit for startups raising interim capital before a larger equity round, especially where the founders already have a broad commercial deal in mind but need the legal document to match it. It can also suit businesses that have investor interest now but are not ready to run a full priced round yet. The service is particularly useful where the note needs to sit alongside existing articles, prior investment documents or a cap table that could affect conversion or investor rights later on.

The main issues often sit in the conversion mechanics rather than the headline amount being invested. Points that commonly need careful attention include the valuation cap, discount wording, conversion trigger events, treatment of interest if any, maturity provisions, and whether any investor rights are being added that could complicate the next round. Problems also come up where the note does not fit with existing constitutional documents or earlier fundraising terms. Those are the kinds of practical issues we review when putting the note together.

It helps to provide the proposed investment amount, the names of the investors, any agreed commercial terms, and a short explanation of the next funding round you expect to run. If you have a term sheet, cap table, articles, shareholders' agreement or earlier investment documents, those can be important because the bridge note may need to fit around them. The more settled the commercial position is at the start, the easier it is to produce a note that reflects the deal and avoids inconsistencies that could slow completion.

The service includes a consultation with a startup lawyer, drafting a bespoke bridge round note, review of the main legal and commercial risk points in the proposed terms, and one round of amendments after you have reviewed the draft. We also provide practical input on how the note may affect the next fundraising stage, which is an important difference from a narrow document-only job. The fee does not cover tax advice, open-ended investor negotiations, or ongoing representation after the agreed note work has been completed.

The fixed-fee is intended for a typical bridge note matter based on the agreed scope and one amendment round. If the transaction changes materially, for example if the parties move from a bridge note to a different instrument, introduce unusual control rights, or want extensive negotiation support with investors, we would pause and discuss that before any extra work is carried out. That helps keep the scope clear. It also means you can decide whether to continue with the original note or move to a separately quoted next stage.

Working with us is simple. Start by submitting an enquiry through our website using the form at the top of this page or on our Get Started page. A legal project manager will review your enquiry within 1 business day and reach out to understand your needs.

They'll send you a fixed fee quote outlining costs, scope, and timing. If you're happy, you can accept and sign our engagement letter online. Once that's done, we'll connect you with an expert lawyer who will complete your project via email, phone, or video chat, with the timing confirmed in your quote.

If you're not looking for help with a specific matter, explore our platform, which offers free templates, tools to get your business set up, and even a free tier to get started. Whether you need legal support or just want to browse resources, we've got you covered.

At Sprintlaw, our pricing is transparent and designed for startups and small businesses. Many one-off legal services, including document drafting and reviews, are provided for a fixed fee with an upfront quote before you proceed.

Prices typically range from £100 to £1,500 depending on the complexity and scope of the work. For ongoing support, Sprintlaw Memberships include options such as legal templates, consultations, a legal helpline and credits for services.

If your project is larger or more complex, we will provide a tailored quote after understanding what you need.

Sprintlaw UK operates fully virtually, with the team working online across the UK to provide support to startups and small businesses nationwide. Many of our team are based in London and often meet at co-working offices, but our operations remain fully digital, ensuring flexibility and efficiency for both our clients and team.