Uber’s rival Bolt announced that it has raised $24 million from World Bank’s International Finance Corporation (IFC) for expansion in emerging markets. The Estonian based on-demand startup wants to open more services across Eastern Europe and Africa, with a specific focus in Ukraine and Nigeria
“Our investment in Bolt aims to help tap in to technology to disrupt the transport sector in a way that is good for the environment, creates more flexible work opportunities for women, and provides safer and more affordable transportation access in emerging markets,” IFC’s chief operating officer, Stephanie von Friedeburg, said in a statement
Late last year Bolt raised €150 million ($182 million at current rates) in an equity round to expand its operations in Europe and Africa.
Bolt (formerly known as Taxify) was founded by Markus Villig in 2013. It currently operates in 200 cities in 40 countries with its delivery and transportation services and claims it has 50 million customers using its services.
According to Villig, “We are looking forward to partnering with IFC to further support entrepreneurship, empower women and increase access to affordable mobility services in Africa and Eastern Europe.”
“Together with the investment from the European Investment Bank last year, we are proud to have sizable and strategically important institutions backing us and recognizing the strategic value Bolt is providing to emerging economies,” he adds.
