Ryan Breslow is raising up to $27M in pay-to-play bridge funding to save Bolt
The controversial founder of the checkout startup once valued at $11 billion is putting in $5 million of his own money.
Ryan Breslow, the former CEO of Bolt, is currently attempting to secure up to $27 million in a pay-to-play bridge financing round to save the company he co-founded. This financing, structured as a convertible note, will convert into equity at a discount once the company successfully raises its next major round of funding. The bridge round includes a provision that would result in significant equity loss for investors who do not participate.
Breslow claims that Bolt has been nearing profitability and returning to growth since experiencing a 97% decline in valuation in 2022. He personally is contributing $5 million to the round, demonstrating his commitment to the company. Breslow is confident in the company's prospects, believing it can be a "Lyft to Stripe's Uber" and is leveraging AI to improve operational efficiency.
The financing comes two years after Breslow's previous failed attempt at a $450 million round. The new round aims to capitalize on recent operational milestones and clear legacy obligations, with at least 100 investors expected to participate, with Breslow committing $5 million of his own.
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