Bolt raises $711 Million in Fresh Funding Round at $8.4 Billion Valuation

Uber’s fierce rival Bolt has raised 628 million euros ($711.40 million) in funding led by Sequoia Capital and Fidelity Management and Research Co, taking its valuation to 7.4 billion euros ($8.38 billion).

Founded in 2013, Bolt is an Estonian mobility company that offers vehicle for hire, micromobility, car-sharing, and food delivery services headquartered in Tallinn and operating in over 300 cities in 45 countries in Europe, Africa, Western Asia, and Latin America.

Bolt last secured funding in August 2021 at a valuation of over 4 billion euros.

The company has said it will deploy the funding into expanding its transportation and food delivery super app which has more than 100 million users in Europe and Africa. It will also consider venturing into new businesses expanding its range of services.

Speaking on the funding, Chief Executive Markus Villig said, “We are expanding all the five product lines extremely quickly, developing product R&D and rolling out in new cities.

 “Over the past eight years, we have developed products that offer better and more affordable alternatives for almost every purpose a private car serves.

“We’re partnering with cities to help people make the switch towards light vehicles such as scooters and e-bikes and shared mobility options like ride-hailing and car-sharing to transform urban areas back into sustainable, people-friendly spaces.

“That’s why we’re pleased to announce this new round of funding – the biggest in our history – which will help us build a future in which cities have less congestion, less pollution, and more green spaces where people can easily move around in a safe and sustainable way.”

In a statement provided to Techcrunch, Andrew Reed, a partner at Sequoia, said, “We’re excited to deepen our partnership with Markus and Bolt to further their mission to make urban travel affordable, sustainable, and safe.

 “At Sequoia, we believe in the global potential for technology and entrepreneurship and have been inspired by Bolt’s growth from Tallinn, Estonia to over 400 cities and 100 million customers across Europe and Africa. We’re eager to help them expand their footprint, increase their product offering and improve the quality of life in cities for the long term.”