- Ride-sharing company Bolt Technology OU (formerly known as Taxify) has closed $109 million in funding from Naya Capital Management
Tallinn, Estonia-based ride-sharing company Bolt Technology OU (formerly known as Taxify) has closed $109 million in funding from Naya Capital Management at a valuation of 1.7 billion euros ($1.9 billion). This round of funding will be used for accelerating growth and services. This round of funding brings the total raised by Bolt to over 300 million euros.
Bolt had launched in 2013 and the company’s other investors also include Didi Chuxing, Daimler AG, Korelya Capital, Spring Capital, Nordic Ninja, Creandum, G Squared, Invenfin, and Superangel.. The company now has 30 million users around the world and it operates across over 150 cities in Europe and Africa.
“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 or the shift towards greener transportation continue to grow,” said Markus Villig, CEO and co-founder Markus Villig in a statement.
Bolt reportedly saw a 75% drop in revenue around mid-March due to the sheltering at home guidelines associated with the COVID-19 pandemic. Bolt’s rivals like Uber, Lyft, and Ola were also drastically affected by the pandemic.
Late last year, Villig said that the company broke even or hit profitability in around two-thirds of its markets. But in 2018, Bolt saw a net loss of 61 million euros on revenues of about 80 million euros.
This round of funding will also be used for expanding product categories like the Business Delivery same-day courier services and Bolt Protect, a service that protects drivers and passengers through the use of barriers — which has been especially popular with essential workers on their commutes.
“We are delighted to have the opportunity to invest in Bolt at this stage in the company’s growth story,” explained Masroor Siddiqui, managing partner, CIO, and founder of Naya Capital Management in a statement via TechCrunch. “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.”
This funding round was in the form of a convertible note with no additional equity.
