Ride-hailing app Bolt raises over £510 million in latest funding round
Bolt, the self proclaimed “European super-app”, closed a £513M (€600M) funding round, increasing the company’s valuation to more than almost £3.5B (€4B). Bolt will use the funds to boost its new 15-minute grocery delivery service, Bolt Market, and to accelerate the expansion of its existing mobility and delivery products. The funds were raised from new investors including Sequoia, Tekne and Ghisallo, as well as Bolt’s existing investors G Squared, D1 Capital and Naya.
Markus Villig, CEO at Bolt, said: “Bolt’s mission is to make urban travel affordable and sustainable. We are building a future where people are not forced to buy cars that cause traffic and pollution, but use on-demand transport when they actually need it.
“After seven years of relentless execution, Bolt’s mobility and delivery products offer a better alternative to almost every use case a car serves. I’m thrilled to bring these products to millions of customers around Europe and Africa, taking the emphasis off cars and giving cities back to the people.”
Andrew Reed, Partner at Sequoia, said: “Bolt is redefining urban transportation in much of the world. Markus is a driven founder who has built an operationally-excellent business spanning Europe and Africa and a mission-driven culture that forms the foundation of an enduring company. Bolt helps customers, cities and the environment. We’re delighted to partner with them.” The company says it has experienced hypergrowth in the past year — growing to 75 million customers globally. In addition to its core ride-hailing product, Bolt offers a car-sharing service, Bolt Drive, and scooter and e-bike sharing. The company’s delivery services include Bolt Food, which enables customers to order meals from restaurants, and the most recent addition to Bolt’s ecosystem — 15-minute grocery delivery service, Bolt Market. The company will launch Bolt Market in 10 European countries over the next few months. Upcoming markets include the Baltics and Central Europe, Sweden, Portugal, Croatia and Romania. Bolt will use its existing technology and courier network from Bolt Food, to launch the new service.
