Bolt, the leading ride-hailing platform in Ghana, closed a €600M funding round, increasing the company’s valuation to more than €4B. Bolt will use the funds to accelerate the expansion of its existing mobility and delivery products and boost its new 15-minute grocery delivery service, Bolt Market in Europe.
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.
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.”
Andrew Reed, partner at Sequoia, said: “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.
David Kotei Nikoi, Country Manager at Bolt Ghana, said: “We are proud to have sizable and strategically important institutions backing us and recognising the immense value Bolt is providing to emerging economies. This investment will go a long way to accelerate our operations in the country. Now more than ever, we can provide more convenient and affordable services to our customers.”
Bolt has experienced hypergrowth in the past year — the company has grown to 75 million customers globally. The company will launch Bolt Market in 10 European countries over the next few months. Upcoming markets include the Baltics and Central Europe, Sweden, Portugal, Croatia and Romania. Bolt will use its existing technology and courier network from Bolt Food, as well as its experience in food delivery operations, to launch the new service.
Bolt Food, which enables customers to order meals from local restaurants, was launched in Ghana in 2020, and while Ghana is not among the 10 countries included in the launch of its new 15-minute grocer delivery service, Bolt Market, the local market will continue to benefit from the investment.