Bolt is raising up to $27 million from existing investors through a bridge financing round as CEO Ryan Breslow works to stabilize the checkout company ahead of a planned Series E2 round. The financing is structured as a convertible note and includes a pay-to-play provision that could significantly reduce the equity of investors who choose not to participate.
Breslow told TechCrunch that he expects Bolt’s roughly 100 investors to contribute at least $15 million. He is personally committing $5 million to the round.
Bridge Round Follows Years of Valuation Declines
Bolt reached an $11 billion valuation in early 2022 before its valuation later fell by about 97% to $300 million. Breslow declined to disclose how much cash the company currently has, but said Bolt is approaching profitability and returning to growth after several years of declining revenue.
Bolt said in a company statement that the financing would help it build on recent operating milestones, address legacy obligations, and continue toward the closing of its full Series E2 financing. The company did not provide further details about those obligations.
Breslow returned as Bolt CEO in March 2025, three years after leaving the position. Shortly after returning, he said the company had begun early discussions about another financing round, though it took more than a year for Bolt to publicly confirm a new fundraise.
The current financing follows Bolt’s unsuccessful attempt in 2024 to raise $450 million at a $14 billion valuation. Existing investors including BlackRock and Hedosophia sued to block that transaction after questions emerged about the participation and funding commitments of proposed investors.
One investor identified as a lead backer denied participating, while another proposed providing $250 million in marketing credits rather than cash. The lawsuit was later voluntarily dismissed by all parties.
Breslow said Bolt’s board and a majority of preferred shareholders have approved the latest financing. At least one existing angel investor also confirmed through his wealth manager that he intends to participate.
Breslow Bets on Smaller Team and New Products
Breslow said Bolt lost customers while he was away from the CEO role between 2022 and 2025 and believes the company would be in a stronger position had he remained in charge. He said he still sees an opportunity for Bolt to compete alongside Stripe, comparing the relationship he wants to establish to Lyft competing with Uber.
Part of that effort centers on Bolt’s super app, introduced last year, which combines financial services, peer-to-peer payments, cryptocurrency, credit cards, and the company’s one-click checkout technology.
Bolt has also reduced its workforce substantially, from about 900 employees in 2021 to roughly 60 today. Breslow said AI has allowed the smaller team to operate more efficiently and claimed the company is completing and shipping work about 10 times faster.
Breslow said he remains committed to rebuilding Bolt despite offers from friends to provide as much as $10 million for him to start another company. He said he believes Bolt has advantages that would be difficult to reproduce by building a new business from the beginning.
Featured image credits: Magnific.com
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