Estonia’s Bolt raises €600 million, now valued at over €4 billion

Estonia’s Bolt raises €600 million, now valued at over €4 billion

Tallinn-based Bolt has raised €600 million in a Series E round. The company which started out life as a ride-hailing app (Taxify) has been rolling out a bevy of services including car-sharing and micromobility options, as well as food delivery services. The new funding signals Bolt’s further expansion, this time into the ultra-competitive q-commerce grocery delivery market. To date, Bolt has brought home over €1 billion in funding.

Aptly dubbed Bolt Market, the to-your-door-in-15-minutes service will launch in 10 European countries including Sweden, Portugal, Croatia, and Romania over the next few months. The groceries delivery service is a logical extension for the company, as it will presumably build upon knowledge gained through existing restaurant takeaway delivery service.

An interesting move for sure, with Deliveroo retreating from Germany in 2019, and just recently, Spain. Likewise, news of German 10-minutes-or-less delivery service Gorillas riders, shall we say, less than happy about working conditions. Let’s hope those extra 5 minutes can make a difference in rider satisfaction. And if that wasn't enough, Bolt is now going head to head with Getir, whose current valuation sits around $7.5 billion.

Bolt’s latest funding round was led by ​​Sequoia Capital and saw participation from Tekne and Ghisallo. Existing backers G Squared, D1 Capital, and Naya all followed on.

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