Transport app Bolt raises €628 million in funding to ‘accelerate move to shared mobility’

Ride hailing and e-scooter app Bolt has raised €628 million in funding, as it aims to ‘accelerate the move to shared mobility’. 

Bolt, founded in 2013 in Estonia, offers a range of vehicle hire services, micromobility options, car sharing, and food delivery, and now operates in 45 countries across Europe and Africa.

In its latest funding round, Bolt raised €628 million (£522 million), led by Sequoia Capital and Fidelity Management and Research Company LLC, alongside Whale Rock, Owl Rock D1, G Squared, Tekne, Ghisallo and others.

Bolt’s valuation now sits at €7.4 billion. 

Founder and CEO of the company, 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 We think this approach is outdated.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.

“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.”

Last month, Bolt announced a range of safety features for its scooter-sharing network, including tandem riding prevention and a cognitive reaction test for riders. 

In the UK, Bolt operates in 15 towns and cities, including Bath and Bristol, London, Portsmouth and Edinburgh. 

Read more: Where should the market expect to see growth in 2022?

Bolt also offers a franchise system for its e-scooter services, providing the hardware and software needed to establish a shared-mobility option in towns and cities.  

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