San Francisco, US-based Bolt, a checkout experience platform that helps retailers convert, retain, and delight more of their shoppers, raised US$ 75M in its Series C funding round on 21 December 2020. Bolt is developing a one-click checkout experience platform.
The funding round was co-led by Westcap and General Atlantic. Other participants include existing investors Activant Capital and Tribe Capital, as well as a group of angel investors. Bolt has raised a total of US$215 million to date.
About Bolt
Founded in 2014 by Eric Feldman and Ryan Breslow, Bolt gives retailers and consumers more choice, control and flexibility over their transactions by managing the back-end of the checkout, presenting payment options, securely processing payments and mitigating fraud.
From the very first moment a retailer joins the Bolt Network, they can offer shoppers a one-click checkout with no passwords, forms, or payment details even if they haven’t visited their site before. Bolt aims to solve the complicated technological challenges involved in the checkout, fraud detection and digital wallets so that retailers can focus on growing their product, brand, and customer base.
“We are investing a ton into the platform and in product engineering as we see so much reception of our product with enterprise clients. Our focus back in July was working in a transitional market, but now we are building enterprise retailers into our one-click network and expanding rapidly,” said Ryan Breslow, founder and CEO of Bolt
Bolt claims that it processed more than US$ 1 billion in retail transactions this year and saw 10 times increase in its shopper network. Bolt has also partnered with brand management company Authentic Brands Group to provide its checkout experience to its group of retailers, including Forever21, Lucky Brand and Brooks Brothers.
The pandemic led to a complete shift to online shopping, and so the brands began to focus on online customer experience. In addition to Bolt, companies such as Fast, which is also developing a one-click buying experience, had raised US$ 20 million in Series A funding led by Stripe in March.
What Investors Have to Say
Anton Levy, co-president, managing director and global head of technology investing at General Atlantic, said, “Bolt is creating a holistic checkout platform and bringing it to market. We know that this is something that retailers need, and we see checkout as an increasingly critical category in commerce. On top of this, Bolt’s one-click shopper network is growing significantly and shows real potential to level the playing field for independent brands. We’re thrilled to partner with Ryan and the Bolt team to prepare for rapid scale.”
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