Bolt raises €628m, promises transition to shared mobility

Bolt raises €628m, promises transition to shared mobility

Bolt, a ride-hailing startup, has announced a €628m funding round as the company accelerates a transition from owned cars to shared mobility in cities.

According to the company this new funding round was led by Sequoia Capital and Fidelity Management and Research Company LLC and raised its valuation to €7.4bn.

In a statement, the founder and Chief Executive Officer, Bolt, Markus Villig, said, “For decades, cities have been built for cars, not people. That has led to unsustainable traffic, pollution, and loss of public space to parking places. We think this approach is outdated.

“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.

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“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.”

The Country Manager, Bolt Nigeria, Femi Akin-Laguda, said, “Bolt is redefining urban transportation in Europe and Africa by helping people move seamlessly and helping the environment and the cities grow sustainably.

“We plan to continue expanding our services in Nigeria and offer a better alternative to almost every use case a car serves. Bolt is an innovative company and with the investment, the mission is to ease mobility for every Nigerian.”

Contact: [email protected]

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