European mobility specialist Bolt will invest €150 million over the course of 2022 to scale its scooter and e-bike operations.
With the investment, Bolt plans to expand its fleet to more than 230,000 scooters and e-bikes across more than 250 cities, up from the 170 cities it operates in currently. The Estonia-based company says it will also use the investment to build solutions that enhance the user experience and safety.
Bolt’s expansion is fueled by an increase in scooter trips: In March 2022, the company registered more than 500% growth in number of rides compared to the same period last year.
Bolt says the increase in scooter usage also demonstrates how its app promotes greener mobility habits.
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“Our mission is to help build cities for people, not cars, by providing more affordable and environmentally friendly shared mobility alternatives for all city trips,” says Bolt VP of rentals Dimitri Pivovarov.
“Scooters and e-bikes are a perfect alternative to cars for shorter inner-city trips, so it's encouraging to see the customer demand for our scooters as we continue to expand across Europe.”
Bolt, which also counts ride-hailing and food delivery among its services, raised €628 million in a Series F round in January 2022, giving it a claimed valuation of €7.4 billion. The investment followed a €600 million round announced in August of last year.