Bolt (Previously known as Taxify), a popular ride-hailing startup has raised $55.84M in venture debt from the European Investment Bank (EIB) to boost its global expansion and take on rivals in current markets.
The Venture debt, which is a percentage of the last equity raised by Bolt will be used in developing better technology, safety features, and also launch into new verticals like food delivery and personal transport like e-scooters.
Speaking the debt funding, EIB’s Vice President, Alexander Stubb expressed happiness that they are able to able to support Bolt growth, terming as a good example for excellence in tech.
“Bolt is a good example of European excellence in tech and innovation. As you say, to stand still is to go backwards, and Bolt is never standing still. The Bank is very happy to support the company in improving its services, as well as allowing it to branch out into new service fields. In other words, we’re fully on board!”
-Alexander Stubb, EIB’s Vice President
After this debt fund and the $67M raised in a Series D round last year, Bolt total funds raised since its inception in 2013 now stands at over €250 million. The company’s current valuations also stand at over $1 billion.
Since the launch of Bolt in Nigeria in 2016, the company has grown considerably to become one of the most expansive ride-hailing company in the country. They are currently available in 8 cities including major commercial centres like Lagos, Ibadan and Abuja.
Bolt currently has over 30 million users in 150 cities and 35 countries around the world. With the new influx of funds Bolt will have the opportunity of racking in more market in current and newly expanded markets.
Also, considering the competitive nature of the ride-hailing service in the country, new technological innovations which bolt plans on investing in will go a long way in setting them over major competitors.
Similarly, safety stands high when it comes to ride-hailing, so Bolt investing in improving safety features can save them from the kind of problems like Uber fell into recently in London.
The prospect of new developments with the new fund places Bolt in the right position to continue its growth and expansion both in Nigeria and the global stage.