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Bridge to Series E2
Ryan Breslow is raising up to $27 million in bridge financing for Bolt, with the funds intended to support the company as it works toward closing its full Series E2 round.
“is now raising a bridge round of up to $27 million”
TechCrunch reports the bridge capital is being raised from existing investors and structured as a convertible note that will turn into equity at a discount once Bolt closes a future funding round.
Bolt says in a press release that the financing will “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.”
Breslow is personally committing $5 million to the round, and he estimates that participation from Bolt’s roughly 100 investors will total at least $15 million, though not everyone is expected to join.
Pay-to-play pressure
The bridge deal includes a punitive “pay-to-play” provision, meaning backers who do not participate will lose a large portion of their equity in the company.
TechCrunch characterizes the financing as potentially “the company’s last shot at survival,” even though Breslow did not frame it that way.
DiarioBitcoin describes the same mechanism as a clause de pago para participar that can reduce the participation of those who do not contribute capital.
Breslow declined to disclose how much cash Bolt has left, but he claimed the company is nearing profitability and returning to growth after years of shrinking revenue.
Valuation collapse and turnaround
Bolt’s valuation fell from $11 billion in early 2022 to $300 million, and the company has reduced its workforce from about 900 employees in 2021 to about 60 today.
“is now raising a bridge round of up to $27 million”
Breslow returned as Bolt’s CEO in March 2025, three years after stepping down, and he told TechCrunch he believes in the turnaround enough to say, “I believe in Bolt more than anyone could possibly imagine. I believe Bolt is worth saving.”
TechCrunch says the new financing comes two years after Breslow attempted a $450 million round at a $14 billion valuation that collapsed after existing investors including BlackRock and Hedosophia sued to block it.
Breslow argues that AI is helping Bolt operate more efficiently, telling TechCrunch, “We’re getting probably 10 times more done, shipping 10 times faster because of AI,” as he bets on Bolt’s “super app” integrating financial services, peer-to-peer payments, crypto, and credit cards into one-click checkout.