Bolt CEO Breslow resigns
Instead, the new CEO will now be Maju Kuruvilla.
Bolt Services provides payment software for online shopping websites. One of their clients is Forever 21.
The company has been around for seven years and has only recently seen renewed interest from investors.
Kuruvilla is a 44-year-old executive and has experience as a vice president at Amazon.
Since the last deal, however, Bolt has experienced turbulent waters – Breslow wrote a recent funding blog post saying BlackRock led the deal. BlackRock disagreed, saying that was not the case. The post was later revised.
Additionally, Breslow then posted a number of tweets accusing competitor Stripe of working with venture capitalists to harm rivals – and the posts drew backlash.
In an interview, Breslow said his resignation was expected a few weeks ago before the new funding.
“The only thing that kept me in the seat was ego,” Breslow said. “It allows me to focus on my superpowers.”
According to the Bloomberg report, Breslow will now focus on forming the company’s culture and vision and on business development.
Bolt had also recently secured $355 million from a Series E round, bringing the total funding to nearly $1 billion.
Breslow said at the time that the company had been “relentlessly focused on improving the online shopping experience”.
He said they were looking to improve strategic investments, hire more people, partner with other companies and expand internationally.
According to Bolt, the latest round values it at around 30 times its valuation 30 months ago, and nearly double since the fall of 2021. In December, the company was looking at a valuation of $14 billion ahead of this round.
Read more: Headless Commerce Startup Bolt Eyes $14 Billion Valuation
Bolt has also partnered with Adobe, allowing retailers to use Adobe eCommerce software tools to add one-click payment.
See also: Headless Trading Company Bolt Raises $355M