American firm Bolt raises $355 mn in Series E Funding

The new raise brings Bolt's total funding to nearly $1 billion, the company said in a media release.

"Since Bolt's founding, we've relentlessly focused on improving the online purchasing experience," said Ryan Breslow, founder and CEO of Bolt. "We're very proud to partner with this prestigious group of investors as we accelerate our product development, hire top product and engineering talent, ramp up our strategic investments, forge more partnerships, expand internationally, and roll out more Conscious Culture initiatives to transform workplaces for the better."

Bolt's latest funding round values the company at approximately 30 times its valuation 30 months ago, and nearly double its valuation just three months ago. The company saw stellar momentum in 2021, growing gross merchandise value per merchant by 80 per cent, its number of accounts by 180 per cent, and its transactions by 200 per cent year over year.

The company launched new products like SSO Commerce, which redefines customer logins and unites store accounts with Bolt accounts; expanded into Europe; added new customers like Benefit Cosmetics and launched new strategic partnerships with Adobe Commerce and PrestaShop; and acquired Sweden-based Tipser, a startup that enables shopping on any digital surface. Bolt's retail partners have experienced 50 per cent higher conversion, 38 per cent faster checkout, and a 54 per cent increase in store account creations this year, the release added.

Fibre2Fashion News Desk (KD)