Ride-hailing company, Bolt has raised KSh78 billion, increasing the company’s valuation to more than $4.7 billion.
Investors who took part in the funding include Sequoia, Tekne, Ghisallo, G Squared, D1 Capital and Naya.
The company will use the funds to accelerate the expansion of its existing mobility and delivery products across its African and European markets. These include investments towards enhancing safety features on the platform for drivers and riders, deepening vehicle ownership initiatives, driver and courier empowerment and sustainability projects.
The company will also use the funds to boost its new under 15-minute grocery delivery service, Bolt Market, recently launched in Europe.
In addition to its core ride-hailing product, the company offers a car-sharing service, Bolt Drive, and scooter and e-bike sharing, Bolt Market, and Bolt Food, which enables customers to order meals from restaurants.
The company is piloting Bolt Market in its home market Estonia and preparing to launch in 10 European countries soon. Upcoming markets include the Baltics and Central Europe and Sweden, Portugal, Croatia, Romania, and later in African markets.
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