Bolt raises €600m from Sequoia, others to continue building first-ever super-app

Bolt, the leading ride-hailing and mobility platform, has raised €600 million in a funding round that increases its valuation to over €4 billion.

The funds will boost its new 15-minute grocery delivery service and to accelerate the expansion of its existing mobility and delivery products.

Sequoia Capital has backed the company as part of the round alongside other new investors Tekne and Ghisallo.

Existing backers also participated including G Squared, D1 Capital and Naya.

Markus Villig, CEO at Bolt, said: “Bolt’s mission is to make urban travel affordable and sustainable. We are building a future where people are not forced to buy cars that cause traffic and pollution but use on-demand transport when they actually need it.

“After seven years of relentless execution, Bolt’s mobility and delivery products offer a better alternative to almost every use case a car serves.

“I’m thrilled to bring these products to millions of customers around Europe and Africa, taking the emphasis off cars and giving cities back to the people.”

Femi Akin-Laguda, Country Manager, Bolt Nigeria, added: “We remain committed to simplifying mobility and providing the best value for our customers in more than 25 cities in Nigeria.

“Bolt will continue building solutions that alleviate everyday mobility challenges with our safe and affordable services while we also remain committed to providing market leading earnings for our drivers.

“With this investment, we will keep introducing effective solutions, features and products that are important to all our customers while having a positive socio-economic impact on the economy.”

Andrew Reed, partner at Sequoia, said: “Bolt is redefining urban transportation in much of the world. Markus is a driven founder who has built an operationally excellent business spanning Europe and Africa and a mission-driven culture that forms the foundation of an enduring company. Bolt helps customers, cities, and the environment. We’re delighted to partner with them.”

Bolt has experienced hypergrowth in the past year — the company has grown to 75 million customers globally.

The ride-hailing company currently operates across seven African countries, providing earning opportunities for over 400,000 drivers in over 70 cities across the continent.