Bolt raises up to $27 million in bridge financing
Payments startup Bolt, which works with online checkout, is raising up to $27 million in bridge financing from existing investors. The company’s CEO, Ryan Breslow, intends to personally invest $5 million in the round, TechCrunch reports.
Terms of the bridge round
The funds are being raised in the form of a convertible loan that will convert into shares at a discount after Bolt’s next funding round. The deal also includes a pay-to-play provision: investors who do not participate in the new financing will lose a significant portion of their stake in the company.
In a press release, Bolt said the funds are intended to help the company capitalize on its recent operational results, settle longstanding obligations and ensure a transition toward closing a full Series E2 round. Breslow did not answer questions about what exactly the company considers such obligations.
According to Breslow’s estimate, participation by nearly 100 Bolt investors could provide at least $15 million, although not all of them plan to join. He also did not disclose how much money the company has left, but said it is approaching profitability and returning to growth after several years of declining revenue.
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Company valuation and previous round
At the beginning of 2022, Bolt was valued at $11 billion, but its valuation subsequently fell by 97%, to $300 million. Breslow returned as CEO in March 2025, three years after leaving the position.
Two years ago, the company attempted to raise $450 million at a $14 billion valuation. The deal collapsed after existing investors, including BlackRock and Hedosophia, filed a lawsuit to block the round. This happened after reports emerged that one investor named as a lead participant in the round denied its involvement, while another offered $250 million in marketing credits rather than cash. All parties later voluntarily withdrew the lawsuit.
According to Breslow, the new financing was approved by the board of directors and a majority of Bolt’s preferred shareholders. The company reduced its staff from about 900 employees in 2021 to around 60. Breslow claims that artificial intelligence enables Bolt to operate much more efficiently.
