A host of individuals connected with the e-commerce industry have supplied capital, enabling Stanford-linked company Bolt to target its next phase of expansion.
Bolt, a US-based e-commerce payment processing platform backed by Stanford-StartX Fund, the venture fund linked to the university’s StartX accelerator, has obtained $68m in series B funding, VentureBeat reported on Tuesday.
The round was co-led by investment firm Activant Capital and VC firm Tribe Capital, and featured several angel investors boasting expertise in the e-commerce and consumer goods industries.
Founded in 2014, Bolt markets a software platform with payment processing and data analysis features catered to the e-commerce market. The tools were being used by more than 100 online merchants as of early 2018.
Bolt claims its checkout experience is twice as fast as competing technologies. The software uses machine learning to measure specific e-commerce metrics, such as the number of times a customer clicks on a given page.
Following the series B round, Bolt will prepare for its next growth phase by enhancing its product and partnering up more retail clients.
The company was co-founded by Eric Feldman, a computer science teaching assistant at Stanford, and Ryan Breslow, a coach at the university’s StartX accelerator, which has backed Bolt previously via the Stanford-StartX Fund, according to TechCrunch.
Bolt also received early-stage capital from Jay Borenstein, professor of computer science at Stanford, as well as Streamlined Ventures, Mike Maples from Floodgate, Great Oaks Venture Capital, Brainchild Holdings, ZhenFund, RRE Ventures, Naval Ravikant and NJF Capital.