Ride-hailing company, Bolt, has received €20 million ($24 million) from the International Finance Corporation (IFC), a World Bank division. The funding seeks to enable the company to further expand across Eastern Europe and Africa.
The IFC has invested within the firm by way of a convertible notice and can present advisory companies as a part of the deal.
IFC’s investment and advisory services will help Bolt expand mobility solutions that create earning opportunities, stimulate small-scale entrepreneurship, and improve transportation access in Eastern European and African markets, with a specific mention of more services in Ukraine and Nigeria; two of those regions’ biggest economies.
Our funding in Bolt goals to assist faucet into know-how to disrupt the transport sector in a means that’s good for the atmosphere, creates extra versatile work alternatives for girls, and supplies safer and extra inexpensive transportation entry in rising markets.Stephanie von Friedeburg, Senior VP of Operations at IFC
The company currently operates in seven African countries, employing more than 400,000 drivers in 70 cities across the continent.