2020 will go down as Bolt's formative year. It is the year where we unlocked the One Click network effect that I've been telling everyone about since 2014 when the company was founded in my Stanford dorm room. We said it was going to happen. Now, it's happening.
Bolt's network has 4.5 million shopper accounts, with 250k being added every month (and growing rapidly). By the end of 2021, we will have 30 million shopper accounts.
The One Click War has started, but also ended. There will be upstarts and large incumbents who take notice of what we're doing. But, network effects take off fast, and they're already too late to the game.
More importantly, there will be no team smarter and more hard working than the Bolt team over these next 6 months. And, we're executing at a whole new level.
The market has taken notice. And we could not be more excited to announce a new $75M Series C1 round, which brings our total series C funding to $120M. Westcap and Laurence Tosi (former CFO Airbnb and Blackstone Group) made an offer to lead yet another round in Bolt after recently leading our Series C. General Atlantic (who has led growth rounds in Airbnb, Facebook, Snapchat, Slack, Uber, etc) joined the mix as co-lead. Just months after our prior round, our valuation grew nearly 2X.
A shout out to everyone at Bolt who pulled off some major accomplishments in 2020 leading up to this:
- Launched Forever21
- Grew 3X in GMV
- Grew 5X our Bolt One Click shopper accounts
- Successfully rolled out 10+ new product offerings to more than 75 customers
- Handled holiday peaks without any service interruptions
- Raised Series C with Laurence Tosi
- Raised Series C1 with General Atlantic and Laurence Tosi
Read more:
- [TechCrunch] Bolt adds $75M to its Series C, as the battle to rule online checkout continues
- [General Atlantic] Bolt Raises $75M, Reinforcing its Position as a Disruptive Online Checkout Platform
- [Crunchbase] Bolt Raises $75M Series C1 To Advance One-Click Online Buying
- [Forbes] Bob Buch Bolt's new Chief Business Officer talks about our round and why he joined
- [VentureBeat] Bolt raises $75 million to fight ecommerce fraud with machine learning