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Startup Bolt Nearly Doubles Valuation to $11 Billion

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(Bloomberg) -- Bolt Financial Inc., a startup that makes online shopping tools used by Forever 21 and other retailers, raised funds valuing the business at $11 billion, a person familiar with the terms said.

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The deal nearly doubles Bolt’s valuation from just three months ago, said the person, who asked not to be identified because the terms are private.

The investment round totals $355 million and includes funding from BlackRock Inc., Bolt said in a statement Friday. The San Francisco-based company has raised nearly $1 billion since its founding in 2014. Terms of the deal were reported earlier Friday by TechCrunch.

Bolt sells software to online retailers that promises a one-click checkout system similar to Amazon.com Inc.’s. Last year, the company expanded to Europe with two business partnerships.

(Company corrects to show that BlackRock was an investor but not the lead investor.)

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