Leading ride-hailing app, Bolt, has received a Euro 50 million venture debt facility from the European Investment Bank (EIB) to support its research and development strategies.
The funds will go a long way into improving safety, reliability and sustainability of Bolt’s services while maintaining the high efficiency of its operations. This includes investments in existing services like ride-hailing as well as personalised mobility services like food delivery.
“Mobility is one of the areas we will continue to grow and innovate for the benefit of our customers. We will invest in improving and expanding our ride-hailing technology as well as personalised mobility services like food delivery. We are thrilled to have the EIB join the ranks of our backers as this enables us to move faster towards serving many more people in Europe and across the world,” said Martin Villig, Bolt’s co-founder.
Research and development
Bolt’s research and development strategy is focused on creating innovative and safe services that will enhance urban mobility and provide viable economic opportunities across the world.
“Bolt is a good example of excellence in technology and innovation. The bank is very happy to support the company in improving its services, as well as allowing it to branch out into new service fields,” said Alexander Stubb, the EIB’s Vice President.
The company pioneered safety initiatives in the industry, providing features such as the SOS button which links drivers on Bolt trips with medical and security emergency response teams at the tap of a button. In addition, the “Share your ETA” feature allows consumers to share their live trip details with loved ones.