Bolt Seeks $27 Million Bridge Round as Valuation Sits 97% Below 2022 Peak

1 articles · Updated · TechCrunch · Aug 31

$27 million is the target for Bolt’s new bridge financing, a convertible note from existing investors that Ryan Breslow says is meant to keep the checkout startup alive and carry it toward a full Series E2 round.
The deal includes a pay-to-play provision that would sharply dilute investors who do not participate, while Breslow is committing $5 million himself and expects at least $15 million from Bolt’s roughly 100 backers.
Bolt has not disclosed its cash position, but Breslow said the company is nearing profitability, returning to growth and using the raise to clear unspecified legacy obligations.
The fundraising push follows a steep collapse from an $11 billion valuation in early 2022 to about $300 million, after a failed $450 million round was challenged by investors and later abandoned.
Breslow, reinstated as CEO in March 2025, is pitching a turnaround built on Bolt’s super app and a leaner operation after headcount fell from 900 in 2021 to about 60.