The round is structured as a convertible note with a pay-to-play provision, meaning investors who do not participate will lose a large portion of their equity. Bolt, once valued at $11 billion, saw its valuation drop to $300 million after a failed $450 million raise in 2024 that led to investor lawsuits.
Breslow is personally committing $5 million to the round. The company, now with about 60 employees, claims it is nearing profitability and returning to growth, though Breslow declined to disclose current cash reserves.