Bolt (formerly Taxify) raised €50 million (approx. $56 million) venture debt from the European Investment Bank (EIB). The debt will be used to boost its global expansion plans and to grow in current markets.
Alexander Stubb, Vice President of EIB had this to say about the investment;
“Bolt is a good example of European excellence in tech and innovation. As they say, to stand still is to go backward, 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!”
See Also: Bolt Expands Ride-Hailing Service to 7 More Towns in Kenya
The €50 million venture debt is a percentage of the last equity raised by Bolt. The repayment terms are based on a percentage of the future revenue to be generated by the receiving company.
It will be used to launch into verticals such as food delivery and to introduce e-scooters for personalized mobility services. Bolt has raised over €250 million since it launched in 2013. It is currently backed by Chinese ride-hailing Didi, Creandum, G Square, Daimler, and Free Now.
The European Investment Bank is a non-profit lending arm of the European Union. It provides finances for businesses in the form of a quasi-equity fund, otherwise known as venture debt. The funding is backed by the European Fund for Strategic Investment is backing EIB. This is part of its drive to boost investment in promising companies and invest €458.8 billion across startups and SMEs.
Bolt launched into more cities in Kenya during the festive season. The company is committed to ensuring the convenience and affordability of urban transportation. It is currently available in 8 cities in Nigeria and has over 20 million users across 150 cities in 35 countries globally.
