Ride-sharing firm Bolt receives €100m funding from London investment group Naya Capital Management

Bolt Technology OU received €100m of investment from London investment group Naya Capital Management during its latest round of funding, the Estonian Ride-sharing firm announced.

The new funding round, which focuses on investment to build its main business and services launched to deal with the aftermath of the coronavirus crisis, pushes the company's valuation up to 1.7 billion euros.

A rival of Uber, Bolt continues to apply pressure on its competitors by launching services in the same cities as its direct competition.

The 100 million euros investment from Naya Capital Management, brings the total funds raised by Bolt to more than 300 million euros.

Chief Executive Officer and co-founder Markus Villig said: "In the next 12 to 18 months we have an opportunity to win market share.

“Even though the crisis has temporarily changed how we move, the long-term trends that drive on-demand mobility such as declining personal car ownership or the shift towards greener transportation continue to grow."

Image credit: Bolt