The European Investment Bank has signed a €50 million venture debt facility with the Estonian ridesharing startup, Bolt; the financing is supported by the European Fund for Strategic Investments.
According to a statement by the company, the goal of the funding is to support Bolt’s product development and research in areas where the use of technology can improve the safety, reliability and sustainability of its services while maintaining the high efficiency of the company’s operations. “This includes investments in existing services like ride-hailing as well as personalised mobility services like food delivery,” the company added.
“Estonia is as the forefront of digital transformation in Europe,” Paolo Gentiloni, the European commissioner for the economy, said. “I am proud that Europe, through the investment plan, supports Estonian platform Bolt’s research and development strategy to create innovative and safe services that will enhance urban mobility.”
The European Investment Bank is the long-term lending institution of the European Union owned by its member states. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Bolt is a transportation platform whose services range from ride hailing to micro mobility and food delivery. Founded by Markus Villig, Bolt launched in 2013 and currently has 30 million users in 35 countries globally.
Cover: A Bolt driver and a passenger (Bolt).