Background

Ryan Breslow, the founder of Bolt, stepped down as CEO in early 2022 amidst allegations of misleading investors and violating security laws. He was also involved in a legal battle with investor Activant Capital over a $30 million loan.

Recently, Breslow announced that he had been reinstated as CEO with the unanimous approval of the board. Justin Grooms, who served as interim CEO since last March, will now take on the role of president.

Company Performance

Bolt, a one-click checkout company, has faced challenges in recent years. The company's annualized run rate was at $28 million in revenue, with $7 million in gross profit as of the end of March 2024. Despite this, Bolt was reportedly trying to raise $200 million in equity and an additional $250 million in marketing credits at a $14 billion valuation.

The company has raised around $1 billion in total venture-backed funding and was once valued at $11 billion. Investors include funds and accounts managed by BlackRock, Schonfeld, Invus Opportunities, CreditEase, H.I.G. Growth, and Moore Strategic Ventures, among others.

Future Plans

With Breslow back at the helm, Bolt is expected to continue its efforts to raise funding and expand its business. However, the company's valuation and funding plans have been put on hold for now. Breslow has expressed gratitude to employees and investors for their support and encouragement.