Bolt to invest €500 million in Africa

Ride-hailing startup, Bolt, has announced that it will be investing €500 million in Africa. According to the firm, the investments will be used to expand Bolt services in Africa and create opportunities for over 300,000 new drivers and couriers to join the platform in 2023.

According to Founder and CEO, Markus Villig, “Over the past seven years, we have built a strong team of 500 people in Africa and we remain committed to investing into local communities for the long-term. At a time when many countries are facing economic challenges, we will continue to grow our presence in Africa through this new investment which offers massive potential to create new jobs and income opportunities for drivers and couriers.”

Regional Manager, West and North Africa, Ireoluwa Obatoki, said: “While many companies are scaling back investments given the macroeconomic environment, we recognize the transformational effect platforms like Bolt can have in Africa. We operate in markets where there are unique challenges and by continuing to expand our services we will offer people new opportunities to earn a good living by being a driver, as well as providing millions of customers with a safe, reliable, and affordable way of moving around their city.”

In 2022, the Uber rival 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).

Having launched in South Africa in 2016, Bolt now operates ride-hailing and delivery services in six further African countries – Kenya, Ghana, Nigeria, Uganda, Tanzania and Tunisia – with over 47 million customers and 900,000 drivers on the platform.

Founded in 2013, Bolt is an Estonian mobility company that offers vehicle for hire, micromobility, car-sharing, and food delivery services headquartered in Tallinn.