Bolt Secures $393 Million in New Funding
Bolt, the “one-click” checkout provider, announced $393 million in new funding, $333 million of which is in “Series D” funding and $60 million of “follow-on capital,” said Ryan Breslow, founder and chief executive officer, in a memo Tuesday.
Breslow said the round was led by “a large London-based investment firm and other investors include Untitled Investments, Willoughby Capital and Soma Capital.” The funding included existing investors General Atlantic, Tribe Capital, Activant Capital and Moore Strategic Ventures.
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This latest round brings Bolt’s total funding to more than $600 million.
“Today’s one small step for Bolt, and one giant leap for online commerce,” Breslow stated. “This funding brings us one step closer to ending guest checkout on the internet. Retailers and brands crave a network outside the major marketplaces and the ability to offer their customers consistent experiences. Shoppers, meanwhile, want a single identity to shop securely, wherever they are.”
In the memo, Neeraj Chandra, CEO of Untitled Investments, said the checkout process “is among the most complex, strategic and financially impactful components of a merchant’s technology stack. Consumers have come to expect the ease of an Amazon-like checkout experience everywhere. By leveraging its leading platform and network of millions of shoppers, Bolt is uniquely positioned to help merchants deliver a seamless, one-click experience to consumers along with significantly improved conversion.”
Key to Bolt’s growth has been its partnerships, which include BigCommerce, Breslow noted. “Partnerships at Bolt are win-win,” he wrote. “We see our partners’ needs as an extension of our own. As a result of this operating value, we’ve received an overwhelming response from existing partners looking to double down on our collaborations to roll out mass adoption of Bolt One Click for their merchants.”
Breslow also said consumer behavior “is evolving to go beyond the four walls of an e-commerce storefront, as social networks are starting to enable purchases directly from their sites. Meanwhile, new marketplaces are popping up everywhere from traditional affiliate content publishers to price comparison sites.” In response, Bolt is working to bring its one-click shopping experience “to consumers wherever they discover products.”
“This solution would serve any social network like Pinterest or TikTok, any content publisher like Buzzfeed or Hearst, and any shopping app like Affirm’s or RewardStyle, giving these publishers the opportunity to convert visitors to shoppers directly within their platforms,” he added.