One-click checkout tech company Bolt is still waiting to find out if shareholders will sign off on a proposed funding round with stipulations that founder Ryan Breslow would return as CEO. In the meantime, Axios’s Dan Primack did some digging around on The London Fund, a firm that is supposed to provide up to $250 million in “marketing credits” to Bolt as part of the proposed transaction. Turns out that a number of that firm’s so-called portfolio companies don’t appear to be portfolio companies at all.
The fact that The London Fund might have exaggerated the extent of its prior investing is particularly concerning considering that the proposed deal also called for Bolt making an investment into The London Fund and Breslow joining its board, Axios reported. After Primack’s queries, Bolt has apparently been scrubbing its web page to remove the investments that were in question. The number of portfolio companies displayed on its site dropped from 20 to 13, according to Primack. The firm didn’t respond to Axios’ request for comment. TechCrunch has reached out as well.
