In the latest development of Bolt’s aggressive fundraising efforts, the fintech company’s CEO seems to have hinted at taking legal action against Silverbear Capital, the investment bank whose involvement in the deal is in question.
CEO Justin Grooms, as reported by Forbes, stated in an email, “We believe there was some miscommunication within Silverbear Capital, one of our lead investors, leading to unnecessary confusion. They signed a binding term sheet committing $200 million. Our legal team at Gibson, Dunn & Crutcher is prepared to enforce our rights.” Bolt, providing tools for easy online shopping checkout, did not respond immediately to a comment request. Silverbear partner Veronica Welch told Forbes that there was no miscommunication and the deal was never discussed or approved.
Recently, a leaked term sheet revealed Bolt’s plan to raise $200 million in equity funding and $250 million in marketing credits at a $14 billion valuation, with a pay-to-play deal structure. Silverbear, initially reported to lead the equity round, clarified that the deal is being facilitated through a special purpose vehicle managed by a private equity fund in the UAE.
The London Fund’s CEO confirmed participating in the deal with marketing credits but stated that they have not seen or verified the leaked document. The London Fund confirmed discussions with Bolt’s management but denied any finalized transaction.
Other Stories
Is OpenAI’s $100B valuation justified?