Tag: Bolt

Bolt raises US$712.6m to help accelerate growth across Africa and Europe

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AFRICA – Ride-hailing company Bolt, has raised US$712.6 million in its latest round increasing the company’s valuation to more than US$4.75 billion. The company says it will use the funds to accelerate the expansion of its existing mobility and delivery products across its African and European markets.  The funds were raised from new investors including Sequoia, Tekne and Ghisallo, as well as Bolt’s existing investors G Squared, D1 Capital and Naya. The funds will go into expanding the company’s network of ride-hailing services, food delivery and micro-mobility in Africa and Europe and…

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Bolt Food South Africa expands into Johannesburg as it guns for rivals

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SOUTH AFRICA – Bolt Food South Africa, the food delivery arm of ride-hailing firm Bolt, is eyeing expansion into Johannesburg as it readies to take on main competitors Uber Eats and Mr D Food. The food delivery app, which launched in Cape Town during the onset of the COVID-19 lockdown in 2020, says it has experienced 50% month-on-month growth in the past three months and is betting on competitive prices, as it eyes nationwide expansion. The lockdown resulted in online shopping reaching a tipping point in 2020, growing by 66%…

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Ride-hailing platform Bolt introduces electric tuk-tuks, bikes and bicycles in Kenya

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KENYA – On-demand ride hailing platform Bolt has introduced electric tuk tuks, and e-bicycles on its platform as the company expands its greener transport options in Kenya in the food category. The initiative is geared towards reducing Bolt’s environmental footprints, at the same time fulfilling the demand for light, smart and green modes of transport and also serves to eliminate the challenges associated with constant fluctuating fuel prices which currently form the most significant operating cost for drivers and couriers. “This is a great step towards realizing environmentally conscious ways…

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Taxi-hailing firm Bolt introduces eco-friendly rides

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KENYA – Taxi services firm Bolt has introduced a new ride category on its platform dubbed Bolt Green to offer eco-friendly rides as the company moves towards reducing its greenhouse gas emissions.  In a statement issued to the press, the platform said the category will have hybrid and electric cars in which it aim to reduce emissions during trips taken on the Bolt platform thus offering greener transport options. The eco-friendly ride will attract similar rates as the Bolt Base category, with a minimum fare of US$2.74 and passengers will be able…

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E-hailing firm Bolt gets US$23.8m capital injection from IFC for Africa, Eastern Europe expansion

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SOUTH AFRICA – E- hailing service provider Bolt has received a US$23.8 million capital injection from the International Finance Corporation (IFC), to expand mobility solutions that create earning opportunities, improve access to transportation, and stimulate entrepreneurship in African and Eastern European markets. The IFC investment will be directed towards Eastern Europe, including Ukraine, and African markets, such as Nigeria and South Africa, and support Bolt’s ongoing work to empower drivers while creating new economic opportunities. The investment from IFC comes as Bolt is growing in South Africa  and the rest of the Africa and…

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Taxi hailing firm Bolt raises US$180.9m, to launch e-scooters

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KENYA – Taxi hailing services company Bolt Kenya, is set to launch e-scooter rental business and expand to smaller towns and peri-urban centres in Kenya after raising US$180.9 million US private equity firm D1 Capital Partners. Bolt Kenya country manager Olaoluwa Akinnusi said the company will expand its network beyond the 16 urban centres it currently operates and introduce the electric scooters. The move comes after Bolt, the global company, headquartered in Tallinn, Estonia received US$180.9 million from private equity firm, D1 Capital Partners, which will also be for invested…

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Mobility platform Bolt raises US$182m to grow its business in Africa and Europe

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AFRICA – Bolt, Europe’s leading on-demand mobility platform, has raised 150 million euros (US$182 million) to bolster the safety of its platform through facial recognition and artificial intelligence. The investment was led by D1 Capital Partners, with the participation of Darsana Capital Partners. Tallinn-based Bolt confirmed in the press release that the company will use the funds further to enhance the safety and quality of its products as it continues to grow its ride-hailing, micromobility and food delivery services in Europe and Africa. Founded by Markus Villig, Martin Villig, and…

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Taxi hailing Bolt ventures into food delivery business as alternative revenue streams

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KENYA – Bolt, a taxi hailing service, is venturing into the food delivery business in Kenya targeting alternative revenue streams as the market has seen reduced mobility in the wake of Covid-19 restrictions. Bolt advertised the position of Country Manager for its food delivery arm in Kenya signalling the beginning of operations towards the end of the year according to Business Daily. “We’re already present in 30+ markets across Europe and Africa. Now, it’s time for us to bring the know-how around building a mobility platform to the food delivery…

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Fintech Company Planet42 raises US$2.4m seed round to expand its portfolio of vehicles

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AFRICA – Planet42, a fintech company, has reported raising US$2.4 million in a seed round led by Change Ventures with support from private investors including Martin Villig (Bolt), Ragnar Sass (Pipedrive), Marko Virkebau (MeetFrank), Kristjan Vilosius (Katana MRP), and others.  Planet42 seeks to democratize access to mobility to the underbanked. The company launched as CarGet in 2017 to service the South Africa market. Planet42 partners with dealerships across South Africa to offer access to a personal car to its largely underbanked clientele reportedly 9 out of 10 of customers.  Planet42…

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Bolt raises US$56m in venture debt to expand its ride-hailing business

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AFRICA – Taxi-hailing firm Bolt has secured a US$56m loan that will be injected into the firm’s research and development plans, aiming to make its products and services more reliable, safe and sustainable. Bolt, formerly Taxify, will also use the debt facility from the European Investment Bank (EIB) to launch more products in the market that include personalised mobility services like food delivery. The company is also set to launch food delivery service locally after unveiling a similar venture in Europe in August in 2019. Bolt also has plans to…

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