Ryan Breslow Raises Up To $27M In Bridge Funding For Checkout Startup Bolt
Ryan Breslow, CEO of checkout processing startup Bolt, is raising up to $27 million in bridge funding from existing investors. The capital will be used as a convertible note and includes a 'pay-to-play' clause that penalizes non-participating shareholders by diluting their equity stake. This move comes after the company's valuation dropped sharply from an $11 billion peak in early 2022 to just $300 million today. Breslow, who returned as CEO last year following a contentious period with investors and legal battles, claims Bolt is nearing profitability and returning to growth. The funding aims to clear legacy obligations and support the company through its next major fundraising round—Series E2. Breslow has personally committed $5 million to show his confidence in the startup's future. This bridge financing follows a failed attempt at raising $450 million two years ago, which led to lawsuits from existing investors who opposed the deal’s terms and valuation. This time around, Bolt says its board and majority shareholders have approved the new round.
Topics: bridge_round entrepreneurship funding