Bolt Uber Cabify rival closes 628 million round and shoots its valuation to 7,400 million - Bolt, the Estonian mobility company and strong rival of Cabify and Uber, has raised in its latest round of funding —the largest to date— 628 million euros, and shoots its valuation to 7,400 million.
This round has been led by the funds Sequoia Capital, Fidelity Management & Research Company LLC, Whale Rock, Owl Rock (a division of Blue Owl), D1, G Squared, Tekne, Ghisallo, among others.
The company has announced in its statement that it will allocate this injection of capital to expand its current products and accelerate the transition from car ownership to shared mobility in cities.
Bolt is one of the European giants of carpooling and micro-mobility, has more than 100 million customers in 45 countries and operates in nearly 400 cities in Europe and Africa. The company offers cars with driver, scooters, e-bikes and food delivery in several European countries.
In Spain it has been operating since last summer with a fleet of VTC cars and taxis, electric scooters and bicycles in cities such as Madrid, Malaga, Seville and Barcelona, although in the latter only its bicycle rental service is available.
Bolt Uber Cabify rival closes 628 million round
"For decades, cities have been built for cars, not people.
This has led to unsustainable traffic, pollution and a loss of public space in parking spaces.
We believe this approach is a thing of the past,” said Markus Villig, Founder and CEO of Bolt, in the statement.
For his part, Daniel Georges, director of VTC and Taxi for Bolt Spain has indicated that they will continue " betting on the VTC and the Taxi as a fundamental piece in the equation of sustainable mobility of cities.
With this new round we reaffirm our commitment to our partners and our support in the recovery of the sector to offer users an accessible and quality chauffeur driven transport service."
Commitments on Bolt Uber Cabify rival closes 628 million round
Bolt burst into Spain last summer with a downward price offer, improving conditions for its drivers by charging lower commissions, and an aggressive marketing campaign to scratch customers from its 2 main competitors: Cabify and Uber.
In its last round of funding prior to this in August 2021, it raised 600 million euros, and reached a valuation of 4,000 million.
After that capital injection, Bolt jumped into the hyper-competitive food delivery market with its subsidiary Bolt Food, and ultra-fast shipments-deliveries in 15 minutes-through Bolt Market.
Service with Bolt Uber Cabify rival closes 628 million round
This is a service very similar to its competitors Getir or Gorillas. However, it is not yet available in Spain.
From Bolt they assure that they want to become the European "super-app", that is, an application that brings together different services under the same umbrella.
This is something less common in Europe but very popular in Asia.
The company has assured that it plans to accelerate its expansion in 2022 by developing new products.
