Bolt raises €628m in its largest funding round to dateLeigh Mc Gowranon January 11, 2022 at 12:08 Silicon RepublicSilicon Republic

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European mobility company Bolt has announced its largest ever funding round of €628m led by Sequoia Capital and Fidelity Management and Research Company.

Other investors that participated in the funding round were Whale Rock, Owl Rock (a division of Blue Owl), D1 Capital, G Squared, Tekne and Ghisallo. This funding round has raised Bolt’s valuation to €7.4bn as it plans to expand its products and services.

One of the Estonian start-up’s latest services is Bolt Market, a grocery delivery services that currently operates in ten countries across Europe. The company plans to rapidly expand this service and have hundreds of these e-stores operational by the end of the year.

The company’s regional manager for Western Europe, Sam Raciti, said its ride-hailing business in Dublin finished strongly last year, doubling its fleet and tripling its passenger base.

“These funds will allow Bolt as a company to continue to grow, something we very much plan on mirroring in Ireland. What’s more, we’re really excited at the prospect of being able to build some of our other leading mobility products – like our electric scooters and bikes – into our offering and continue to help cities change the way people move around for the better.” Raciti added.

As well as taxi-hailing and grocery delivery, Bolt also operates e-scooter and e-bike rental schemes, a car-sharing service and food delivery. It announced new safety features to its scooter-sharing network last month, including a tandem riding prevention system and skid prevention measures.

“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.” Bolt CEO Markus Villig said.

Bolt launched in Ireland in December 2020, competing with existing taxi-hailing apps FreeNow and Uber. In March 2021, the company promised 10,000 carbon-negative e-scooters for Ireland, a month after draft regulation was made for the use of e-scooters and e-bikes on Irish roads. When the regulation was approved in October, Bolt was one of eight different start-ups eyeing our e-scooter market.

The company has grown rapidly, being valued at €4bn in August 2021 after it raised €600m in a Series E funding round led by Sequoia Capital. The company said it has 100m customers in moe than 400 cities across Europe and Africa.

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