Bolt Founder Breslow to Return as CEO as Part of New Financing
As startup founder comebacks go, this may rank as one of the most remarkable.
Bolt founder Ryan Breslow is returning as CEO to the embattled e-commerce startup, two and a half years after he stepped down, Bolt interim CEO Justin Grooms told investors in a letter. And he potentially comes with more cash: Grooms said the company is finalizing a $450 million Series F funding round from two investment firms based in the UK and United Arab Emirates.
Less than half of the round is cash, however, as $250 million of the round is expected to be in the form of marketing credits from The London Fund, a UK-based venture fund. Marketing credits are services that the fund would provide to companies that use Bolt's ecommerce software, but the details couldn't be learned.