Checkout tech firm Bolt hits $11bn valuation

Checkout technology firm Bolt has hit a $11 billion valuation, according to sources reported by TechCrunch.

The valuation came as part of a Series E funding round worth $335 million.

Ryan Breslow, founder and chief executive at Bolt, told the publication the capital will be used for hiring talent, acquisitions, international expansion, and putting out new products.

The news comes after the San Francisco-based firm, which provides an e-commerce checkout platform, raised $393 million in October.

The lead investors in the latest round were funds and accounts managed by BlackRock, with participation from Schonfeld, Invus Opportunities, HIG Growth, and CE Innovation Capital.

Bolt said that the round brings its total funding to almost $1 billion.

“There is a huge opportunity to improve the online checkout experience, and retailers are realising that they are losing customers as a result,” said Ben Tsai, partner at Invus Opportunities. “Bolt has a growing network of tens of millions of shoppers who benefit from the ease of one-click checkout across Bolt’s expanding network of retailers.”

He added: “We’re pleased to support Ryan and the ambitious Bolt team and see tremendous opportunity in the space that Bolt is disrupting.”

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