“One-click” checkout provider Bolt has raised 393 million dollars in new funding. The company, which was founded five years ago with one merchant, has now raised an additional 333 million dollars in Series D funding and 60 million dollars in follow-on capital.
Currently, the company has over 10 million registered shoppers. New investors after the latest round of funding include Untitled Investments, Willoughby Capital, and Soma Capital. They join existing investors including General Atlantic, Tribe Capital, Activant Capital, and Moore Strategic Venture. This brings Bolt’s total funding to 600 million dollars.
With partnership deals in the works, Bolt is expecting 11 percent of U.S. shoppers to be part of their network by the end of 2021. By the end of 2022, 1/3 of U.S. shoppers are expected to be on their platform, and by the end of 2024, that share is projected to grow to 2/3. By 2025, Bolt is projected to interact with eight out of every ten shoppers in the United States.
Bolt intends to use the new investment to scale their checkout operating system and accelerate their product innovation, which include tools that enable shoppers to checkout on any page when they discover content, meaning no redirecting to a retailer’s page. Bolt’s team has grown 200 percent year-over-year and they are also continuing to expand their team to focus on scaling products and engineering services.