Bolt’s CEO Ryan Breslow is stepping down and becoming executive chairman weeks after an $11 billion valuation for the company was secured, Bloomberg wrote.
Instead, the new CEO will now be Maju Kuruvilla.
Bolt’s services provide payment software for online shopping websites. One of their clients is Forever 21.
The company has been around for seven years and has only recently gotten a surge of investor interest.
Kuruvilla is a 44-year-old executive and has experience as vice president at Amazon.
Since the last deal, Bolt has seen some turbulent waters, though – Breslow wrote a blog post about recent funding saying BlackRock had led the deal. BlackRock disagreed, saying that wasn’t the case. The post was revised after that.
In addition, Breslow then posted a number of tweets accusing Stripe, a competitor, of working with venture capitalists to harm rivals – and the posts got backlash.
In an interview, Breslow said his resignation was planned a few weeks ago before the newest financing.
“The only thing that was keeping me in the seat was ego,” Breslow said. “This lets me focus on my superpowers.”
According to the Bloomberg report, Breslow will now focus on shaping the culture and vision of the company and working with business development.
Bolt had also recently gotten $355 million from a Series E round, which got the total funding to almost $1 billion.
Breslow at the time said the company had “relentlessly focused on improving the online purchasing experience.”
He said they were looking at improving strategic investments, hiring more people, partnering with other companies and expanding internationally.
According to Bolt, the newest round values it at around 30 times its valuation from 30 months ago, and near double from fall of 2021. Back in December the company had been eyeing a $14 billion valuation ahead of this round.
Read more: Headless Commerce Startup Bolt Eyes $14B Valuation
Bolt also teamed up with Adobe, letting retailers utilize Adobe eCommerce software tools to add one-click checkout.
See also: Headless Commerce Firm Bolt Raises $355M
