One-click payment technology company Bolt is still waiting to see whether shareholders will approve a proposed funding round, on the condition that founder Ryan Breslow return as CEO. Meanwhile, Axios' Dan Primack has investigated London Fund, the company that is set to provide Bolt with up to $250 million in “marketing credits” as part of the proposed deal, and found that many of the firm's so-called portfolio companies aren't actually portfolio companies at all.
The fact that the London Fund may have overstated its past investments is particularly concerning given that the proposed deal also called for Bolt to invest in the London Fund and for Breslow to serve on its board, Axios reported. In response to Primack's questions, the London Fund appears to be cleaning up its webpage to remove the investments in question. Primack said the number of portfolio companies listed on the site has dropped from 20 to 13. The company did not respond to Axios' request for comment. TechCrunch also contacted the company.