Mobility platform Bolt has landed a €20 million investment from the International Finance Corporation (IFC).
The funds from the IFC, which is a member of the World Bank Group, will be put towards improving access to transportation in emerging economies.
In a statement on its blog, Bolt says it has a shared goal with the IFC to “empower women and improve their access to mobility.”
Stephanie von Friedeburg, IFC senior vice president of operations, says: “Our investment in Bolt aims to help tap into technology to disrupt the transport sector in a way that is good for the environment, creates more flexible work opportunities for women, and provides safer and more affordable transportation access in emerging markets”.
Bolt says it plans to extend its recent Women Only rides initiative to more countries and cities this year.
Bolt CEO Markus Villig adds that the company is looking forward to being able to “further support entrepreneurship, empower women and increase access to affordable mobility services in Africa and Eastern Europe.”
The Estonia-based company announced last December that it had raised €150 million saying it would be used to “further enhance the safety and quality of our products and services.”