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Online checkout firm Bolt valued at $11 bln after BlackRock-led funding- source

Jan 14 (Reuters) – Online checkout platform Bolt raised $355 million in a late-stage funding spherical led by fund supervisor BlackRock Inc (BLK.N) at a valuation of $11 billion, based on folks acquainted with the matter.

Other buyers who participated within the collection E funding spherical embody Schonfeld, Invus Opportunities, H.I.G. Growth and CE Innovation Capital, together with present buyers Activant Capital and Moore Strategic Ventures.

San Francisco-based Bolt stated on Friday it intends to make use of the capital for product growth, rent staff and develop into new worldwide markets.

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The firm, based in 2014, provides a checkout service to retailers and buyers to make sure funds on its merchandise are safe and trouble free.

Bolt additionally provides fraud safety and service provider analytics options on its checkout platform that’s utilized by prospects together with attire retailers Forever 21, Juicy Couture and Lucky Brand.

The new funding brings the entire capital raised by the corporate to about $1 billion.

Last 12 months, Bolt raised $393 million in contemporary capital from buyers together with General Atlantic, Untitled Investments, Willoughby Capital and Soma Capital.

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Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli

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