Bolt raises €100m to expand ride-hailing to micro-mobility and food delivery in Europe and Africa
May 29, 2020
The ride-hailing platform announced to have closed an investment round of €100m to continue to scale their product segments from ride-hailing to micro-mobility and food delivery in Europe and Africa.
The investment comes from Naya Capital Management, the global investment manager founded in 2012 by Masroor Siddiqui, a former partner at The Children’s Investment Fund.
Bolt currently operates its ride-hailing services in more than 150 cities across Europe and Africa. In the last few months, they have accelerated the expansion of Bolt Food delivery service to cover 12 countries. The company has also launched a new product — Bolt Business Delivery, a service designed to aid vendors in need of a distribution partner and offer same-day delivery.
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 and the shift towards greener transportation — continue to grow.Markus Villig, CEO of Bolt
“We are happy to be backed by investors that support our long term view and don’t buy into the mindless spending that’s become so common in Silicon Valley. I am more confident than ever that our efficiency and localisation are a fundamental advantage in the on-demand industry. These enable us to continue offering affordable transportation to millions of customers and the best earnings for our partners in the post-COVID world,” concluded Markus Villig.