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Estonia's Bolt Raises €600m To Bolster Quick-Delivery Push

Published on Aug 3 2021 9:28 AM in Technology tagged: Food Delivery / Estonia / World News / Bolt

Estonia's Bolt Raises €600m To Bolster Quick-Delivery Push

Estonian startup Bolt has raised €600 million from investors, planning to plough the proceeds into quick grocery delivery, upping the ante in a fast-growing but fiercely competitive market.

With the bumper round, which valued Bolt at more than €4 billion, the Talinn-based company has gained more firepower than even well-backed European rivals such as Getir, Gorillas and Jokr.

Bolt, which already offers ride hailing, car sharing, electric scooters and food delivery, says its expanding range of consumer and transport services qualifies it as Europe's first 'super-app'.

Expanding Across Europe

As part of its 'hyper growth' agenda, the business plans to launch its 15-minute grocery delivery product, Bolt Market, in 10 European countries over the coming months. The group has also expanded into a number of African markets.

Bolt raised funds from new investors Sequoia, Tekne and Ghisallo, as well as existing backers G Squared, D1 Capital and Naya. The company last raised €150 million from investors in December 2020.

'Affordable And Sustainable'

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“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 need it," commented Markus Villig, chief executive at Bolt.

“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.”

News by Reuters, edited by ESM. For more Technology news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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