Bolt has announced its largest funding round to fast-track the mission to enable more affordable and sustainable mobility options. Part of the funds will be used to accelerate the expansion of Bolt’s new and existing mobility and delivery products across Eastern African markets.
The Ksh. 81.4 billion (€628 million) investment round was led by Sequoia Capital and Fidelity Management and Research Company LLC. Other participants include Whale Rock, Owl Rock, D1, G Squared, Tekne, Ghisallo, among others.
These investments will boost mobility services in Kenya, emphasizing the safety features on the platform for drivers and passengers. It will also accelerate the expansion of Bolt Food services across more urban areas in Kenya, driver and courier empowerment. This will contribute to a more reliable marketplace, enhance safety features to improve customer experience and create more earning opportunities for drivers and couriers.
Bolt recently launched a women-only ride category in Kenya, geared towards empowering women drivers while providing an alternative to female passengers to flexibly and conveniently move around. The category further aims to enhance the safety and security of women who use Bolt’s platform. 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.
Markus Villig, founder and CEO at Bolt said, “For decades, cities have been built for cars, not people. Unfortunately, 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 We think this approach is outdated.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. That is why we’re pleased to announce this new round of funding which will help us build a future in which cities have less congestion, less pollution and more green spaces where people can easily move around safely and sustainably.”