Investors in checkout tech company Bolt Financial have until the end of next week to say if they plan to participate in a massive new funding round that would include the return of controversial company founder Ryan Breslow as CEO.

• But they aren't being told the lead investor's identity.
• "I've never seen anything like this," says one of Bolt's larger venture backers, who adds that he's not even convinced that the new money is legit.

Catch up quick: Bolt, which previously raised nearly $1 billion from VCs despite meager revenue, this week emailed investors to inform them of a pending $200 million Series F investment at a $14 billion valuation.

• That's the same valuation that Bolt tried and failed to get a couple years ago, after having previously raised at $11 billion.

Zoom in: There's also more hair on this deal than in a barber shop's dumpster, as reported by Newcomer.

• For example, it includes a pay-to-play provision that could cram down existing shareholders (despite it being an up-round) and $250 million in influencer marketing credits by something called The London Fund.
• But the coup de grâce is what's given to Breslow: A $2 million bonus for becoming CEO, $1 million in purported backpay, lots of new stock options, and an indemnification agreement (which matters, since investors have sued over Breslow not repaying a company loan).
• Bolt also would invest in another Breslow company called Love, and also into The London Fund (where Breslow would join the board). In short, he seems to be fashioning himself as a mini-Elon — viewing his separate businesses as a de facto conglomerate.

But back to that investor: The letter included a signature line for Brad Pamnani, who is identified as working for investment bank Silverbear Capital, but Pamnani tells me it was a misunderstanding and that Silverbear isn't involved.

• Instead, Pamnani says that he also works for a Cayman Islands-based private equity firm that "has done over 65 deals," but he wouldn't share the firm's name.
• He explained that the Caymans firm is a limited partner in an SPV formed to raise the $200 million for Bolt, but that it will be managed by a new private equity fund in the UAE which hasn't yet received government approval for registration in that country.
• Pamnani also declined to provide the names of anyone on that new UAE team, except for himself, and said that there is a risk that registration doesn't come, which could scuttle the entire deal.
• When asked why he was being so coy about names, which he insisted would be shared with investors prior to deal close, he repeated: "Because we don't need to disclose."

Zoom out: Bolt plans to use the money, if it comes through, to build out a super-app.

• Pamnani says that he "is not interested in the Bolt U.S. market," and that the deal includes his group "acquiring international expansion rights."

By the numbers: Newcomer reports that Bolt is on pace to generate just $28 million in 2024 revenue, which means the $14 billion is a Truth Social-like valuation multiple.

• The company is said to require 51% shareholder approval to proceed with the deal. In aggregate, existing preferred shareholders must commit at least $20 million to avoid the cramdown.

The bottom line: Some of Bolt's investors believe that the company's model, if not its execution, has been validated by PayPal's recent Fastlane rollout. But they don't seem close to sold on its new financing plan, and have lawyers digging in.

Source: Giphy

WeRide, a Chinese autonomous driving startup, has postponed an IPO that was seeking to raise around $110 million at a $5.7 billion market cap.

Why it's the BFD: This would have been the first significant U.S. IPO in nearly a month, and there's not currently anything on the post-Labor Day calendar.

• It also comes just days before the expiration of WeRide's regulatory approval from Beijing for a U.S. listing, which means it may need to reapply.

Details: WeRide had been expected to price this week, offering nearly 6.5 million shares at between $15.50 and $18.50 per share.

• It would have listed on the Nasdaq under ticker "WRD," with Morgan Stanley as left lead underwriter.
• Backers include Mubadala, GAC Capital, and Qiming Venture Partners.

The bottom line: "WeRide's IPO delay comes as the U.S. is preparing to widen its confrontation with China over autonomous and internet-connected vehicles." — Bloomberg

• Grafana Labs, a New York-based open observability platform, raised $270m in $270 million in primary and secondary funding. Lightspeed led, and was joined by GIC, Sequoia Capital, Coatue, Lead Edge Capital, and JPMorgan. axios.link/4dSe3kB

🚑 Openwater, an SF-based developer of open-source tech for medical devices, raised $54m, per Axios Pro. Backers include Plum Alley Ventures, Khosla Ventures, and Bold Capital Partners. axios.link/3MhiPwf

• Opkey, a Dublin, Calif., test automation platform, raised $47m in Series B funding. PeakSpan Capital led, and was joined by UST Global, Verica, Vertical and YouNest. axios.link/3WVaDqn

🚑 Vandria, a Swiss developer of mitochondrial therapeutics, raised $30.7m in Series A funding from Hevolution Foundation, Dolby Family Ventures, and ND Capital. axios.link/4dynh5R

• Siepe, a Dallas provider of software to the private credit industry, raised $30m in Series B funding led by WestCap, per Axios Pro. axios.link/4cArh4y

🚑 XII Medical, a Union City, Calif., developer of therapies for obstructive sleep apnea, raised $45m in Series B funding. Omega Funds led, and was joined by Intuitive Ventures and insiders Cleveland Clinic, Ajax Health, Longview Ventures, Aperture Venture Partners, and JobsOhio Growth Capital Fund. xiimedical.com

• Home Run Dugout, a baseball-focused eat-ertainment concept, raised $22.5m in Series A funding led by Lagniappe Capital Partners axios.link/3WThoJe

• Lettuce, an SF-based automated accounting and tax solution, raised $15m in Series A funding led by Zeev Ventures. lettuce.co

⚡ LIS Technologies, an Oak Ridge, Tenn., developer of laser tech for nuclear energy, raised $11.9m in seed funding led by 28 Ventures Fund. axios.link/3MlA7bn

• Resal, a Saudi Arabian e-gift platform, raised $9m in Series A funding from Derayah Ventures Fund, Al-Wafrah AlThanya Investment Co., Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, and Bugshan Investment Group. axios.link/4dthkHh

⚡ Grid Status, a Chicago grid data and analytics provider, raised $8m. Energize Capital led, and was joined by Nat Friedman, Daniel Gross, Rayburn Electric Cooperative, and Evergreen Climate Innovations. gridstatus.io

• Sorella Labs, an Ethereum infrastructure startup, raised $7.5m in seed funding led by Paradigm, with Uniswap Ventures, Bankless Ventures, Robot Ventures and Nascent participating. axios.link/46UR8Tj

• Space Intelligence, a Scottish provider of satellite-based nature mapping data, raised $7m in Series A funding from AzurX Space Ventures and Intercontinental Exchange. space-intelligence.com

⚡ Enteligent, a Morgan Hill, Calif., developer of solar-powered DC-to-DC chargers for EVs, raised $6m led by Taronga Ventures. enteligent.com

• Workpay, a Kenyan HR and payroll startup, raised $5m. Norrsken22 led, and was joined by Visa, YC, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures, and Acadian Ventures. axios.link/4cAbQcv

• Flowit, a Swiss digital coaching startup, raised €4.2m in seed funding co-led by Vi Partners and Alstin Capital. axios.link/4fUemwW

⚡ Deep Fission, a developer of underground nuclear reactors, raised $4m led by 8VC, per Axios Pro. axios.link/46WTwce

• Thera, a provider of back-office fintech tools, raised $4m in seed funding from YC and 10x Founders. getthera.com

• TransBnk, a Mumbai-based transaction banking platform, raised $4m in Series A funding. 8i Ventures and Accion Venture Lab co-led, and were joined by GMO Venture Partners, Ratio Ventures and Force Ventures. axios.link/3MaUIzk

• zkMe Technology, a Hong Kong-based decentralized identity startup, raised a $4m seed round. Multicoin Capital led, and was joined by OKX Ventures and Robot Ventures. axios.link/3yNUwTp

• Cassidy, a New York-based business automation platform, raised $3.7m in seed funding. The General Partnershipled, and was joined by Neo, Comma Capital, Spacecadet Ventures, and Ride Ventures. axios.link/3T1Tqub

• First Round's On Me, a dating app, raised $3m in seed funding, led by Manna Group, per Axios Pro. axios.link/4fS67Sf

• Arsenal Capital agreed to buy Knowtion Health, a Boca Raton, Fla., provider of revenue cycle insurance claim resolution services, from Sunstone Partners (which will retain a stake). knowtionhealth.com

• Brighton Park Capital acquired a majority stake in online ticket marketplace TikPick, after leading a $250m investment that also includes Rory McIlroy's Symphony Ventures. axios.link/3SYkJ8K

• Carlyle agreed to buy Worldpac, a Newark, Calif., auto parts wholesale distributor, from Advance Auto Parts (NYSE: AAP) for $1.5b. axios.link/3AA9nS0

• Goldman Sachs Infrastructure, Wren House, and Igneo Infrastructure Partners have been shortlisted in the auction for Spanish data center operator Nabiax, which is being sold for around €1b by Asterion Industrial Partners and Telefonica, per Bloomberg. axios.link/46XoBg0

🎵 HarbourView Equity Partners agreed to buy the publishing catalog of singer-songwriter James Fauntleroy. axios.link/4cyy9iK

🚑 Jumo Health, a New Haven, Conn., provider of clinical trial solutions, raised growth equity funding from Falfurrias Management Partners. jumohealth.com

• LawnPro Partners, backed by HCI Equity Partners, acquired Cape Cod-based Fairway Lawn & Tree Service. axios.link/3Xbkxpc

• Oaktree Capital is in talks to buy a majority stake in two units of B. Riley Financial, (Nasdaq: RILY) which recently received a takeover offer from its co-founder, per Bloomberg. axios.link/3yO7n8d

• PrecisionX Group, a Waterbury, Conn., portfolio company of Core Industrial Partners, acquired Ditron, a Stormville, N.Y., provider of micro precision stamping. precisionmfg.com

• QualiTech, a Chaska, Minn., portfolio company of MidOcean Partners, acquired Ellison Bakery, a Fort Wayne, Ind., maker of cookies and other food and ingredient products. qualitechco.com

• Spatco, an infrastructure services provider owned by Kian Capital, acquired Blue1, a Greenville, S.C., provider of storage and dispensing equipment. spatco.com

• Terramont Infrastructure Partners led a recap of solid-waste hauler Long Island Waste Services, with Tecum Capital and Patriot Capital participating. liwasteservices.com

• THL Partners is in talks to buy a majority stake in consultancy YA Group, per Bloomberg. axios.link/4cvPxog

🚑 VION Biosciences, a life sciences rollup platform sponsored by Iron Path Capital, acquired Echelon Biosciences, a Salt Lake City provider of lipid-based excipients. echelon-inc.com

• Dropbox (Nasdaq: DBX) acquired Reclaim.ai, an SF-based scheduling tool that raised nearly $10m from firms like Index Ventures, Calendly, Character, Gradient Ventures, and Operator Partners. axios.link/3XfyORy

• General Atlantic sold its remaining $127m stake in listed Indian mortgage lender PNB Housing Finance. axios.link/3Xd0bvD

⚡ Jones Capital sold Portabull Fuel Services, a Purvis, Miss., fuel management and equipment provider, to CR Fuels, a Hattiesburg, Miss. wholesale fuels supplier. portabullfuel.com

• Edgar Bronfman Jr. increased his Paramount Global (Nasdaq: PARA) takeover bid, via a purchase of Shari Redstone's National Amusements, to $6b from $4.4b. axios.link/4dSJ4on

• DMI Finance, an Indian shadow bank, is raising funding from Mitsubishi UFJ at around a $3b valuation. axios.link/4dSdV4I

• Chanel agreed to buy a minority stake in Switch watchmaker Max Büsser & Friends. axios.link/46UBzek

• Germany's government plans to take a temporary majority stake in cruise-ship builder Meyer Werft, per Reuters. axios.link/3SYgoCu

⚡ Nippon Steel and JFE Steel, both of Japan, agreed to buy a combined 30% stake in a large Australian coal mine for $1.1b from Whitehaven Coal (ASX: WHC). axios.link/4fXW3ac

• Scandit, a Swedish computer vision scanning startup valued by VCs at over $1b, acquired self-audit automation tech assets from Poland's MarketLab. scandit.com

• Siemens picked Toyota subsidiary Vanderlande as the buyer for its airport logistics arm, per Reuters. axios.link/46WgY9v

• Zomato, a listed Indian food delivery company, acquired the movie and events ticketing unit of Paytm for $244m. axios.link/3yJA9XD

🚑 Illumina Ventures is raising up to $300m for its third fund, per an SEC filing.

• Ray Cao (Agora co-founder) and Abhishek Kumar (ex-M12) joined Touring Capital as venture partners. touringcapital.com

🌎 Lee Larson joined Piva Capital, after having been with TPG Rise Climate. axios.link/3MdK8re

• Dan Lee joined Garnett Station Partners as a partner. He previously was with Comvest. axios.link/3MlBxCJ

🚑 Christine Shtepani joined Water Street Healthcare Partners as a VP. She previously was with The Sterling Group. axios.link/3STWMiH

• Willkie Farr & Gallagher a team of Chicago-based capital markets and M&A partners from Mayer Brown: Edward Best, Jennifer Carlson, John Ablan, Esther Chang, and Susan Rabinowitz. willkie.com

Crypto is all about fiat currency this election season, contributing nearly half the corporate donations to political action committee, according to a new report from Public Citizen.

• And this doesn't include the millions donated by crypto-focused individuals, including many venture capitalists.
• Go deeper.