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• The company’s valuation rose to $8.4 billion up from nearly $4.8 billion just five months ago
• The Estonia-based firm’s latest funding round was backed by Whale Rock, Owl Rock and some of Bolt’s existing investors
European ride-hailing firm, Bolt, has raised $711 million in a new round of funding led by Sequoia Capital and Fidelity.
The Estonia-based firm’s latest funding round was backed by Whale Rock, Owl Rock and some of Bolt’s existing investors. The round raised the company’s valuation to $8.4 billion up from nearly $4.8 billion just five months ago.
In its last funding round, Bolt raised $712.32 million, pushing its valuation to more than double its last private valuation, while aspiring to establish its roots in the online grocery industry.
Bolt, which originally started as Taxify, a taxi-hailing app in Estonia has expanded into different sectors including food delivery, car sharing, and electric scooter, and bike rentals.
In an interview with CNBC, when questioned about Bolt’s plans to go public, CEO Marcus Villig said that Bolt could follow suit in seeking an initial public offering, but there’s more than enough money available in the private markets.
“In the long term? Most likely, yes, we will go public, but there’s no urgency for us at the moment,” he told CNBC.
In November, Uber said it would hike prices in London to attract more drivers, while Bolt has allowed drivers to set their fares in three U.K. cities.
(Inputs from CNBC)
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