Bolt has added another round of funding as it secured €20 million from the World Bank’s IFC.
The Ride-hailing and e-scooter company in December raised $180 million as it planned to redefine the e-scooter business in Europe, thus making delivery services easily accessible across the region.
The investment was led by D1 Capital Partners alongside Darsana Capital Partners. While recently in January, the ride-hailing firm secured $150 million to improve the safety and quality of its service across Africa and Europe.
The International Finance Corporation (IFC), a member of the World Bank Group invested in the Estonian startup through a convertible note. IFC will also offer advisory services to Bolt.
With this recent investment by IFC, the ride-hailing company will be focusing its attention on expanding its mobility services across all emerging markets in Africa and Eastern Europe.
After launching in South Africa in 2016 as its first African market, Bolt has expanded to Nigeria and Kenya. However, the ride-hailing company didn’t mention the new market it plans to launch its services.
Basically, Bolt plans on improving a viable transportation option to create economic opportunities in emerging markets.
The ride-hailing company is also running a pilot test on a women-only ride-hailing service in South Africa. This service will connect female passengers with female drivers in the country.
Speaking on the new investment, Markus Villig, Bolt’s CEO, “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”
Stephanie Von Friedeburg, Senior Vice President of operations at IFC commented that technology creates new pathways for women’s empowerment, thereby unlocking more sustainable development
“Our investment in Bolt aims to help tap into 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., Stephanie added
IFC continues to invest in more private firms around the world that are developing innovative solutions to solve challenges in the developing parts of the globe.
Featured Image: Markus Villig, CEO, Bolt
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