Bolt seeks up to $27 million bridge round

Checkout company Bolt is raising a bridge round of up to $27 million from existing investors, TechCrunch reported. The financing is structured as a convertible note that would convert at a discount in a future round and includes a pay-to-play provision under which nonparticipating backers would lose a large portion of their equity. CEO Ryan Breslow is committing $5 million, and said Bolt's board and a majority of preferred shareholders approved the fundraise.