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