Europe’s Uber rival Bolt gets €100M investment amid pandemic

While its rivals Uber, Ola, Lyft and more are constantly in the news for their mass layoffs — Bolt, the leading European transportation platform has closed an investment round of €100 million today. The Uber rival continues to scale all of its product segments from ride-hailing to micromobility and food delivery in Europe and Africa amid the pandemic.

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. The fresh capital also pushes the company’s value to €1.7 billion.

Bolt Food, Bolt Delivery, Bolt Protect

Bolt currently operates its ride-hailing services in more than 150 cities across Europe and Africa. In the last months, the Estonian ride-hailing company accelerated the expansion of its Bolt Food delivery service to cover 12 countries and launched Business Delivery, a service to aid vendors in need of a distribution partner and offer same-day delivery. It also launched Bolt Protect, a service primarily aimed at essential workers that still need to move around, with cars that are fitted with protective plastic sheeting installed between the passenger and driver seats, limiting the airflow between the driver and riders inside the car.

Markus Villig, CEO and co-founder, Bolt said: “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 and the shift towards greener transportation continue to grow. 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, Naya Capital Management said: “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.”

The Talinn-based company is focused on making urban travel easier, quicker and more reliable. Bolt’s services range from ride-hailing to micromobility and food delivery.

Founded by Markus Villig, Bolt was launched in 2013 and has more than 30 million users in over 35 countries globally. It’s one of the fastest-growing transportation platforms in Europe and Africa with investors including Daimler, Didi Chuxing, Korelya Capital and TransferWise co-founder Taavet Hinrikus.

On the other hand, Naya Capital Management is a global investment manager based in London, UK. Founded in 2012 by Masroor Siddiqui, Naya applies a fundamental, value-oriented investment approach and has the ability to invest across the capital structure, managing capital on behalf of a global investor base including pension funds, endowments and charities. Naya has grown significantly since inception and today, Masroor is supported by an experienced team of 17 staff.

— Press release

Main image credits: Bolt

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