Ryan Breslow is raising up to $27M in pay-to-play bridge funding to save Bolt | TechCrunch

Ryan Breslow, founder of Bolt, announced the launch of a new round of financing, aiming to raise up to $27 million in “paid participation” bridge funds. This round of financing will be funded by existing investors and will take the form of convertible notes, with a penalty clause: early investors who do not participate will lose most of their shares. This round of financing aims to utilize recent operational milestones, clear legacy obligations, and prepare for a smooth transition to the Series E2 financing. After the failure of Bolt’s $450 million financing due to valuation disputes, Breslow personally committed to invest $5 million as a sign of confidence. It is expected that some of the approximately 100 investors will participate, with a target total amount of at least $15 million.