Summary of One of Bolt's proposed new backers, The London Fund, has been scrubbing its web page | TechCrunch

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    Axios Unveils Doubts on Bolt's Proposed Funding Round

    A recent report by Axios has cast a shadow over the proposed funding round for one-click checkout tech company, Bolt. The deal hinges on the return of founder Ryan Breslow as CEO and includes a significant investment from The London Fund, a firm promising to provide Bolt with up to $250 million in marketing credits.

    • The London Fund's involvement has sparked concerns following Axios' investigation into the firm's portfolio companies.
    • Several companies listed as portfolio companies by The London Fund do not seem to have any actual connection with the firm, prompting questions about the legitimacy of its claims.

    Axios Investigates The London Fund

    Axios' investigation has revealed inconsistencies in The London Fund's portfolio company listings, leading to concerns about the validity of the firm's investment portfolio.

    • The number of portfolio companies displayed on The London Fund's website has been reduced from 20 to 13 after Axios' inquiries.
    • The London Fund has not responded to Axios' requests for comment regarding the discrepancies.

    Bolt's Investment in The London Fund

    The proposed deal includes a provision for Bolt to make an investment in The London Fund, further deepening the connection between the two companies. Ryan Breslow was also set to join The London Fund's board.

    • The potential for Bolt's investment to be exposed to a firm with questionable investment claims has raised serious concerns.
    • The integrity of the deal itself is now under scrutiny due to the doubts surrounding The London Fund.

    The Impact on Bolt's Future

    The Axios report has cast doubt on the proposed funding round and the future of Bolt, especially with the company's future tied to The London Fund's legitimacy. The report has also raised concerns about the due diligence conducted by Bolt.

    • Bolt's shareholders will be faced with the critical decision of whether to approve the proposed deal.
    • The potential for significant financial risks and reputational damage for Bolt hangs in the balance.

    The Ongoing Investigation

    TechCrunch, along with Axios, is pursuing further investigation into The London Fund and its claims, as the situation continues to unfold.

    • The investigation aims to uncover the truth behind The London Fund's portfolio company claims.
    • The results will have significant implications for Bolt and the proposed funding round.

    The Future of Bolt and The London Fund

    The uncertainty surrounding The London Fund's legitimacy has cast a shadow over Bolt's future and the proposed funding round. The investigation into the firm's claims will be crucial in determining the fate of both entities.

    • The outcome of the investigation will shape Bolt's plans and the role of The London Fund in the company's future.
    • The situation underscores the importance of thorough due diligence in investment deals, especially when large sums of money and key positions within companies are involved.

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