Bolt, which offers tools for one-click e-commerce checkout, did not immediately respond to a request for comment. Silverbear partner Veronica Welch told Forbes that “this never had anything to do with any miscommunications” and that the deal “was never discussed or approved in the company.”
Earlier this month, a leaked term sheet showed that Bolt was aiming to raise $200 million in equity funding and $250 million in “marketing credits” at a $14 billion valuation, with an unusual pay-to-play deal structure that would essentially force existing backers to either invest or lose their stakes in the company.