Investor Profile: Bolt — Thesis, Cheque Size & How to Apply

Bolt was a Boston based, pre-seed venture firm at the intersection of software and physical goods, and it remains one of the clearest case studies in hardware investing. For founders asking how to get funding from Bolt, the honest answer today is different from the historical pitch: Bolt says it is no longer making new investments under the Bolt banner.

Investment thesis

Bolt invested in concept stage companies, often writing founders their first cheque, where a physical product and software had to be built together. Hardware was the point, not a side project. The firm believed that getting a first production run right, and learning how to scale manufacturing, was exceptionally difficult, and that this difficulty deserved specialist, hands on help.

Sectors and stages

Sectors covered consumer electronics, robotics, medical devices, industrial hardware, agriculture technology and connected devices. Stage focus was pre-seed and pre-product, although Bolt also worked with some later stage hardware teams facing the same production and scaling problems. Its early programme was based in Boston, in the Downtown Crossing district, with a high end prototyping shop under its offices.

Fund size and cheque size

Bolt raised $3.5 million in its first funding round, with strategic investors including Logitech, Autodesk and Grishin Robotics, and closed a $25 million second fund in 2015. Its first class companies each received a $50,000 investment, alongside a $100,000 line of credit for electronic components, access to prototyping equipment and support from a full time engineering and design staff.

Notable portfolio

Between 2013 and 2020, Bolt invested in 80 companies. Reported portfolio names include Desktop Metal, a metal 3D printing company backed in its early funding, Carbon Robotics, which builds laser weeding robots for agriculture, and Petnet, an early connected pet device company from its first class. Its first batch also included companies working on weather data, landfill methane capture, custom prosthetics, social robots and tablet hardware.

Partners and team

Bolt was founded by product designer and entrepreneur Ben Einstein, venture capital veteran Axel Bichara, formerly a partner at Atlas Venture, and manufacturing expert and entrepreneur Scott Miller. Mentors cited in its early history included Mick Mountz, founder of Kiva, and Brad Feld of Foundry Group.

Programs and perks

The historical programme offered seed capital, mentorship, shop equipment, professional engineering staff, financing help and manufacturing relationships. Its first class was chosen from more than 850 applicants, with seven startups accepted, and the programme culminated in a demo day.

How to apply for funding

There is no live Bolt application route to recommend. The firm's own site states that it is no longer making new investments under the Bolt banner, while remaining committed to supporting its existing portfolio. Hardware founders should therefore treat Bolt as a historical reference and a source of lessons on prototyping, manufacturing and first production runs, and should pitch currently active hardware investors instead.