EIB signs €50 million development venture with Bolt
Posted: 17 January 2020 | Sam Mehmet (Intelligent Transport)
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.
The European Investment Bank (EIB) has signed a €50 million venture debt facility with the Estonian developer of the ride-hailing app, Bolt. The financing is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
The funding looks to allow for further investments in improving existing services like ride-hailing, as well as the expansion of personalised mobility services like food delivery.
The EIB’s Vice President, Alexander Stubb, commented: “Bolt is a good example of European excellence in tech and innovation. As they say, to stand still is to go backwards, and Bolt is never standing still. The Bank is very happy to support the company in improving its services, as well as allowing it to branch out into new service fields.”
Paolo Gentiloni, European Commissioner for the Economy, said: “Estonia is at the forefront of digital transformation in Europe. 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.”
Bolt’s co-founder, Martin Villig, said: “Mobility is one of the areas where Europe will really benefit from a local champion who shares the values of European consumers and regulators. Therefore, we are thrilled to have the European Investment Bank join the ranks of Bolt’s backers as this will enable us to move faster towards serving many more people in Europe.”