We advised Bolt, the leading European transportation platform, on concluding a EUR 50 million quasi-equity facility agreement with the European Investment Bank (EIB), the European Union’s long-term lending institution. Bolt plans to invest this funding into improving and expanding our ride-hailing technology and personalised mobility services, like food delivery. The funding will also enable Bolt to move faster when it comes to serving more people across Europe.
Strategic move by the Estonian unicorn
Today, one of Europe’s leading unicorn companies, Bolt operates one of the fastest-growing transportation platforms in Europe and Africa. With a presence in over 35 countries and in more than 150 cities, Bolt currently has the second-largest footprint of any ride-hailing company on the planet.
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 as 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.”
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 enables us to move faster towards serving many more people in Europe.”
Our services and project team
We advised Bolt in all phases of the transaction, including legal structure of the quasi-equity facility, negotiations and completion. Our project team was led by partner Toomas Prangli, senior associates Monika Tomberg and Kai Vainola along with associate Mirell Prosa.