“For decades, cities have been built for cars, not people. That has led to unsustainable traffic, pollution, and loss of public space to parking places. "
Bolt has raised $711 million in a new round of funding led by Sequoia Capital and Fidelity. The investment was also backed by Whale Rock, Owl Rock, and some of Bolt’s existing investors. The taxi-hailing app has been making inroads in Africa.
Bolt is now valued at about $8.4 billion up from nearly $4.8 billion. Bolt says part of the funds will be used to accelerate the expansion of its new and existing mobility and delivery products across Eastern African markets.
“We continue to scale up our operations for the benefit of our customers and the communities in which we operate. The funds will speed up the expansion of our existing mobility and delivery products across our region’s markets.
We believe that the future of urban transport is a network of on-demand services, including ride-hailing, food, and grocery delivery. Bolt focuses on creating quality, affordable and sustainable services that will enhance urban mobility and provide viable economic opportunities across East Africa,” said Micah Kenneth, Regional Manager, Bolt East Africa.
Markus Villig, founder and CEO at Bolt, said: “For decades, cities have been built for cars, not people. That has led to unsustainable traffic, pollution, and loss of public space to parking places. We think this approach is outdated.
Bolt is also investing heavily in green transport options across Africa.
Other products that the funds will boost include; car-sharing service dubbed Bolt Drive in Europe; and Bolt Market, a 15-minute grocery delivery service.