Ryan Breslow is raising up to $27M in pay-to-play bridge funding to save Bolt
Ryan Breslow, the controversial entrepreneur who returned as CEO of Bolt last year after years of legal battles and clashes with investors, refuses to give up on the checkout processing startup he co-founded in 2014. The company, which hit an $11 billion valuation in early 2022 before plummeting 97% to $300 million, is now raising a bridge round of up to $27 million, Breslow told TechCrunch.
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Key Facts
- Fact 1: Ryan Breslow, the controversial entrepreneur who returned as CEO of Bolt last year after years of legal battles and clashes with investors, refuses to give up on the checkout processing startup he co-founded in 2014.
- Fact 2: The company, which hit an $11 billion valuation in early 2022 before plummeting 97% to $300 million, is now raising a bridge round of up to $27 million, Breslow told TechCrunch.
- Fact 3: “This financing allows us to capitalize on our recent operational milestones, clear legacy obligations, and ensure a seamless transition as we progress toward the closing of our full Series E2 round,” according to a company press release.
- Fact 4: Startups generally raise bridge financings in two situations: when they are performing well and need six to 12 months to hit their next milestone, or when they are running low on cash and need time to restructure or reach profitability.
Ryan Breslow, the controversial entrepreneur who returned as CEO of Bolt last year after years of legal battles and clashes with investors, refuses to give up on the checkout processing startup he co-founded in 2014. The company, which hit an $11 billion valuation in early 2022 before plummeting 97% to $300 million, is now raising a bridge round of up to $27 million, Breslow told TechCrunch.
Bridge rounds are short-term financings meant to tide a company over until its next major fundraise. The capital is being raised from existing investors and structured as a convertible note, meaning it will turn into equity at a discount once Bolt closes a future funding round. It also includes a punitive “pay-to-play” provision, meaning backers who don’t participate will lose a large portion of their equity in the company.
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