over $1 billion in cash and assets in AUM. AUM is ahead of a proposed $450 million raise for Bolt, a one-click checkout startup that has been involved in several disputes over the years.
This raise isn’t discouraging Shah. He calls the term sheet for Bolt as "a fabulous transaction about a company that we believe has a lot more room left in it." Shah hopes the proposed VC funding come to an end. The London Fund thinks that Bolt can lead some incredible new activity.
The company claims that, with the VC funding of $250 million, they believes the VC’s resources will, over time, drop a cash middle step. They also said one of their funds has influencers and media as LPs. So, they provide visibility. Bolt Ride spends a lot of money on co-marketing dollars, about $80 million. The company is ready to give the co-marketing VC for Bolt. They will also provide the co-marketing impressions that Bolt Ride needs.
Bolt gives an aggressive demand to the existing shareholders. Bolt tells them to buy many shares at higher prices. If not, Bolt Ride will take back their shares for 1 cent/per share. On Tuesday, the news broke that Bolt Ride was trying to raise $450 million at a $14 billion valuation. Some news show that the coming back of Ryan Breslow as CEO is part of the new funding.
Bolt’s interim CEO, Justin Grooms, emailed some shareholders about the deal. He said: "We are finalizing a $450+ million Series F funding round from UAE- and UK-based investment firms, which will elevate our total valuation to over $14 billion, a considerable leap from our $11 billion valuation during the Series E1 round in 2022. In addition to the investment from these investment firms, Bolt may receive additional amounts from existing Bolt investors who may participate in the Series F funding round."
The London Fund and Silverbear Capital were the principal investors. Silverbear raised $200 million, and The London Fund invested $250 million in complex transactions. But, Brad Pamnani, who represents Silverbear on deal documents, declared that the company will not end the deal and that "an unnamed Abu Dhabi-based fund is going to invest $200 million in Bolt at the $14 billion valuation with the intention of investing several hundred million more over the next 12 to 24 months."
.webp)
.webp)
.webp)
