Wednesday, September 28, 2022

Bolt raises €600M from global investors

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Ride-hailing and mobility platform, Bolt, says it has raised €600 million in a funding round for the expansion of its existing mobility and delivery products worldwide.

Markus Villig, Bolt Chief Executive Officer, said in a statement in Lagos on Tuesday that the company’s mission was 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.

“Sequoia Capital has backed Bolt as part of the funding round, alongside other new investors Tekne and Ghisallo.

Existing backers also participated including G Squared, D1 Capital and Naya.

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“After seven years of relentless execution, Bolt’s mobility and delivery products offer a better alternative to almost every use a car serves.

“I am 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,” he said.

Femi Akin-Laguda, Bolt Nigeria Country Manager, said the ride hailing outfit remained committed to simplifying mobility and providing the best value for its customers in more than 25 cities in Nigeria.

“Bolt will continue building solutions that alleviate everyday mobility challenges with our safe and affordable services, while we also remain committed to providing market leading earnings for our drivers.

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“With this investment, we will keep introducing effective solutions, features and products that are important to all our customers, while having a positive socio-economic impact on the economy,” he said.

Andrew Reed, partner at Sequoia, said: “Bolt is redefining urban transportation in much of the world.

“Bolt helps customers, cities and the environment. We’re delighted to partner with them,” he said.

The ride-hailing company currently operates across seven African countries, providing earnings opportunities for over 400,000 drivers in over 70 cities across the continent.


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