Some investors in Bolt, an e-commerce startup valued at $11 billion two years ago, plan to sell their stakes back to the company at a steep loss, showing the lengths to which venture capitalists will go to get some cash back on flailing investments.

Tribe Capital has told its limited partners that it plans to sell shares back to Bolt at a price that implies a $300 million valuation, or just over half the per-share price the VC firm paid five years ago.

Tribe’s move is part of a broader share buyback Bolt is managing for investors and employees. The tender offer price for investors who hold preferred shares is about 97% below the price at which Bolt raised money in late 2021. Bolt is offering common-stock holders—current and former employees—a lower price for their shares, according to people who received the company’s communications.