Key facts
- Ryan Breslow is raising up to $27 million in bridge funding for Bolt.
- The financing is structured as a convertible note with a 'pay-to-play' provision.
- Breslow is personally committing $5 million to the round.
- Bolt previously saw its valuation drop 97% from $11 billion to $300 million.
- The company has significantly reduced its workforce from 900 to approximately 60 employees.
Ryan Breslow, the co-founder and current CEO of Bolt, is seeking to raise up to $27 million in a bridge funding round to ensure the survival of the checkout processing startup. The company, which once achieved an $11 billion valuation before plummeting 97% to $300 million, is facing significant financial challenges.
The new financing is structured as a convertible note, which will convert into equity at a discount in a future funding round. A key feature of this round is a 'pay-to-play' provision, which penalizes investors who do not participate by significantly reducing their equity stake. Breslow stated that this funding is crucial to capitalize on recent operational milestones, address legacy obligations, and facilitate the closing of a larger Series E2 round.
Breslow, who returned as CEO in March 2025 after stepping down previously, expressed strong conviction in Bolt's potential, personally committing $5 million to the round. He believes the company is nearing profitability and returning to growth, despite declining revenue in recent years and a drastic reduction in headcount from 900 in 2021 to about 60 today. Breslow attributes increased efficiency to the integration of AI.
This fundraising effort follows a failed attempt in 2022 to raise $450 million at a $14 billion valuation, which was blocked by investors, including BlackRock and Hedosophia, due to disputes over participation. Breslow asserts that the current funding round has secured approval from Bolt's board and a majority of preferred shareholders.