<Page>

                                                                 Exhibit 99.Cert

I, John N.R. Montgomery, President and Principal Executive Officer of Bridgeway
Funds, Inc., certify that:

    1.  I have reviewed this report on Form N-CSR of Bridgeway Funds, Inc.;

    2.  Based on my knowledge, this report does not contain any untrue statement
        of a material fact or omit to state a material fact necessary to make
        the statements made, in light of the circumstances under which such
        statements were made, not misleading with respect to the period covered
        by this report;

    3.  Based on my knowledge, the financial statements, and other financial
        information included in this report, fairly present in all material
        respects the financial condition, results of operations, changes in net
        assets, and cash flows (if the financial statements are required to
        include a statement of cash flows) of the registrant as of, and for, the
        periods presented in this report;

    4.  The registrant's other certifying officer and I are responsible for
        establishing and maintaining disclosure controls and procedures (as
        defined in Rule 30a-3(c) under the Investment Company Act of 1940) for
        the registrant and have:

            a.  designed such disclosure controls and procedures, or caused such
                disclosure controls and procedures to be designed under our
                supervision, to ensure that material information relating to the
                registrant, including its consolidated subsidiaries, is made
                known to us by others within those entities, particularly during
                the period in which this report is being prepared;

            b.  evaluated the effectiveness of the registrant's disclosure
                controls and procedures and presented in this report our
                conclusions about the effectiveness of the disclosure controls
                and procedures, as of a date within 90 days prior to the filing
                date of this report (the "Evaluation Date") based on such
                evaluation; and

            c.  disclosed in the report any change in the registrant's internal
                control over financial reporting that occurred during the second
                fiscal quarter of the period covered by this report that has
                materially affected, or is reasonably likely to materially
                affect, the registrant's internal control over financial
                reporting; and

    5.  The registrant's other certifying officer and I have disclosed, based on
        our most recent evaluation, to the registrant's auditors and the audit
        committee of the registrant's board of directors (or persons performing
        the equivalent functions);

            a.  all significant deficiencies and material weaknesses in the
                design or operation of internal control over financial reporting
                which are reasonably likely to adversely affect the registrant's
                ability to record, process, summarize, and report financial
                information; and

            b.  any fraud, whether or not material, that involves management or
                other employees

<Page>

                who have a significant role in the registrant's internal control
                over financial reporting.


By:             /s/ John N.R. Montgomery
                ------------------------
                John N.R. Montgomery
                President and Principal Executive Officer


Date:           March 9, 2005

<Page>

I, Linda Giuffre, Treasurer and Principal Financial Officer of Bridgeway Funds,
Inc., certify that:

    1.  I have reviewed this report on Form N-CSR of Bridgeway Funds, Inc.;

    2.  Based on my knowledge, this report does not contain any untrue statement
        of a material fact or omit to state a material fact necessary to make
        the statements made, in light of the circumstances under which such
        statements were made, not misleading with respect to the period covered
        by this report;

    3.  Based on my knowledge, the financial statements, and other financial
        information included in this report, fairly present in all material
        respects the financial condition, results of operations, changes in net
        assets, and cash flows (if the financial statements are required to
        include a statement of cash flows) of the registrant as of, and for, the
        periods presented in this report;

    4.  The registrant's other certifying officer and I are responsible for
        establishing and maintaining disclosure controls and procedures (as
        defined in Rule 30a-3(c) under the Investment Company Act of 1940) for
        the registrant and have:

            a.  designed such disclosure controls and procedures, or caused such
                disclosure controls and procedures to be designed under our
                supervision, to ensure that material information relating to the
                registrant, including its consolidated subsidiaries, is made
                known to us by others within those entities, particularly during
                the period in which this report is being prepared;

            b.  evaluated the effectiveness of the registrant's disclosure
                controls and procedures and presented in this report our
                conclusions about the effectiveness of the disclosure controls
                and procedures, as of a date within 90 days prior to the filing
                date of this report (the "Evaluation Date") based on such
                evaluation; and

            c.  disclosed in the report any change in the registrant's internal
                control over financial reporting that occurred during the second
                fiscal quarter of the period covered by this report that has
                materially affected, or is reasonably likely to materially
                affect, the registrant's internal control over financial
                reporting; and

    5.  The registrant's other certifying officer and I have disclosed, based on
        our most recent evaluation, to the registrant's auditors and the audit
        committee of the Registrant's board of directors (or persons performing
        the equivalent functions);

            a.  all significant deficiencies and material weaknesses in the
                design or operation of internal control over financial reporting
                which are reasonably likely to adversely affect the registrant's
                ability to record, process, summarize, and report financial
                information; and

            b.  any fraud, whether or not material, that involves management or
                other employees who have a significant role in the registrant's
                internal control over financial reporting.

<Page>

By:     /s/ Linda Giuffre
        -----------------
        Linda Giuffre
        Treasurer and Principal Financial Officer

Date:           March 9, 2005