Bolt South Africa’s key fleet partner, MyNextCar (MNC), has successfully closed its first funding round, raising $10-million from Emso Asset Management, with the support of Bolt, Assemble Capital, and E2 Investments.
The funding validates the early success of Bolt Lite low-cost ride-hailing category pilot, and paves the way for its rapid expansion. With this investment, MNC will scale operations, grow its vehicle fleet, and significantly enhance driver supply across South Africa, creating more earning opportunities and improving accessibility for riders.
While scaling Bolt Lite hasn’t been without its challenges, including pushback from traditional operators, this investment signals a turning point. The backing of a global institutional investor underscores the long-term viability and impact of this inclusive, cost-effective transport model.
To date, MNC has empowered over 700 drivers to generate income through the Bolt platform. Notably, 43% of these drivers are youth, and 4% are women, reflecting a shared commitment to addressing unemployment and promoting gender equity in the mobility sector.
Lerato Motsoeneng, senior GM at Bolt South Africa, says: “This is more than just a funding round, it’s a vote of confidence in a model that is helping reshape South African transport by offering accessibility and affordability through the Bolt Lite category. We are excited for the road ahead as we work with MNC and our partners to build an inclusive, affordable, and sustainable mobility ecosystem.”
A spokesperson from MNC comments: “This funding isn’t just about adding cars, it’s about changing lives. At MyNextCar, we’re committed to creating opportunities that empower South Africans to drive their own success stories.”
Within the next year, MNC plans to roll out 1 500 vehicles across South Africa, a pivotal milestone in Bolt’s growth journey.