Founded in 2017 by former Deliveroo and Mobike executive Mina Nada and former Bain & Co executive Michael Johnson, the startup recently received a $2.5 million seed round. The funding was led by Maniv Mobility and Contrarian Ventures, as well as individual investors and former executives of Uber and Deliveroo.
The eBike firm currently offers flexible subscriptions in Sydney, Melbourne, San Francisco and London. Although the company also sells its bikes, its main business is weekly commercial-use rentals for $39, which includes servicing of eBikes. In June, Postmates launched a Bolt Bikes rental program in San Francisco.
In addition to 24-hour access to electric bikes, subscribers also get fleet management software, vehicle servicing and financing. The bikes include a battery charger, phone holder, USB port and U-Lock.
“Being in the food delivery industry since its inception, we saw that light electric vehicles were the real future of ‘last-mile’ logistics, yet no-one was offering the right vehicle, financing or maintenance solution,” Nada said in a statement to the reporting news outlet.
Nada and Johnson envisioned offering gig economy workers in the food delivery space a safe, reliable and affordable electric vehicle to help them make more money. The co-founders bought Bolt’s first 10 bikes in 2017 while still working for other companies. When the business gained momentum, the two left their day jobs and started working on Bolt full-time, its website indicates.
Uber announced in May that it was partnering with technology-driven mobility platform Yulu to provide users with the option to ride eBikes and bicycles in Bengaluru, India. With pollution levels in most Indian metropolitan cities among the highest in the world, the bikes provide an eco-friendly alternative to automobiles.