A small, fast financing (usually SAFEs or convertible notes from existing investors) raised between two priced rounds to extend runway until the company is ready to price a proper next round.
Hopin rocketed from launch in 2019 to a $7.75B valuation in mid-2021 on the back of pandemic-driven demand for virtual events. As the market collapsed in 2022, the company conducted layoffs and turned to existing investors for bridge financing rather than attempt a new priced round at a markdown. By 2023 most of the operating business was sold to RingCentral for a fraction of the prior valuation.