Ryan Breslow, the co-founder and CEO of checkout startup Bolt, announced in August 2026 that he is raising a bridge round of up to $27 million to keep the company operational while it works toward a larger Series E2 funding round.
Breslow is personally committing $5 million to the raise and estimates existing investors will contribute at least $15 million in total. The round is structured as a convertible note — debt that converts into equity at a discount once a future round closes — and includes a pay-to-play provision that strips equity from any existing investors who choose not to participate. Bolt has roughly 100 existing investors, though Breslow acknowledged not all are expected to join in.
Bolt was once valued at $11 billion in early 2022 before its valuation fell 97% to $300 million. The company has also shrunk from 900 employees in 2021 to approximately 60 today. Breslow, who stepped down as CEO in 2022 and returned to the role in March 2025, declined to disclose how much cash Bolt currently holds but said the company is nearing profitability and returning to growth.
The new raise follows a failed $450 million round at a $14 billion valuation, which collapsed after existing investors sued to block it amid questions about the legitimacy of reported backers. That lawsuit was later voluntarily dismissed. Unlike that effort, Breslow says Bolt’s board and a majority of preferred shareholders have approved the current fundraise.
Breslow is betting on Bolt’s “super app,” launched last year, which combines one-click checkout with financial services, peer-to-peer payments, crypto, and credit cards. He also credits AI tools with enabling the smaller team to operate more efficiently, claiming the company is “shipping 10 times faster” as a result.
Whether the bridge round reaches its target — and buys Bolt enough time to close a full Series E2 — may determine the company’s future. Breslow told TechCrunch he has turned down offers from friends to fund a new venture, saying, “I believe Bolt is worth saving.”
Source: TechCrunch