With funding that will help keep growing its product categories from ridesharing to food delivery and micro-mobility in Africa as well as Europe, Bolt closed a €100m investment round. Naya Capital Management, the investment manager that Masroor Siddiqui started in 2012, made the investment, according to an announcement.
Bolt CEO Markus Villig said in the announcement, “We are happy to be backed by investors that support our long term view and don’t buy into the mindless spending that’s become so common in Silicon Valley. I am more confident than ever that our efficiency and localisation are a fundamental advantage in the on-demand industry.”
Villig continued, “These enable us to continue offering affordable transportation to millions of customers and the best earnings for our partners in the post-COVID world.”
As it stands, Bolt runs its ridesharing offerings in over 150 cities throughout Africa as well as Europe. The company said it sped up the growth of its Bolt Food delivery service in the last few months to cover 12 nations. It also rolled out Bolt Business Delivery, a new product, which is meant to help vendors who require a distribution partner and provide same-day delivery.
Bolt, for its part, says that its mission is to “make ride-hailing, micro-mobility and food delivery affordable and accessible for everyone.”
In separate news, Bolt said it wasn’t laying off any workers even with a 75 percent decrease in sales per a report earlier in May. Villig pointed to the company’s frugal approach to operating as aiding in keeping the layoffs at bay. “Our approach has always been to build a lean, cost-efficient organization,” Villig said per a report at the time.
Last year, Bolt rebranded from Taxify and bolstered its food delivery and scooter-sharing divisions, an action that turned out to be ideal as stay-at-home mandates transformed everyday life. The firm first began food delivery in Estonia in August of last year.