Bolt raises €100m for Europe and Africa expansion
Cab hailing company Bolt has raised €100-million from Naya Capital Management to boost its growth strategy.
The company confirmed plans to introduce and expand newer services such as scooters, bikes and delivery services in their largest markets, Europe and Africa. The company operates in more than 150 cities across the two regions.
Markus Villig, CEO and co-founder, Bolt said: “We continue to improve our operations to meet the demands of our customers. 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 or the shift towards greener transportation continue to grow.”
He added: “We are happy to be backed by investors that look past the typical Silicon Valley hype and support our long-term view. These enable us to continue offering affordable transportation to millions of customers and the best earnings for our partners during the post-COVID world.”
As the COVID-19 pandemic hits most markets, ride hailing companies such as SWVL, Uber and LittleCab have expanded their delivery services, especially in the African markets. This has boosted the uptake of e-commerce and online shopping.
Bolt also has accelerated its expansion of its food delivery service. It has also announced the launch of Business Delivery, a service to aid vendors in need of a distribution partner and offer same-day delivery.
“It also launched Bolt Protect, a service primarily aimed at essential workers that still need to move around, with cars that are fitted with protective plastic sheeting installed between the passenger and driver seats, limiting the airflow between the driver and riders inside the car,” the company stated.
The latest investment from Naya Capital Management now brings the total investment amount raised by Bolt to over €300-million since inception.