Bolt, a leading on-demand transport platform in Africa and Europe, has announced its largest-ever funding round to fast-track the mission to have cities move in more affordable and sustainable ways. Part of the funds will be used to accelerate the expansion of Bolt’s new and existing mobility and delivery products across Eastern African markets. This investment will boost ride-hailing services in Kenya. Additionally, it will enhance the safety features on the platform for drivers and passengers, besides accelerating the expansion of Bolt Food services across many urban areas in Kenya, driver and courier empowerment. Moreover, it will contribute to a more reliable marketplace, enhance safety features to improve customer experience and create more earning opportunities for the drivers and couriers.
“We continue to scale up our operations for the benefit of our customers and the communities in which we operate. The funds will speed up the expansion of our existing mobility and delivery products across our region’s markets,” said Micah Kenneth, regional manager, Bolt East Africa.
The €628 million investment round was led by Sequoia Capital and Fidelity Management and Research Company LLC with participation from Whale Rock, Owl Rock (a division of Blue Owl), D1, G Squared, Tekne and Ghisallo. It takes Bolt’s valuation to €7.4 billion.
Markus Villig, founder and CEO at Bolt observed that for decades, cities have been built for cars, not people. Unfortunately, that has led to unsustainable traffic, pollution and loss of public space to parking places. “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.” Villig said.