Bolt has closed an investment round of €100m as it continues to scale all of its product segments from ride-hailing to micromobility and food delivery in Europe and Africa.
The investment comes from Naya Capital Management, the global investment manager founded in 2012 by Masroor Siddiqui, a former partner at The Children’s Investment Fund, and brings Bolt’s total funds raised to more than €300-million.
Bolt currently operates its ride-hailing services in more than 150 cities across Europe and Africa. Bolt is the leading ride-hailing app in Africa, with over half of Bolt’s business worldwide coming from the seven African markets of Ghana, Kenya, Nigeria, South Africa, Tanzania, Tunisia and Uganda where it operates.
In South Africa Bolt operates in up to 34 secondary towns and cities across all nine provinces of South Africa – with its aggressive expansion strategy in 2019 seeing it double its operational footprint across the country in 2019 alone.
In the last months, Bolt has accelerated the expansion of its services in South Africa to secure more opportunities for drivers to continue earning an incoming during the nationwide Covid-19 lockdown.
These services include Bolt Business Delivery, where drivers can help essential services businesses get orders to their customers quickly and safely; Bolt Food, launched in Cape Town as a food delivery service once regulations were gazetted permitting food delivery; and Bolt Isolated Cars, which have physical barriers between the front and back seats, limiting the risk of exposure between driver and passengers.
“Even though the crisis has temporarily changed how we move, the long-term trends that drive on-demand mobility such as declining personal car ownership or the shift towards greener transportation continue to grow,” says Gareth Taylor, country manager for Bolt in South Africa.
Markus Villig, CEO and co-founder of Bolt says: “We are happy to be backed by investors that support our long term view and don’t buy into the mindless spending that’s become so common in Silicon Valley. I am more confident than ever that our efficiency and localisation are a fundamental advantage in the on-demand industry. These enable us to continue offering affordable transportation to millions of customers and the best earnings for our partners in the post-COVID world.”
Masroor Siddiqui, managing partner and CIO o f Naya Capital Management, comments: “We are delighted to have the opportunity to invest in Bolt at this stage in the company’s growth story. Under Markus’ leadership, Bolt has established itself as one of the most competitive and innovative players in global mobility. We believe that Bolt is helping drive a fundamental change in how consumers interact with the transport infrastructure of their cities and look forward to the company’s continued execution on its strategic vision.”