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Checkout startup Bolt, valued at $11 billion, faces a legal dispute with retail partner Fanatics over a multimillion-dollar co-marketing fund. Bolt reported revenue of $19.4 million for the first nine months of 2023, showing no growth compared to the previous year. The loss of the high-profile Fanatics partnership adds to Bolt's growth challenges.
Bolt told investors that it had revenue of $19.4M for the nine months ending in October 2023, essentially flat YoY; Bolt's troubles grow with a Fanatics lawsuit (The Information) https://t.co/TSKeDi3aS0 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/IA68iqTf8a
Fanatics & Bolt fighting over who has the worst reputation right now in private tech. https://t.co/ZBQqdE5VMv
New w/ @erinkwoo: Bolt, the $11B checkout startup, is embroiled in yet another legal battle with a high-profile retail partner, Fanatics. Fanatics claims Bolt “unjustly enriched itself” with the deal, which includes a multimillion-dollar co-marketing fund. https://t.co/iFgeWqi31H