European transportation platform Bolt has closed an
investment round of €100 million to grow its ride-hailing, micro-mobility and
food delivery services.
The investment comes from London-based Naya Capital Management
and values the company at $1.9 billion. Founded in 2013, Bolt says it has more
than 30 million users in more than 35 countries.
“Even though the crisis has temporarily changed how we move,
the long-term trends that drive on-demand mobility - such as declining personal
car ownership and the shift towards greener transportation - continue to grow,”
says Markus Villig, Bolt founder and CEO.
Subscribe to our newsletter below
“We are happy to be backed by investors that support our
long-term view and don’t buy into the mindless spending that’s become so common
in Silicon Valley. I am more confident than ever that our efficiency and localization
are a fundamental advantage in the on-demand industry. These enable us to
continue offering affordable transportation to millions of customers and the
best earnings for our partners in the post-COVID world.”
Bolt’s ride-hailing service is available in 150 cities
across Europe and Africa. In recent months the company has launched a
custom-built Bolt scooter, expanded its Bolt Food delivery service to 12
countries and launched Bolt Business Delivery, providing same-day, last-mile
delivery for businesses such as supermarkets and florists.
Meanwhile, Bolt competitors Uber and Lyft have both slashed jobs in recent weeks due to the coronavirus' impact on business.