Bolt Raises Over R10.3bn From Investors

Bolt, the first European super-app, has closed a R10.3bn (€600m) funding round, increasing the company’s valuation to more than R68.6bn (€4B). Bolt will use the funds to boost its new 15-minute grocery delivery service, Bolt Market, and to accelerate the expansion of its existing mobility and delivery products.

The funds were raised from new investors including Sequoia, Tekne and Ghisallo, as well as Bolt’s existing investors G Squared, D1 Capital and Naya.

Markus Villig, CEO at Bolt, said: “Bolt’s mission is to make urban travel affordable and sustainable. We are building a future where people are not forced to buy cars that cause traffic and pollution, but they can rather use on-demand transport when they actually need it. After seven years of relentless execution, Bolt’s mobility and delivery products offer a better alternative to almost every use case a car serves. I’m thrilled to bring these products to millions of customers around Europe and Africa, taking the emphasis off cars and giving cities back to the people.”

Andrew Reed, partner at Sequoia, said: “Bolt is redefining urban transportation in much of the world. Markus is a driven founder who has built an operationally excellent business spanning Europe and Africa, and a mission-driven culture that forms the foundation of an enduring company. Bolt helps customers, cities and the environment. We’re delighted to partner with them.”

Bolt has grown to having 75 million customers globally, and in addition to its core ride-hailing product, Bolt offers a car-sharing service, Bolt Drive, and scooter and e-bike sharing, which are not yet available in South Africa.

The company will launch Bolt Market in 10 European countries over the next few months. Upcoming markets include the Baltics and Central Europe, Sweden, Portugal, Croatia and Romania. Bolt will use its existing technology and courier network from Bolt Food, as well as its experience in food delivery operations, to launch the new service.

Bolt Food, which enables customers to order meals from local restaurants, was launched in South Africa in 2020, and while South Africa is not among the 10 countries included in the launch of its new 15-minute grocer delivery service, Bolt Market, the local market will continue to benefit from the investment.

Gareth Taylor, Regional Manager for Bolt Southern Africa, said: “Bolt continues to expand on its range of transportation options for different distances and needs, so that our customers can give up their personal cars and contribute to cleaner cities worldwide. In South Africa, these categories already include Bolt Go, Bolt Premium, Bolt Business, Bolt Women Only, Bolt XL, and Bolt Van, in addition to the original service. We look forward to expanding our products and services in the future.”  

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