Bolt has raises €50M in venture debt from the European Investment Bank to expand its services
The European Investment Bank (EIB) has signed a €50 million venture debt facility with ride-hailing app Bolt. The funding will go towards supporting the Uber rival’s research and development strategies. This includes investments in existing services like ride-hailing as well as personalised mobility services like food delivery.
Martin Villig, Bolt’s co-founder said “Mobility is one of the areas we will continue to grow and innovate for the benefit of our customers. We will invest in improving and expanding our ride-hailing technology as well as personalised mobility services like food delivery. We are thrilled to have the European Investment Bank join the ranks of our backers as this enables us to move faster towards serving many more people in Europe and across the world.
Bolt’s research and development strategy is focused in creating innovative and safe services that will enhance urban mobility and provide viable economic opportunities across the world.
“Bolt is a good example of excellence in tech and innovation. As you 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,” commented Alexander Stubb, The EIB’s Vice President.
The company pioneered safety initiatives in the industry, providing features such as the SOS button which links drivers on Bolt trips with medical and/or security emergency response team(s) at the tap of a button. In addition, the “Share your ETA” feature allows consumers to share their live trip details with loved ones.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. The Bolt financing is supported by the European Fund for Strategic Investments (EFSI) which is the main pillar of the Investment Plan for Europe.
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