We advised Bolt, a leading European mobility platform headquartered in Estonia, on a EUR 20 million investment agreement with the World Bank’s private-sector arm, the International Finance Corporation (IFC), for expansion in emerging markets.
Focus on developing markets
IFC’s investment in Bolt was carried out through a convertible note. As a part of the deal, IFC will also provide advisory services. IFC invests in private companies active in the developing world.
Through this investment, Bolt will be putting more attention on launching and expanding mobility services, as well as investing in improving the sustainable transport options in emerging markets like Eastern Europe and Africa to create new economic opportunities.
Creating more flexible work opportunities for women
The fresh investment is earmarked to creating earning opportunities and stimulating small-scale entrepreneurship. Bolt is also trialing a new women-only ride-hailing service in South Africa that connects female passengers with female drivers.
“We are looking forward to partnering with IFC to further support entrepreneurship, empower women and increase access to affordable mobility services in Africa and Eastern Europe,” said Bolt CEO Markus Villig.
“Our investment in Bolt aims to help tap in to technology to disrupt the transport sector in a way that is good for the environment, creates more flexible work opportunities for women, and provides safer and more affordable transportation access in emerging markets,” commented IFC COO Stephanie von Friedeburg.
Our services and client team
‘’We have had the honor of working with such an agile, professional and innovative client as Bolt, whom we have assisted to raise capital more than 480 million within last three years in 6 financing rounds,” said partner Toomas Prangli. “Throughout the rounds, Bolt has boldly made groundbreaking deals like no other Baltic company.”
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 senior associate Robin Teever and associate Vladislav Leiri.
Further information can be found on Forbes. If you would like to know more about our experience and services for the startup sector, please contact our Startup team or project manager Mirell Prosa directly.