Bolt raises $713M funding at $4.75B valuation

Estonian ride-hailing company Bolt has raised $713 million of investment, as reported by CNBC.

  • The company’s valuation rose to $4.75 billion. Bolt’s previous valuation was $2 billion.
  • Among the investors are Sequoia, Tekne, Ghisallo, and existing G Squared, D1 Capital, and Naya.
  • The company plans to use the fresh funding on its grocery delivery service — to kick it off in ten European countries, including Sweden, Portugal, Croatia, and Romania.
  • The company closed its previous round in March this year. Bolt received 20 million euros from the International Finance Corporation (IFC), a sister organization of the World Bank.
  • Earlier, in December 2020, Bolt closed a €150 million round. The round was led by D1 Capital Partners, with participation from Darsana Capital Partners.
  • Like other companies in the niche, Bolt was hit with a severe drop in revenues at the beginning of the coronavirus pandemic, CNBC notes. However, things have stabilized in recent months as countries began lifting quarantine restrictions. As of August 2021, Bolt has 75 million users in 45 countries in Europe and Africa.