Pay-to-Play Provision

Bolt Seeks to Raise $27 Million in Bridge Funding Round Led by Ryan Breslow

Ryan Breslow is trying to rescue payments processing company Bolt through bridge financing of up to $27 million, including a personal contribution of $5 million and a provision requiring investors to participate to protect their stakes. The move comes after the company’s valuation fell from $11 billion to approximately $300 million and its headcount was reduced from 900 to roughly 60.