Controversial founder and CEO of push company Bolt is moving into the CEO seat of an early-stage wellness startup.
sBolt CEO Jan Breslow announced Friday that he will take over as CEO and founder of a health startup called Love. In January 2022, Breslow, 28 years old, confused It fueled conspiracy theories across Silicon Valley when he stepped down as Bolt’s CEO eight years later – and just days after raising $355 million from major investors valuing $11 billion. He presides over love in a turbulent time for Bolt, but he said Forbes He plans to remain the CEO of the company.
Bolt reached decacorn status in early 2022 by promising to offer the same seamless one-click digital checkout experience to Amazon and Shopify to millions of mid-size merchants. “My biggest impact on Bolt is not practical and time consuming,” Breslow said. Forbes On a video call from Miami. “It helps us get our biggest accounts, open doors, spur growth and raise money.”
Love is still in its infancy, but raised $7.5 million in August with a valuation of $180 million from MaC Venture Capital and Human Capital. Despite his stuffed portfolio, Breslow has not invested his own money in the startup. “I find value in having a large external capital fund for the startup,” Breslow said. Forbes. “Adds legitimacy and more eyes, arms, and legs to the action.”
Breslow is running a new funding round, raising another $10 million, this time at a $300 million plus valuation, according to people with inside information who asked not to be identified. Adrian Venture, former mayor of Washington, D.C. and managing general partner at MaC Venture Capital, said his company was betting on Breslow because he could make a great team that brings the best in healthcare innovation. “It’s the kind of business that will hire the right people and find the right strategies,” said Fenty, who has invested in Bolt and Love. “But don’t be afraid to change strategies to build the best company.”
Breslow said Forbes That helming Love doesn’t mean he’s giving up on Bolt. In January, Breslow gave the Bolt CEO title to Maju Kuruvilla, then-COO, a former Amazon CEO, so he could focus on acquiring major retail partners and the best tech talent.
Since then, Bolt has been through some tough times. In March, Authentic Brands, one of its largest customers, sued Bolt, claiming it overestimated the capabilities of its software. (The lawsuit was settled in july; Original Brands remains a Bolt customer). In May, Bolt, who earlier caused controversy by offering workers loans so they could buy Bolt stock options, Dismissed – Temporarily released About 200 employees, about a quarter of its employees. Meanwhile, Bolt’s attempt to raise fresh money at a valuation of $14 billion failed, as higher interest rates helped launch a bear market for high-value tech companies. (The tech-heavy Nasdaq is down 25% in 2022.)
korovilla said Forbes He and Breslow have been discussing his transition to love since Breslow took over in January as CEO. “Bolt grew up and needed a different approach where it would be more appropriate for institutions. … Ryan’s superpower is building new things and democratizing new spaces.” He is the kind of person who can put his finger on multiple things at the same time. I expect him to remain very involved with Bolt and myself and help continue the journey.”
“Obviously, I’ve done my research on the therapeutic benefits of psychedelics, and I believe they allow you to have experiences of heightened awareness to help you realize things in your life that you may not have realized before.”
what is love? Breslow says the wellness company will act as a Kickstarter for clinical trials, crowdsourcing ideas and monetizing drug-level studies into the health effects of natural products — for example, the power of turmeric to manage diabetes or the effect of coffee on reducing stroke risk.
“Western medicine is very helpful in severe cases of trauma and disease, but there are many other alternative pathways that are free, cheap, and accessible,” Breslow said. “However, there is no data. It is all speculation. Some people say homeopathy is a waco combination, and many people say it really works. Our goal is to put an end to the old debate.”
Love will act as a decentralized independent organization, or DAO, that will sell digital tokens to fund clinical trials. Each token gives its owner the right to vote on the natural product to be studied and the company that will conduct the test. The more tokens an investor has, the more votes he gets.
“We hope that people who work on philanthropy will step in and not seek returns,” Breslow said. “The target is data. In the future, there may be different iterations about marketing and returns to society. But the first version is about impact — people put money because they want data on the topic.”
Breslow said Love would charge a fee to operate the DAO, and later start a clinic that would work alongside other contractors to conduct the studies. Love also launches a marketplace selling vitamins, probiotics, nutritional supplements and even psychedelic treatments under the Love brand and some third-party companies. Both DAO and market launch are scheduled for December.
“I think my greatest strength is that I have never practiced health before.”
Hosen Breslow combines love – technology and wellness. Millennials in Silicon Valley are notorious for promoting an extreme health regime and a company-wide, four-day enforced workweek. as such Forbes Writing in an April 2022 cover story, Breslow “abstains from meat, gluten, caffeine, and alcohol. No supplements or illegal substances, either. A strict routine is part of what he calls “working like a lion,” a philosophy of execution in short bursts of excessive focus and intensity, similar to the method which the big cats hunt. …After sunset, he avoids lights and electric screens as they hinder his sleep. Instead, he lights candles and plays a buffalo-skin drum.”
The same person who swears by booze, caffeine and electric lights now sells nutritional supplements and drugs. “I don’t take supplements,” he said. “However, I am open to it. I have definitely seen supplements help a lot of people in my life. I would also add that I took supplements when I was sick in order to get better.” He said he’s open to the drug, too. “Obviously, I’ve done my research on the therapeutic benefits of psychedelics, and I believe they allow you to have experiences of heightened awareness to help you realize things in your life that you may not have realized before.”
For Love, being the new kid on the blockchain is crucial. The supplement industry, which generated $15.5 billion in North American sales in 2020, according to Fortune Business Insights, is crowded with traditional players and startups including GNC, Amazon, Ritual, Hims, Roman, and countless new entrants selling on Instagram and TikTok.
Love is leaping into obscure territory where universities, health institutes, and top government agencies have long found changing and often conflicting answers to questions like: Are eggs good or bad for you? How about red wine? And a coffee? If so, how much?
“It’s just about exploring the data. We don’t seek conclusions or outcomes,” Breslow said. “I think my greatest strength is that I’ve never practiced health before.”