Bridge Thesis

The proposition

A bridge round of €1.5M-€2.0M to take Legit.Health from €300K ARR to €1M ARR by EoY 2026, unlocking a Series A on materially better terms.

From here → to here

Today (March 2026)

• €300K ARR (+83% YoY)
• €604K recognised revenue 2025
• €848K billings 2025 (+145% YoY)
• 7 markets active
• 28 FTE
• EU MDD I · UKCA IIa · ANVISA II
• FDA pre-submission in preparation
• €597K cash (March 2026)

→

Target (EoY 2026)

• €1M ARR (3.3x current)
• €1.25M+ recognised revenue 2026
• €1.8M+ billings 2026 (Model)
• 9-10 markets active
• 32-34 FTE
• EU MDR IIa · FDA pre-sub completed
• 2-3 pharma project deals → multi-year frames
• Series A ready at materially improved valuation

Why a bridge (not a Series A)

We have already had Series A conversations. Investors are interested but consistently flag the same gap: ARR not yet at €1M-€2M range. Rather than push for a Series A at a discounted valuation that reflects today's metrics, we are extending runway with a bridge that lets us hit those metrics and command a stronger Series A.

If we forced a Series A now

• Pre-money likely flat or modest step-up from €7.5M seed
• VCs price in "not yet €1M ARR" risk discount
• Higher dilution for founders and existing investors
• Existing investors lose anti-dilution leverage

With the bridge first

• SAFE/convertible with cap referenced to Series A target
• Hit €1M ARR → Series A at €15-20M+ pre-money
• Lower total dilution across both events
• Existing investors participate at preferential terms

What the bridge buys

The bridge funds the acceleration from our Budget trajectory (conservative organic growth → €404K ARR EoY 2026) to our Model trajectory (accelerated → €1.01M ARR EoY 2026). The delta is funded execution capacity.

Lever 1

Commercial expansion

2 senior BD hires + 1 customer success specialist to accelerate insurance (BUPA Europe rollout) and Spanish public health (Telefónica gateway).

Lever 2

Convert pharma to frames

Negotiate 2-3 existing pharma relationships (J&J, Boehringer, Lilly) into multi-year framework agreements. Moves €XXXK from project to committed revenue.

Lever 3

FDA pre-sub completion

Complete FDA Q-Sub preparation and submission, locking in the predicate device pathway. Becomes a Series A catalyst event.

Lever 4

Runway extension

6+ months additional runway buffer so the Series A is launched from strength, not from runway pressure. Critical for valuation negotiation leverage.

Bridge mechanics

Size

€1.5M - €2.0M

Instrument

SAFE / Convertible note

Valuation cap

Referenced to Series A target

Series A target post-bridge

€15M - €20M pre-money

Target close

Q2 2026

Lead

Existing investors + 1-2 new

Why now

Cash runway

At current burn (€100-170K/month), unrestricted runway reaches July-August 2026. Bridge close target Q2 2026 leaves a comfortable 2-3 month buffer for execution. Existing investors (Mutua, Angels Capital, Ribera, Telefónica, Biozell, Sanitas) have been informed and are evaluating participation.

Risk mitigation

Risk	Mitigation
Bridge doesn't close in time	Existing investors already approached; SAFE structure simplifies legal; primary risk is timing, not appetite
Don't hit €1M ARR by EoY 2026	Bridge buys runway through Q1-Q2 2027 even at slower trajectory; existing pipeline already supports €700K+ ARR within model assumptions
FDA timeline slips	FDA is a catalyst, not survival. Bridge thesis doesn't require FDA cleared, only pre-submission completed
Series A market deteriorates	Bridge cap is referenced, not fixed. If Series A market softens, bridge still converts at the actual Series A valuation, not above

See also

• Path to €1M ARR: the detailed plan from €300K to €1M ARR
• Use of Funds: line-by-line allocation of bridge capital
• ARR & Revenue Mix: the foundational metrics framing