Ride-Hailing and Delivery Start-Up Bolt Raises $711 Million in Latest Funding Round

By Dominic Chopping

Estonian ride-hailing, food delivery and scooter sharing start-up Bolt said Tuesday that it has raised 628 million euros ($711.4 million) in its latest funding round, giving it a valuation of EUR7.4 billion.

Proceeds from the round, led by Sequoia Capital and Fidelity Management, will be used to expand and further improve its suite of products, among other things, it said.

"We've developed products that offer better and more affordable alternatives for almost every purpose a private car serves," Bolt Founder and Chief Executive Markus Villig said.

"We're committed to working with cities to help people make the switch towards shared mobility options like ride-hailing and light vehicles to transform urban areas into sustainable, people-friendly spaces."

Bolt rivals Uber Technologies Inc. in ride-hailing but also offers a car-sharing service, scooter and e-bike sharing and delivery services that include both meal and grocery deliveries.

Its grocery delivery service was launched during the Covid-19 pandemic and currently works with dozens of stores in ten countries across Europe. This latest funding round will also be used to expand the service in 2022, aiming to work with hundreds of stores by the end of the year.

Bolt's previous funding round was in August last year, raising EUR600 million for a valuation of more than EUR4 billion.

Founded in 2013, Bolt's services are currently used by more than 100 million customers in 45 countries.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

January 11, 2022 03:35 ET (08:35 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.