We advised Bolt, a leading European mobility platform headquartered in Estonia, in raising EUR 150 million, its biggest funding round yet. The investment was led by D1 Capital Partners, with the participation of Darsana Capital Partners. Bolt will use the funds to further enhance the safety and quality of its products as it continues to grow its ride-hailing, micromobility and food delivery services in Europe and Africa.
The company is already offering a number of ride-hailing safety features in both its rider and driver apps, including an SOS button, designed to let users contact emergency services quickly if needed. Earlier this month, Bolt released its 4th generation scooter, developed by the company’s in-house hardware team to become the safest model on the market thanks to sensors that detect unsafe riding patterns as well as optimised construction for extra stability and safe manoeuvring.
In 2021, Bolt is planning to roll out new functionalities to further enhance the safety of its products, such as automated trip monitoring to predict and prevent potential incidents with the use of artificial intelligence.
Rapid growth despite the pandemic
Markus Villig, CEO and co-founder of Bolt said: “Despite the effects of the COVID-19 pandemic, Bolt has seen immense growth in the past year. We have almost doubled our number of customers and launched our services from ride-hailing to micromobility and food delivery in 50 new cities.
Millions of customers already love Bolt for our affordable prices and fast service. In 2021, we are doubling down to be the industry leader in safety and quality of the platform. We’re planning to launch even more innovative solutions, like driver face verification and automatic trip monitoring, using machine learning to prevent potential incidents and ensure the highest quality service for our customers.”
Dan Sundheim, Founder of D1 Capital said: “We are excited to partner with Bolt as they continue to build a market-leading mobility platform across Europe and Africa. The team has executed incredibly well during a challenging year and continues to provide millions of users with safety, flexibility and great value. We are optimistic about the growth opportunity ahead for Bolt after the COVID-19 pandemic and look forward to supporting the team as they invest in innovation over the coming years.”
In 2020, Bolt expanded to cover 200 cities in 40 countries and reached 50 million users globally. In addition to its ride-hailing vertical, Bolt is planning to become the biggest micromobility provider in Europe, launching scooters in more than 100 cities next season. Bolt Food, launched in 2019, is currently available in 16 countries and 33 cities.
Our services and project team
We acted as the sole legal advisor to Bolt throughout the fundraising process. Our project team was led by associate Mirell Prosa supported by partner Toomas Prangli, and included associate Vladislav Leiri and others.