Bolt Seeks $27 Million Bridge Round Amid Valuation Collapse
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CEO Ryan Breslow initiates a 'pay-to-play' funding effort to sustain the checkout startup after its valuation plummeted from $11 billion to $300 million.
Bolt is seeking up to $27 million in bridge funding to sustain operations and clear legacy obligations, as first reported by TechCrunch. The effort is led by CEO Ryan Breslow, who is personally committing $5 million to the round.
The financing is structured as a convertible note for existing investors and includes a punitive "pay-to-play" provision, which TechCrunch reports will cause backers who do not participate to lose a significant portion of their equity. According to Breslow, the company expects at least $15 million in total contributions from its roughly 100 investors.
This move follows a period of extreme volatility for the checkout processing startup. TechCrunch reports that Bolt's valuation crashed 97%, falling from $11 billion in early 2022 to $300 million. The company also significantly reduced its workforce, shrinking from 900 employees in 2021 to roughly 60 today.
The current bridge round comes two years after a failed $450 million fundraise at a $14 billion valuation collapsed. That deal was blocked by lawsuits from investors including BlackRock and Hedosophia after it was revealed that one lead backer denied participating and another offered "marketing credits" instead of cash, per TechCrunch.
Breslow, who returned as CEO in March 2025, claims the company is returning to growth and nearing profitability, aided by AI efficiencies and the launch of a "super app" integrating crypto, credit cards, and financial services. While Breslow declined to disclose Bolt's remaining cash reserves, he stated the bridge funding is intended to facilitate a transition toward a full Series E2 round.