Estonian taxi-hailing firm Bolt, says it has raised $711 million in a new round of funding led by Sequoia Capital and Fidelity.
The investment was also backed by Whale Rock, Owl Rock and some of Bolt’s existing investors.
Bolt is now valued at about $8.4 billion up from nearly $4.8 billion.
In an emailed statement, Bolt says part of the funds will be used to accelerate the expansion of its new and existing mobility and delivery products across Eastern African markets.
“We continue to scale up our operations for the benefit of our customers and the communities in which we operate. The funds will speed up the expansion of our existing mobility and delivery products across our region’s markets.
We believe that the future of urban transport is a network of on-demand services, including ride-hailing, food and grocery delivery. Bolt focuses on creating quality, affordable and sustainable services that will enhance urban mobility and provide viable economic opportunities across East Africa,” said Micah Kenneth, Regional Manager, Bolt East Africa.
Markus Villig, founder and CEO at Bolt, said: “For decades, cities have been built for cars, not people. That has led to unsustainable traffic, pollution and loss of public space to parking places. We think this approach is outdated.
“Over the past eight years, we have developed products that offer better and more affordable alternatives for almost every purpose a private car serves. We’re partnering with cities to help people make the switch towards light vehicles such as scooters and e-bikes and shared mobility options like ride-hailing and car-sharing to transform urban areas back into sustainable, people-friendly spaces.”
Bolt is also investing heavily in green transport options across Africa.
Other products that the funds will boost include; car-sharing service dubbed Bolt Drive in Europe; and Bolt Market, a 15-minute grocery delivery service.
