Estonian unicorn Bolt secures €50 million venture debt for further research and development

Bolt, the Estonion transportation unicorn, has secured a €50 million venture debt facility with the European Investment Bank (EIB). The financing is supported by the European Fund for Strategic Investments, the main pillar of the Investment Plan for Europe. Founded in Tallinn by Markus Villig, Bolt launched in 2013 and currently has 30 million users in 35 countries globally. The company’s services range from ride-hailing to micromobility and food delivery. The funding will support product development and research, to improve the safety, reliability and sustainability of Bolt’s services without sacrificing the company’s efficiency. Villig, who is also the company’s CEO, 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 enables us to move faster towards serving many more people in Europe.” The EIB’s Vice President Alexander Stubb commented: “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. 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!”

Paolo Gentiloni, European Commissioner for the Economy, said: “Estonia is the forefront of digital transformation in Europe. I am proud that Europe, through the Investment Plan, supports Estonian platform Bolt’s research and development strategy to create innovative and safe services that will enhance urban mobility.”