Bolt, an Estonia headquartered ride-hailing firm, has raised €100 million from Naya Capital Management.
The new funding takes the company’s valuation to 1.7 billion euros and will help scale Bolt’s product segments from ride-hailing to micro-mobility and food delivery in Europe and Africa.
The transport industry has been heavily hit by the coronavirus pandemic.
While Uber announced thousands of job cuts to cushion the impact of COVID-19, Bolt expanded its food delivery service to 12 more countries and launching a new courier service.
Chief Executive Officer and co-founder Markus Villig of Bolt formerly known as Taxify said: “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.
“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.”
Bolt was launched in 2013 and has since grown to become Uber’s rival and major competition. The ride-sharing firm has over 30 million customers and it is present in 150 countries.
