Bolt (company)

Boltis an Estonian mobility company that offersride-hailing,micromobilityrental, food and grocery delivery (via theBolt Foodapp), andcarsharingservices. The company is headquartered inTallinnand operates in over 500 cities in more than 45 countries inEurope,Africa,Western AsiaandLatin America. The company has more than 150 million customers and more than 3 million driver and courier partners.The company has plans for aninitial public offeringin 2025.
The company was founded in 2013 as Taxify byMarkus Villig, then a 19-year-old high-school student. Markus built the prototype of the app while personally recruiting drivers on the streets of Tallinn after receiving a €5000 loan from his family.
The service was launched in Tallinn, Estonia in August 2013, and by 2014, it was operating abroad. In April 2017, it expanded to Baku and Malta.In September 2017, Bolt launched its services in London by acquiring a local taxi company, but was suspended byTransport for Londondue to licensing issues.In February 2018, the company filed a new licence applicationand relaunched in London in June 2019.In October 2017, it expanded to Paris.In April 2018, it reached 10 million global users.In March 2019, the company changed its name from Taxify to Bolt.In August 2019, the company launchedBolt Food, afood deliveryservice in Tallinn. It has since expanded to over 80 cities across 20 countries with over 30,000 restaurants using the platform.In September 2021, Bolt launched a grocery delivery service, Bolt Market.
In November 2024, Bolt lost a legal challenge in the UK Employment Tribunal over the employment status of its drivers. The Tribunal ruled that Bolt’s drivers qualify as “workers” rather than self-employed independent contractors, as Bolt had argued. This classification means that drivers are entitled to employment benefits, including minimum wage protections.The case was brought by approximately 10,000 current and former drivers seeking minimum wage pay and other employment benefits. Lawyers representing the drivers estimate that Bolt could face a financial liability exceeding £200 million as a result of this decision.
Prior to announcing a partnership withDidi Chuxing, Bolt had raised over €2 million in investment capital from Estonian and Finnish angel investors.In August 2017, Didi Chuxing invested an undisclosed amount believed to be an "eight-figure U.S. dollar sum".A May 2018 funding round with a $175 million investment fromDaimler, Didi and others led to a 1 billion dollar valuation for the company, making it aunicorn.
In January 2020, theEuropean Investment Banksigned a EUR 50 million venture debt facility with Bolt. The financing, supported by the European Fund for Strategic Investments (EFSI), is to boost Bolt's product development in areas where technology can improve the safety, reliability and sustainability of its services. This includes investment in existing services such asvehicle for hireandfood delivery, as well as the development of new products.
In December 2020, Bolt raised €150 million fromventure capitalinvestment funds.In March 2021, Bolt raised €20 million fromInternational Finance Corporation, aWorld Bank Groupmember, for further expansion inemerging markets.The company was valued at more than €2 billion after this fund raising round.In August 2021, Bolt raised €600 million fromSequoia Capitalincreasing the valuation of the company to over €4 billion.As of 2021, Didi Chuxing was no longer an investor in Bolt.In January 2022, Bolt raised €628 million from investors led bySequoia CapitalandFidelity Management and Research Co, taking the company's valuation to €7.4 billion.
In September 2018, the company announced it was expanding intomicromobilityservices. After launching scooters in Paris, Bolt expanded its micromobility operations across Europe.In November 2022, Bolt scooters were integrated into the Norwegian MaaS application, Ruter,and in May 2023 — into Berlin’s mobility app, Jelbi.As of February 2023, Bolt has operations in 260 cities across 25 countries and 245,000 shared vehicles available for rental.In June 2023, Bolt introduced their new scooter model — Bolt 6.
Two years after launching e-scooters, in May 2020, Bolt launchede-bikesin Paris, France.And in the following years expanded its e-bike operations across many major European cities.
In May 2021, Bolt launched acar-sharingservice, Bolt Drive.Bolt Drive launched in Tallinn, Estonia, and has since expanded to four more countries — Latvia,Lithuania,and GermanyIn May 2023, Bolt entered into leasing framework agreements for a total of €126m withLuminorandSwedbankto enable the expansion of Bolt Drive in the Baltic countries.It had 1,500car-sharingvehicles inVilnius18 months after launch.Bolt's car-sharing service in Vilnius costs from 0.05 euros per minute forAudi Q2andPeugeot 208.
In August 2019, Bolt and theUniversity of Tartuannounced a partnership on an applied research project to develop technology forself-driving cars.In April 2021, Bolt and the University of Tartu expanded their cooperation on the AV project, signing a new 5-year agreement designed to further develop the technical capabilities of the university's autonomous driving lab in the areas ofartificial intelligenceand maps and algorithms.
In 2021, Bolt launched grocery delivery service in theBaltic States.It later expanded toSweden,Czech Republic,Polandand elsewhere.Bolt plans to eventually deliver groceries with self-driving robots, in partnership withStarship Technologies.