With this latest money, Bolt has raised more than €250 million in funding since opening for business in 2013, and as of its last equity round in July 2019 (when it raised $67 million), it was valued at over $1 billion, which Bolt has confirmed to me remains the valuation here.
Bolt further said that its service now has more than 30 million users in 150 cities and 35 countries and is profitable in two-thirds of its markets.
The timing of the last equity round, and the company’s ambitious growth plans, could well mean it will be raising more equity funding again soon. Bolt’s existing backers include the Chinese ride-hailing giant Didi, Creandum, G Squared and Daimler (which owns a ride-hailing competitor, Free Now — formerly called MyTaxi).
“Bolt is a good example of European excellence in tech and innovation. As you say, to stand still is to go backwards, and Bolt is never standing still,” said EIB’s Vice President, Alexander Stubb, in a statement. “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!”
The EIB is the nonprofit, long-term lending arm of the European Union and this financing in the form of a quasi-equity facility.
Also known as venture debt, the financing is structured as a loan, where repayment terms are based on a percentage of future revenue streams, and ownership is not diluted.
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