Ride-hailing Service Bolt Secures KSh5.6bn loan for Research and Development

Bolt raises €50m from Europe's investment bank

Estonian taxi-hailing firm Bolt has received a KSh5.6 billion (€50m)  loan from the European Investment Bank (EIB) to help in research and development plans for its products.

The funds will go into improving the safety, reliability, and sustainability of Bolts’ services while maintaining the high efficiency of its operations.

This includes investments in existing services like ride-hailing as well as personalised mobility services like food delivery.

“Mobility is one of the areas we will continue to grow and innovate for the benefit of our customers. We will invest in improving and expanding our ride-hailing technology as well as personalised mobility services like food delivery,” said Martin Villig, Bolt’s co-founder.

“We are thrilled to have the European Investment Bank join the ranks of our backers as this enables us to move faster towards serving many more people in Europe and across the world.”

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“Bolt is a good example of European excellence in tech and innovation. As you say, to stand still is to go backward, and Bolt is never standing still,” said EIB vice president Alexander Stubb.