Bolt, the once-$11 billion checkout processor, is raising up to $27 million in a bridge round led by CEO Ryan Breslow. The financing is structured as a convertible note with a punitive ‘pay-to-play’ clause, forcing non-participating investors to forfeit equity. Breslow personally committed $5 million and estimates existing backers will add at least $15 million, though participation isn’t guaranteed.
The company’s valuation collapsed from $11 billion to $300 million after a failed 2023 attempt to raise $450 million, which collapsed amid investor disputes and legal challenges. Breslow claims Bolt is nearing profitability and credits AI for a tenfold efficiency boost despite shrinking from 900 employees in 2021 to about 60 today. He insists the company’s ‘super app’ model—combining payments, crypto, and credit—can still compete with Stripe.
Whether investors share Breslow’s confidence remains uncertain. The bridge round buys time until a planned Series E2, but Bolt’s survival hinges on hitting that next milestone.
