Bolt Raises $182 Million to Boost Operations in Europe and Africa

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Estonian-based ride hailing service provider, Bolt, has raised $182 million (€150 million) in an equity round.

In an interview with TechCrunch, CEO and co-founder, Markus Villig, said the funds would be utilized to boost the start-up’s expansion in Europe and Africa.

This round was the first time we raised with most of the previous round still in the bank, despite the pressures of Covid. This shows the frugality of the company,” CEO Markus Villig said.

Villig added that:

Due to (the) lockdowns, we were not as aggressive as we would have liked to be, so financially we are now in a very good position for 2021.

This round of fundraising is led by D1 Capital Partners, with participation also from Darsana Capital Partners.

Commenting on the emerging event, Dan Sundheim, founder of D1 Capital Partners, said in a statement that:

We are excited to partner with Bolt as they continue to build a market-leading mobility platform across Europe and Africa. The team has executed incredibly well during a challenging year and continues to provide millions of users with safety, flexibility and great value.

Sundheim further stated that D1 Capital is “optimistic about the growth opportunity ahead for Bolt after the COVID-19 pandemic, and look forward to supporting the team as they invest in innovation over the coming years.”

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About D1 Capital Partners
D1 Capital Partners is a global investment firm that deploys capital in both public and private markets on behalf of institutional investors worldwide.

The Company has investments in business and financial services, healthcare, industrials, real estate and technology, media and telecom sectors.

D1 Capital Partners has investments in establishments like Warby Parker, gaming engine maker Unity, car sales portal Cazoo, and fintech TransferWise.

About Darsana Capital Partners
Darsana Capital Partners operates as an investment advisory firm. The Company offers investment management and consulting services.
Darsana Capital Partner’s top 10 holdings make up over 90% of the firm’s total asset allocations.

The company’s top holdings include Spirit Aerosystems Holdings, Baidu Inc., 21st Century Fox Class A, and Delta Air Lines Inc. Darsana was established in 2014 by Anand Desai,

Bolt, formerly known as Taxify, was founded in 2013 by Markus Villig, and headquartered in Tallinn, Estonia.

The start-up operates in over 200 cities and countries like the UK, France, South Africa, and Nigeria. Bolt claims it has about 50 million user, and over 1 million drivers.

Bolt arrived Nigeria in 2016, and is present in Lagos, Abuja, Ibadan, Owerri and Port-harcourt. Other cities activated in 2020 are Jos, Ilorin, Aba, Kaduna, Zaria, Onitsha, Asaba, Makurdi, Akure and Warri.

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