South African vehicle leasing company MyNextCar (MNC), a key fleet supplier for ride-hailing firm Bolt, has raised $10 million in its first funding round.
Emso Asset Management, a London-based firm with growing interest in mobility ventures across Africa led the round.
The funding will be used to add 1,500 vehicles to MNC’s fleet, specifically targeting Bolt’s budget-friendly ride category, Bolt Lite, which features the fuel-efficient Bajaj Qute.
The round also included backing from Bolt itself, along with impact-focused E2 Investments and Assemble Capital.
The funding signals increased confidence in MNC’s model of providing accessible vehicle financing to drivers, many of whom would otherwise struggle to enter the digital transport economy.
With over 700 drivers currently operating under MNC, the company has positioned itself as an enabler of income generation in a country where youth unemployment remains high.
Of its driver base, 43% are under the age of 35, and 4% are women. By offering vehicles tailored for low-cost ride services, MNC has made it easier for new drivers to onboard and begin earning income through Bolt.
The expansion of Bolt Lite is expected to provide more affordable transport options to commuters and strengthen Bolt’s competitive edge in South Africa’s ride-hailing market.
However, this category has faced pushback from existing minibus taxi operators who view it as a threat to their earnings. Incidents of harassment and intimidation toward Bolt Lite drivers have been reported in the past, making large-scale investment in this segment more difficult.
Emso Asset Management’s participation is notable, given its earlier investment in Moove, a mobility fintech offering vehicle financing to drivers across Africa.
This backing suggests growing institutional interest in models that address both urban mobility and employment access simultaneously.
E2 Investments, with its focus on youth employment, sees the deal as aligned with its broader objectives. Assemble Capital’s specific role was not publicly disclosed.
Lerato Motsoeneng, Senior General Manager at Bolt South Africa, views the investment as validation of a model that focuses on both affordability and access in transportation.
MNC also noted that this funding is not only about expanding its fleet but also about creating pathways for people to earn sustainable livelihoods.
Our Take
From a broader perspective, this move represents a shift in how informal employment and tech-enabled mobility intersect.
By supporting a vehicle provider like MyNextCar, investors are not just betting on app-based transport, they are acknowledging the need for tailored financial structures that allow drivers to participate.
This is especially relevant in markets like South Africa, where lack of access to credit and vehicles continues to limit income-generating options for many.
While scaling a budget service in an environment marked by regulatory tension and labor disputes presents real challenges, MNC’s ability to secure funding from institutional players shows that investors are willing to engage, so long as the model demonstrates practical utility and measurable impact.
With Bolt aiming to capture a larger portion of South Africa’s price-sensitive market, MyNextCar is set to play an increasingly central role in shaping what that growth looks like on the ground.
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