Bolt has raised 78 billion shillings increasing the company’s valuation to more than €4B. Bolt will use the funds to accelerate the expansion of its existing mobility and delivery products across its African and European markets.
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.
The funds will go into expanding the company’s network of ride-hailing services, food delivery, and micro-mobility in Africa and Europe.
These include investments towards enhancing safety features on the platform for drivers and riders, deepening vehicle ownership initiatives, driver and courier empowerment, and sustainability projects. Bolt will also use the funds to boost it is new under 15-minute grocery delivery service, Bolt Market recently launched in Europe.
“We continue to invest in products and services that improve the lives of our customers across the globe. We also continue to proactively add more shared and electric vehicles to our platform. We believe that the future of urban transport is a network of on-demand services including ride-hailing, food, and grocery delivery,” said Kenneth Micah, East Africa Regional Manager Bolt.
“Cars are responsible for 90 percent of issues in urban transport, including pollution, congestion, accidents, and the parking lots taking up city space. Bolt’s mission is to motivate people to give up their private car by offering them more affordable and sustainable alternatives,” said Markus Villig, CEO at Bolt.
Bolt has experienced hyper-growth in the past year — the company has grown 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 product family — a 15-minute grocery delivery service, Bolt Market.
The company is piloting Bolt Market in its home market Estonia and preparing to launch in 10 European countries soon. Upcoming markets include the Baltics and Central Europe, as well as Sweden, Portugal, Croatia, Romania, and later in African markets. Bolt will use its existing technology and courier network from Bolt Food, as well as its experience in food delivery operations, to launch the new service.