The European Investment Bank (EIB) will give raiding hailing firm Bolt a EUR 50 million venture debt facility to support Bolt’s product development and research as well as the sustainability of its services.
European Investment Bank’s investments will be used in existing services like ride-hailing as well as personalised mobility services like food delivery.
The EIB’s Vice President Alexander Stubb commented: “Bolt is a good example of European excellence in tech and innovation. As they say, to stand still is to go backwards, and Bolt is never standing still. 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!”
Bolt is a top transportation platform in Europe and Africa that’s focused on making urban travel easier, quicker and more reliable. The company’s services range from ride-hailing to micromobility and food delivery. Founded by Markus Villig, Bolt launched in 2013 and currently has 30 million users in 35 countries globally
Bolt’s co-founder, Martin Villig, said: “Mobility is one of the areas where Europe will really benefit from a local champion who shares the values of European consumers and regulators. Therefore, we are thrilled to have the European Investment Bank join the ranks of Bolt’s backers as this will enable us to move faster towards serving many more people in Europe.”
Bolt services will now be available in Nyeri, Meru, Embu, Nanyuki, Karatina, Kilifi and Malindi as the company cements its footprints across the country. This is part of the company’s mission to make urban transportation more convenient and affordable for everyone.
“We continue to scale up our operations for the benefit of our customers. Our core business is to provide reliable, safe and affordable transportation services to everyone and we are excited to make travel easier and quicker across the country during this festive season,” said Ola Akinnusi, Country Manager at Bolt Kenya.
The move brings Bolt’s growing network to sixteen urban centers as the company remains the leading ride-hailing service provider in terms of geographical reach in the country. These include Nairobi, Mombasa, Thika, Kisumu, Kakamega, Nakuru, Naivasha, Eldoret, Kitale, Nyeri, Meru, Embu, Nanyuki, Karatina, Kilifi and Malindi.