Bolt, the checkout processing startup co-founded by Ryan Breslow in 2014, is raising a bridge round of up to EUR 23 million as it works to stabilize its finances, Breslow confirmed. The financing arrives as the company seeks to complete a larger Series E2 round.
Breslow returned as CEO of Bolt in March 2025, three years after stepping down from the role, following years of legal disputes and clashes with investors. The company once reached an EUR 9 billion valuation in early 2022 before its worth dropped 97% to roughly EUR 258 million.
How the Bridge Round Is Structured
The new capital is coming from existing investors and is structured as a convertible note, meaning it will convert into equity at a discount once Bolt closes a future funding round. Bridge rounds are short-term financings designed to carry a company until its next major raise.
The deal includes a punitive pay-to-play provision. Backers who choose not to participate will forfeit a large portion of their equity in the company. According to a company statement, the financing is intended to help Bolt capitalize on recent operational milestones, clear legacy obligations, and ensure a smooth transition toward closing its full Series E2 round. Breslow did not specify what those legacy obligations involve.
Investor Participation and Breslow’s Commitment
Startups typically raise bridge financings in one of two situations: when they are performing well and need six to 12 months to reach their next milestone, or when they are low on cash and need time to restructure or reach profitability. Breslow declined to disclose how much cash Bolt has remaining, though he said the company is nearing profitability and returning to growth after years of declining revenue.
Breslow is personally committing EUR 4 million to the round to signal his confidence in the business. He estimates that participation from Bolt’s roughly 100 investors will total at least EUR 13 million, though he noted not everyone is expected to join. Breslow launched the company 12 years ago at age 19 as a Stanford dropout and stated he believes Bolt is worth saving.
A Contrast With the Failed 2024 Round
The new financing comes two years after Breslow attempted a EUR 386 million round at a EUR 12 billion valuation. That deal collapsed after existing investors, including BlackRock and Hedosophia, sued to block it. The lawsuit followed revelations that one investor named as a lead backer denied participating at all, while another had offered EUR 215 million in marketing credits rather than cash. All parties later voluntarily dismissed the lawsuit.
Breslow said that unlike the failed EUR 386 million round, Bolt’s board and a majority of preferred shareholders have signed off on the new fundraise. He first told reporters he was in early conversations about a new round shortly after his reinstatement as CEO in 2025, and reaching a publicly announced fundraise ultimately took more than a year.
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Image: techcrunch.com
