One of the world-leading ride-hailing platforms, Bolt, has gathered €600 million in a funding round that boosts its valuation to over €4 billion.
Brand News Day learned that the funds will accelerate Bolt new 15-minute grocery delivery service and accelerate the expansion of its existing mobility and delivery products.
Sequoia Capital has thrown its support for the company as part of the round alongside other new investors Tekne and Ghisallo alongside existing backers also participated including G Squared, D1 Capital and Naya.
Bolt – How We Built the Largest Ride-hailing Service in Nigeria
Speaking on the development, Markus Villig, CEO at Bolt, said: “Bolt’s mission is to make urban travel affordable and sustainable. We are building a future where people are not forced to buy cars that cause traffic and pollution but use on-demand transport when they actually need it.
”After seven years of relentless execution, Bolt’s mobility and delivery products offer a better alternative to almost every use case a car serves.
”I’m thrilled to bring these products to millions of customers around Europe and Africa, taking the emphasis off cars and giving cities back to the people.”
On the other hand, Andrew Reed, the partner at Sequoia, added that: “Bolt is redefining urban transportation in much of the world. Markus is a driven founder who has built an operationally excellent business spanning Europe and Africa and a mission-driven culture that forms the foundation of an enduring company. Bolt helps customers, cities, and the environment. We’re delighted to partner with them.”
As a result of series of events, the ride-hailing platform has experienced hyper-growth in the past year — the company has grown to 75 million customers globally. The ride-hailing company currently operates across seven African countries, providing earning opportunities for over 400,000 drivers in over 70 cities across the continent.
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