Uber rival Bolt valued at £6 billion as it raises £524 million

Ride hailing company Bolt has raised a €628 million (£524 million) war chest to take on rivals in markets ranging from scooter rentals to 10-minute grocery deliveries.

Bolt, a major rival to Uber in Europe, said it had raised the fresh funds from Silicon Valley VC giant Sequoia Capital and retirement investor Fidelity. Others including Whale Rock, Blue Owl, D1 and G Squared also put money in as part of the round.

The company claims to be valued at €7.4 billion (£6 billion) in the latest funding round, which is its biggest to date. Estonia-based Bolt was founded in 2013 and has now raised over $2 billion.

Bolt launched in London in 2019 and so far only offers ride hailing in the UK. The company plans to use the new investment to expand its offering here, with the possible launch of e-scooter and e-bike rentals. Elsewhere in Europe Bolt also offers takeaway delivery services, which competes with the likes of Just East, and a 15-minute grocery delivery service, part of a booming market.

CEO and founder Markus Villig said: “Over the past eight years we have developed products that offer better and more affordable alternatives for almost every purpose a private car serves.

“We’re partnering with cities to help people make the switch towards light vehicles such as scooters and e-bikes and shared mobility options like ride-hailing and car-sharing to transform urban areas back into sustainable, people-friendly spaces.

“That’s why we’re pleased to announce this new round of funding – the biggest in our history – which will help us build a future in which cities have less congestion, less pollution and more green spaces where people can easily move around in a safe and sustainable way.”

Bolt operates across 400 cities in 45 countries in Europe and Africa. It cames to have 100 million customers worldwide, including 4 million in the UK.